May 19, 2010 at 6:37 p.m.
Filed under:
M&A,
Real estate,
Retail
Faneuil Hall Marketplace in Boston, one of the properties of General Growth. The mall operator said Wednesday that it has replaced some of
its managers. (AP Photo/Michael Dwyer, File)
Reuters | Mall owner General Growth said it has replaced some of
its managers, in a sign that its focus has switched from exiting
bankruptcy to beefing up operations. “They’re moving from defense to
offense,” Sandler O’Neil analyst Alexander Goldfarb said.
The Chicago-based company has named Michael McNaughton, currently
senior vice president of leasing at Big Box, as head of asset management.
McNaughton, who joined the company in 2001, will replace Sharon Polonia.
Get the full story »
May 19, 2010 at 2:57 p.m.
Filed under:
Retail
The southeast corner (Washington & State) of Block 37, where Disney is reportedly opening a store. (Phil Velasquez/ Chicago Tribune)
By Wailin Wong | A Disney prototype store that will boast interactive
features is slated to open at Block 37 in the fall, becoming the retail
complex’s first new lease since a court-appointed receiver assumed
control of the property in late January.
Cook County Circuit Judge Margaret Brennan said the court will approve
the lease. She did ask for several minor adjustments to the agreement.
The receiver team at CB Richard Ellis, which took over Block 37 from
developer Joseph Freed & Associates, had mentioned in a February
court filing that it had a lease proposal from Disney.
Get the full story »
May 19, 2010 at 1:18 p.m.
Filed under:
Consumer news,
Government,
Health care,
Retail
From Reuters | A U.S. House of Representatives panel is investigating personal genetic testing kits like those originally slated this month to be sold by Walgreens. Walgreens, and later CVS, reversed plans to sell the tests after the FDA said it had not approved them.
Get the full story: reuters.com
May 19, 2010 at 6:55 a.m.
Filed under:
Advertising/Marketing,
Retail
From the Louisiana Daily World | Sears Holdings said it plans to give a Sears Hometown Store to a military veteran returning in June. The offer includes The offer merchandise and renovations, plus the first 90 days of
lease payments and operating cash.
Get the full story: dailyworld.com
May 18, 2010 at 3:40 p.m.
Filed under:
Earnings,
Retail
By Wailin Wong
| Ace Hardware Corp. posted a year-on-year decline in net profit for the first quarter, as increased operating expenses and tepid consumer spending led to a decrease in sales.
The Oak Brook-based retailer reported net income of $11.8 million for the period, down 18 percent from $14.4 million in the same quarter last year. Total revenues came to $830.7 million for the quarter, a decrease of 2.4 percent from the year-earlier period. In the U.S., the soft economy meant declines in paint, hardware and plumbing sales, the company said, although the lawn and garden category saw an uptick in activity. Overseas sales were up 36.4 percent on the year, an increase Ace attributed to strong activity in the Middle East.
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May 18, 2010 at 7:59 a.m.
Filed under:
Earnings,
Retail
(Tim Sloan/AFP/Getty Images)
Associated Press | Wal-Mart Stores Inc. reported that its
first-quarter net income rose 10 percent as the world’s largest retailer benefited from cost-cutting and robust growth in its international business. But the discounter said a key measure of revenue dropped for the fourth consecutive quarter.
Wal-Mart said Tuesday net income was $3.32 billion, or 88 cents per share for the period ended April 30. That compares with $3.02 billion, or 77 cents per share in the year-ago period.
Get the full story »
May 18, 2010 at 7:30 a.m.
Filed under:
Retail
Dow Jones Newswires | Sears Holdings Corp. said it will offer a
consumer gold-and-silver buyback program by partnering with a third
party, allowing customers to sell gold or silver items by mailing them
in an envelope they can pick up at Sears and Kmart jewelry counters.
Sears said the program would be provided by Pro Gold Network, which on
its Web site says it has more than 30 years in gold purchasing,
manufacturing and refining. Mail-in gold buyers have gained popularity
in recent years as the recession left consumers looking for cash and
willing to part with gold items such as jewelry, while gold prices have
soared.
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May 18, 2010 at 7:13 a.m.
Filed under:
Pharmaceuticals,
Retail
By Bruce Japsen | CVS
Caremark Corp. will join rival Walgreens in holding off on carrying
genetic test kits in its stores after the U.S. Food and Drug
Administration last week began an investigation of the supplier of the
product.
Deerfield-based Walgreen Co. had planned to be the first to sell the
Pathway Genomic home test kit on Friday but last Wednesday reversed its
decision to carry the kits. Now, CVS confirms it will hold off on its
plans to begin selling the kits in August.
Get the full story »
May 13, 2010 at 5:27 p.m.
Filed under:
Retail,
Wireless
By Wailin Wong
| Sprint and Wal-Mart are launching a new prepaid wireless phone service this week aimed at “no-frills” customers who use cell phones infrequently.
The service, called Common Cents Mobile, will be available on Saturday in more than 700 Wal-Mart stores across the country. No stores in the Chicago area are part of the initial launch, but customers can order the handsets and activate service online at walmart.com or commoncentsmobile.com. The service runs on Sprint’s nationwide network.
Get the full story »
May 13, 2010 at 4:54 p.m.
Filed under:
Earnings,
Retail
(AP Photo/Elaine Thompson, File)
Dow Jones Newswires-Wall Street Journal | In the latest sign that the luxury market is rebounding, Nordstrom raised its fiscal 2010 forecast after reporting that its first-quarter profit rose 44 percent on increased store traffic and higher sales.
Still, the company’s shares fell about 2 percent to $40.50 in after-hours trading, because profits fell short of Wall Street’s expectations. The company’s stock has more than doubled since July of 2009, when it hit a low below $19.
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May 13, 2010 at 11:29 a.m.
Filed under:
Privacy issues,
Retail
By Kristin Samuelson | Most people are aware of the Federal Trade Commission’s Do Not Call Registry, which prohibits telemarketers from calling you if you register your phone number. What some people might not know is that under the FTC’s rules, a retailer can legally call you without violating the FTC’s registry.
Get the full story: The Problem Solver.
May 12, 2010 at 9:56 a.m.
Filed under:
Earnings,
Retail,
Stock activity
Associated Press | Macy’s Inc. returned to profitability in the first quarter as the department store operator saw sales pick up on efforts to tailor its merchandise to local markets. However, the department store operator, which boosted its annual outlook last month, said it’s too early to further raise its guidance for the year because of economic uncertainty. Still, shares rose more than 2 percent, or 54 cents, to $24.44 in early morning trading.
Get the full story: Macy’s returns to profitability in first quarter.
May 11, 2010 at 3:59 p.m.
Filed under:
Health care,
Pharmaceuticals,
Retail
By Sandra M. Jones and
Bruce Japsen | Genetic testing is making its way to the corner drug store, and federal
regulators aren’t too happy about it.
Walgreens will begin
selling personal genetic testing kits on Friday, the first major retail
chain in the U.S. to offer the home tests. CVS plans to have the same test kits in its stores
by August.
Both drug store chains are buying the kits from
Pathway Genomics, a San Diego-based startup that offers genetic health
and ancestry reports.
The over-the-counter tests, which have been available through a few
Internet retailers, haven’t reached a mass audience until now. And their
pending arrival has scientists and bio-ethicists concerned that
consumers will misuse or misunderstand the results.
Get the full story »
May 10, 2010 at 2:56 p.m.
Filed under:
Food,
Retail
From Crain’s Chicago Business | Chicago-based mall operator General Growth said that 1950s-themed restaurant Ed Debevic’s is to open a location at Water Tower Place. The restaurant would be located on the mezzanine level.
Get the full story: chicagobusiness.com.
May 10, 2010 at 1:54 p.m.
Filed under:
Recalls,
Retail
The Problem Solver
| The U.S. Consumer Product Safety Commission and Claire’s Boutiques announced a voluntary recall of approximately 19,000
“Best Friends” metal charm bracelet sets on Monday, saying they contain high
levels of cadmium.
Cadmium, if
ingested, is toxic and can cause negative health effects in children.
The bracelet sets include silver chains, metal pendants that say,
“Best,” “Friends” or “Forever,” and heart lock and key charms made of
colorful stones.
Get the full story: The Problem Solver.
