Supply Chain & Merchandising

Los Angeles — Juanita Tate Marketplace is now open, bringing 77,096 sq. ft. of outdoor retail space with a full-service grocery to the highly underserved surrounding community. Located at 944 East Slauson Avenue in South Los Angeles, the $21-million development is situated on a 6.5-acre site, which was formerly used as a scrap-metal plant.

Construction began in May 2013 and completed in April 2014. The center is owned by Regency Centers and was designed by Nadel.

Framingham, Mass. -- T.J.Maxx will be opening five stores in the Chicagoland area starting this week and through October.

"The opening of these five stores in the Chicagoland area marks a momentous occasion for our brand," Richard Sherr, president of T.J.Maxx, stated.

All five T.J.Maxx stores will occupy over 122,000 sq. ft. of retail space.

Pittsburgh -- American Eagle's second-quarter net income was down 70% amid weak sales. But its results were better than analysts estimates.

For the period ended Aug. 2, American Eagle Outfitters Inc. earned $5.8 million, down from $19.6 million a year earlier.

Revenue decreased 2% to $710.6 million from $727.3 million, topping estimates of $689.5 million. Same-store sales fell 7%.

New York -- Overstock.com will allow international customers to pay in Bitcoin, beginning on Sept. 1. The move makes the online retailer, which started accepting Bitcoin for domestic orders in January, the largest American retailer to extend the payment option to foreign customers.

Overstock plans to introduce a new payments system on its international website, O.co, that will allow customers to make purchases using the virtual currency, the New York Times reported.
 

Minneapolis -- Target Corp. on Wednesday reported a 61.7% drop in Q2 earnings. The chain also lowered slashed its annual profit outlook as it continues to deal with weak results in Canada, sluggish U.S. sales and the lingering effects of its data breach.   

Target earned $234 million in the quarter ended Aug. 2, down from $611 million in the year-ago period.

Revenue rose 1.7% to $17.4 billion, slightly above the $17.38 billion analysts had expected.

Mooresville, N.C. -- Lowe's second-quarter net income rose a better-than-expected 10%, helped by improving weather. But the chain lowered its full-year revenue outlook slightly, citing its year-to-date sales and prior assumptions for the second half.

For the three months ended Aug. 1, Lowe's Cos. earned $1.04 billion, up from $941 million in the prior year.

Revenue increased 6% to $16.6 billion, topping Wall Street's estimates.

Same-store sales were up 4.4%.

Tampa, Florida — RMC Property Group has been awarded the exclusive leasing and management assignment for The Promenade, located at 10330 North Dale Mabry Highway in Tampa.

The Promenade is a 29,984-sq.-ft. mixed-use property with 19,549 sq. ft. of ground floor retail and 10,435 sq. ft. of professional and office space on the second floor. Anchor tenants include International Diamond Center and Phoenix Home Care.

Mars has appointed Jean-Christophe Flatin as president of global chocolate, effective Oct. 1. Flatin, who is currently global president of Royal Canin, a unit of Mars Petcare, replaces Grant F. Reid, who recently moved into the role of office of the president for Mars.