News

Real estate acquisition and management firm Jamestown has announced a comprehensive rebranding and revitalization program for its recently acquired property, Alameda Towne Centre, a 594,000-sq.-ft. open-air retail center on Alameda Island, Calif.

Camp Hill, Pa. -- Rite Aid Corp. surprised Wall Street on Thursday by paring its losses more than expected in the drug store retailer’s fiscal first quarter.

Rite Aid reported that it lost $65.5 million in the quarter ended May 28, compared with a loss of $76 million in the year-ago period. The retailer cited cost tightening and same-store sales gains for the improved performance.

Revenue was flat at $6.39 billion, the second straight quarter the company's revenue held steady. Before that, revenue fell for 10 consecutive quarters.

Union, N.J. -- Bed Bath & Beyond reported Wednesday that net income for the first quarter jumped 31% to $180.6 million, compared with $137.6 million in the year-ago period.

Revenue surged 10% to $2.11 billion, and same-store sales rose 7%. Results surpassed Wall Street expectations of $2.07 billion in revenue.

Bed Bath & Beyond has raised its outlook, now expecting full-year earnings to rise 15% to 20% over last year.
 

By Glenn Brill, [email protected]

The recent announcement that Ron Johnson of Apple will become J. C. Penny’s new chief executive is a clear indication of the need for many retailers to revitalize the shopping experience. It is also a clarion call and symbolic of the challenge to mall owners, developers, and investors to create and/or revitalize shopping environments that can effectively complement and promote a retailer’s brand.

WASHINGTON — The National Retail Federation announced that it has sent a letter supporting Section 18 of H.R. 1249, the America Invents Act from NRF SVP government relations David French to House Judiciary Committee Chairman Lamar Smith, R-Texas, Ranking Member John Conyers, D-Mich., and other members of the committee. 

NEW YORK — Banana Republic has teamed up with "Mad Men" Emmy Award-winning costume designer Janie Bryant to launch an exclusive collection inspired by the popularAMC show.

The collection, which will be available in BananaRepublic's North American stores and online at www.bananarepublic.com beginning Aug. 11, features nearly 65 pieces of apparel and accessories for men and women that embodies the style of the 1960s showcased on "Mad Men," while still maintaining a modern look, the company reported.

LAKELAND, Fla. — Publix Super Markets announced that it will make its Knoxville, Tenn. debut in in the Northshore Town Center at Northshore Drive and Pellissippi Pkwy.

“We are proud to offer our unique shopping experience to customers in Knoxville,” said Todd Jones, president of Publix Super Markets. “We are committed to providing premier customer service and look forward to supporting the Knoxville community as early as third quarter 2012.”

SALT LAKE CITY — O.co, formerly Overstock.com, announced that its CEO, Dr. Patrick Byrne, was named executive of the year at the 2011 American Business Awards. O.co was also named best overall company (up to 2,500 employees).

"This is a great achievement for O.co," Byrne said. "I thank and applaud all my colleagues on this great achievement."

STOCKHOLM, Sweden -- Hennes & Mauritz AB reported Wednesday that net income for its 2Q dropped 18% to $673 million, from $817 million in the year-ago period.

The Swedish fashion retailer blamed higher procurement costs and promotional offers for the lagging performance.

Sales edged up to $5.1 billion from $4.96 billion in the prior year quarter, but gross margin shrank to 61.7% from a previous 65.9%.

NASHVILLE, Tenn.  — Nashville Apparel Company announced that it is re-introducing its Duck Head brand to the retail market in time for the back-to-school season.

Originally founded in 1865 by Nashville-based O'Brien Brothers, Duck Head was popular in the 1980s and 90s.