Supply Chain & Merchandising

MINNEAPOLIS — In a move to tighten its footprint and reduce costs, Best Buy Co. said Thursday it will close 50 of its signature big-box stores and open 100 of its small mobile locations in the United States in fiscal 2013. The shift will help cut $250 million in costs by 2013 and $800 million by 2015, said the electronics retailer.

Hoffman Estates, Ill. -- Multiple reports on Thursday said that Sears Holdings Corp. is considering a sale of its Lands’ End mail-order catalog business, as part of its move to raise up to $2 billion.

The New York Post reported that Sears is in talks with several private-equity firms about the potential sale.

Sears chief Eddie Lampert is said to be likely to hire Goldman Sachs to find a buyer for Lands’ End.
 

Boston-based The Wilder Cos. has taken on a new leasing and management assignment – the open-air specialty shopping center The Shops at Valley Square, in Warrington, Pa.

Located in Bucks County, Pa., just north of Philadelphia, The Shops at Valley Square is part of a 140-acre mixed-use development that includes office, retail and residential.

Bentonville, Ark. -- Wal-Mart Stores Inc. said Thursday it will reduce prices on groceries by $1 billion in 2012, in hopes to draw customers in and encourage them to cross-shop in other areas of the store.

Wal-Mart had $145 billion in grocery sales last year in the United States, making it the largest player in terms of domestic grocery sales. It says the price reductions in food and consumables are an investment and won’t impact margins especially if shoppers respond as planned with additional traffic and loyalty.

STOCKHOLM, Sweden — Fans of H&M will soon have a new place to shop as the Swedish fashion retailer Hennes & Mauritz AB confirmed Thursday that it will open a new chain in 2013 that will build on the 2007 launch of its upscale Collection of Style (COS). No name for the new concept has been revealed yet.

Stockholm, Sweden -- Swedish fashion retailer Hennes & Mauritz AB confirmed Thursday that it will open a new chain in 2013 that will build on the 2007 launch of its upscale Collection of Style (COS). No name for the new concept has been revealed yet.

Minneapolis -- Target Corp. announced Thursday the location of its first 12 stores in Quebec. As previously announced, Target purchased the leasehold interests of 189 sites currently operated by Zellers Inc., and plans to open 125 to 135 stores in Canada, the majority of which will open in 2013.

Target said it intends to announce additional Quebec store locations in the coming months.

Target plans to open stores in the following locations in fall 2013:

New York -- Fashion retailer Cache reported Thursday that net income for the fourth quarter ended Dec. 31 was $1.9 million, compared with a loss of $14.2 million the year-ago period.

Sales surged 12.5% to $62.9 million, from $55.9 million in the fourth quarter of fiscal 2010. Same-store sales increased 12.4%.

Year to date the company has closed 12 underperforming stores and said it expects to close five more stores and open two in fiscal 2012.