News

Seattle-based Nordstrom plans to open a Nordstrom Rack at Christiana Fashion Center in Newark, Del. The approximately 35,000-sq.-ft. store, which is scheduled to open in fall 2015, is the company’s first Rack location in the state.

The single-level, newly built Nordstrom Rack is located at the intersection of Interstate 95 and Route 1, adjacent to Christiana Mall and will be surrounded by a strong tenant mix.

Topshop/Topman plans to open a 40,000-sq-ft. flagship store on Fifth Avenue in New York. The new Manhattan store will be located on the corner of 49th Street, and is adjacent to Rockefeller Center.

Target plans to open a new store in the city of Kahulu — its first on the island of Maui in Hawaii — in March 2015. The store will be located on Hookele Street as part of the Pu‘unēnē Shopping Center.

The 140,000-sq.-ft. store will feature Target’s everyday essentials and exclusive brands along with a selection of fresh produce, fresh packaged meat and pre-packaged baked goods, as well as a Starbucks and a Target Pharmacy.

Target CFO John Mulligan ably represented the company in testimony before a Senate committee on Tuesday, but the one in the hot seat should have been chairman, president and CEO Gregg Steinhafel.
 
Recall when the nation’s bankrupt automakers needed a bailout, it was the CEOs of General Motors and Chrysler who appeared before legislators. And when big banks came under fire for their role in the housing crisis it was the financial firms’ CEOs who endured lawmakers pointed questions.

Mark Panzer, president and CEO Pharmaca Integrative Pharmacy, will be leaving the company to pursue an opportunity at Sears Holding.

Panzer will be in charge of pharmacy operations at Sears Holding and will direct the health and wellness initiatives across K-Mart pharmacy as SVP and president pharmacy.

Dave Maher, a longtime Pharmaca board member and fellow chain drug veteran, will be serving as interim CEO as Pharmaca searches for a new candidate. Maher's experience includes time as president of American Stores Company and CEO Osco Drug.  

Inclement weather was not enough to keep Walgreens from posting January sales of $6.4 billion, an increase of 3.7% as compared to the year-ago period.

Total front-end sales increased 2.4% compared with the same month in fiscal 2013, while comparable store front-end sales increased 1.6%. Customer traffic in comparable stores decreased 2.2% while basket size increased 3.8%.

New York -- Caribou Coffee has taken over the rotunda in the nation’s largest shopping center, Mall of America, Bloomington, Minn., to put up a 64-ft.-tall “Living Pinterest Board” to celebrate the launch of its new Real Inspiration blend, created in collaboration with its fans on Pinterest. The Caribou board is on display through Thursday, February 13.

New York -- Walgreens’ net zero energy store in Evanston, Ill., was selected as Sustainable Store of the Year in Chain Store Age’s 32nd annual Retail Store of the Year design competition. The store, designed and built to produce energy equal to or greater than it consumes, will be highlighted during a special session at Chain Store Age’s 50th annual SPECS conference, March 9 -12, in Grapevine, Texas.

Hong Kong – Global luxury retailer Michael Kors increased net income during the third quarter of fiscal 2014 77% to $229.6 million from $130 million in the third quarter of fiscal 2013. Retail net sales grew 51.3% to $503.4 million, driven by a 27.8% increase in same-store sales and 98 net new store openings since the end of the third quarter of fiscal 2013.

Washington, D.C. – Fewer U.S. consumers will celebrate Valentine’s Day this year, but will spend a little more than last year. According to the National Retail Federation’s 2014 Valentine’s Day spending survey conducted by Prosper Insights and Analytics, 54% of Americans will celebrate with their loved ones in 2014, compared to 60% in 2013.

The average person plans to spend $133.91 on candy, cards, gifts, dinner and more, up slightly from $130.97 last year. Total spending is expected to reach $17.3 billion.