News

Canadian specialty frozen food retailer M&M Meat Shops has changed its name to M&M Food Market as part of a total brand reinvention that includes a new store experience.

Complete with new shopping carts, color-coded in-store signage, merchandising displays and a kitchen, the new store concept works to create a more effective, convenient and hands-on shopping experience.

Designed by Shikatani Lacroix, the format is now being rolled out across Canada.

Ikea has broken ground for its second store in Ohio.

The new Ikea will open in summer 2017. The 355,000-sq.-ft. store is being built on 33 acres at the northeastern corner of Interstate-71 and Gemini Place in the Polaris Centers of Commerce development, approximately 15 miles north of downtown Columbus.

The retailer has contracted with Pepper Construction to build the project. The chain also will evaluate potential on-site power generation to complement its current U.S. renewable energy presence at nearly 90% of its U.S. locations.
 

J.Crew Group Inc. managed to narrow its loss in the first quarter even as it continued to struggle with sluggish sales.

The retailer’s net loss for the quarter totaled $8.4 million, significantly less than the net loss of $462.41 million from the first quarter of fiscal 2015. Reductions in cost of goods sold, selling, general and administrative (SG&A) expenses and impairment losses helped trim net loss.

Total revenues fell to $567.5 million from $581.8 million. Same-store sales dropped 7%.

As Sears Holdings Corp. continues to struggle to turn its business around, the chain announced it is exploring ways to expand distribution of its key brands outside its own stores. The troubled retailer also announced its CFO is leaving.

Sears lost $471 million in its first quarter, ended April 30, compared with $303 million in the year-ago period. Loss per share came to $4.41, or $1.86 adjusted for certain items. Analysts estimated a loss of $3.20 per share.

Costco Wholesale Corp. exceeded Wall Street expectations with improved net earnings in the third quarter of fiscal 2016.
 
Net income for the quarter totaled a better-than-expected $545 million, up 6% from $516 million the prior-year period.

Net sales increased 2% to $26.15 billion, just short of forecasts, and up from $25.52 billion last year.

The latest chapter in Detroit’s ongoing real estate revival is being written by a $65 million mixed-use project called The Scott at Brush Park, which features 199 luxury residences and roughly 15,000-sq.-ft. of ground-floor retail and restaurant uses.
 
Scheduled to open later this year, the five-story project is being developed by Birmingham, Michigan-based Broder & Sachse Real Estate Services Inc. and Southfield, Michigan-based Woodborn Partners LLC.
 

Cost cuts helped Abercrombie & Fitch Co. put a sizable dent in its net loss during first quarter 2016, but the teen apparel retailer reported lower than expected sales and earnings as store traffic declined, particularly overseas.  
 
Abercrombie reported a net loss of $39.6 million, down from $63.2 million in the year-ago period, Expense reduction efforts and the realization of savings on lower sales drove the loss reduction.
 
Net sales dropped 3% to $685.5 million from about $707 million, missing Wall Street projections.