Supply Chain & Merchandising

Philadelphia -- Visionworks, the largest wholly owned U.S.-based optical retailer, has opened its first store in the Philadelphia area. Located in Deptford Township, N.J., it is the first of more than 25 stores expected to open in the market through 2013.

The San Antonio-based retailer plans to open 17 stores before the end of 2012 and additional locations by April 2013.

By Peter Leith, [email protected]

After a weaker-than-expected showing in June, Target needs a solid performance in July to deliver on its second quarter sales and profit expectations.

June same-store sales increased a modest 2.1%, well below a 4.4% increase in May, but the deceleration didn’t cause the company to adjust its second quarter guidance. The company expects second quarter earnings adjusted to exclude expenses related to its entry in Canada to range from $1.04 to $1.14 and earnings that include the Canadian costs to range from 94 centers to $1.04.

Elgin, Ill. – Oak Brook, Ill.- based Inland Real Estate Acquisitions has announced the acquisition of South Elgin Commons, a 128,000-sq.-ft. shopping center in Elgin, Ill., for approximately $25 million.

The property was 100% leased at closing and is anchored by Ross Dress for Less, Toys “R” Us and LA Fitness.

With recent reports indicating Best Buy Founder and former Chairman Richard Schulze is not expected to present a buyout option to the board in the immediate future, some of the buzz about the iconic electronics retailer has died down. But the handwringing and public speculation about Best Buy’s future has me thinking about what will—or perhaps, should—come next for the brand.

Philadelphia -- Destination Maternity said its third-quarter revenue fell 5.3% to $138.8 million. Wall Street had expected $146.4 million. The retailer cut its third-quarter earnings forecast, citing weaker-than-expected sales.

Same-store sales fell 2.4%.
 

Chicago -- Year-over-year national retail sales and foot-traffic are expected to increase for this August’s back-to-school season, according to ShopperTrak, with the overall sales number coming in 4% higher than last year.

"This increase will follow year-over-year U.S. retail sales growth in 28 of the last 29 months,” said Bill Martin, ShopperTrak founder. “August will present retailers with a tremendous opportunity to take all steps possible to maximize their shopper opportunity and increase conversion rates."

Indianapolis — In light of poor performance in its video category, electronics retailer Hhgregg has lowered its fiscal 2013 guidance.

Hhgregg is expecting net sales for its first quarter to be approximately $490 million, an increase of approximately 13.5% as compared with the $431.5 million of net sales reported in the fiscal first quarter last year. The company attributes the sales growth to the net addition of 30 new stores during the quarter.