Was it Election Day? There was plenty else happening at Target. On Tuesday, the Minneapolis-based retailer announced it would close 11 stores. It also swatted away an investment firm trying to buy shares on the cheap and started selling tchotchkes made by 3-D printers, latching on to one of the hottest things in high-tech. The store-closing step is one that Target takes at least once a year after a financial review of its 1,800 U.S. outlets.
Columbus, Ohio -- Express said Monday it will open two flagship stores in 2013 – one in Times Square in New York City and the other in San Francisco’s Union Square. The San Francisco store is slated to open in the summer and Times Square – at the corner of 46th Street and Broadway – is expected to open in the fall. “The age old mantra of 'location, location, location' was certainly at work in the selection of these two properties,” said Michael Weiss, chairman, president and CEO of Express. “These flagships will … serve as a gateway to
Upscale department store Nordstrom plans to finally open a store in Manhattan. The store will be located in a planned hotel/residential tower at 57th Street and Broadway, according to The New York Times. The store will contain approximately 30,000 square feet of space. Nordstrom has been looking for a site in Manhattan since the 1990s, but hasn’t been able to find the right opportunity. The retailer did open a Nordstrom Rack store at Union Square in 2010.
GoldMax USA plans to open 100 new stores in the U.S. in 2012, including five to 10 stores in Minnesota and 30 stores in the Dallas metro area. The chain already opened its first two stores in Texas, at 3601 S. Cooper St. in Arlington and at 2193 E. Buckingham Rd. in Richardson, as well as its first store in Minnesota in Roseville. Later in the year, it plans to open a location at the Mall of America in Bloomington. “People of all ages and economic backgrounds are rummaging through their jewelry boxes, closets and drawers, attics or basements
Alexander Wang, generally regarded as the darling of New York City's downtown fashion scene, has been hit with a $50 million lawsuit charging him with abusing workers at his Chinatown "sweatshop." Filed in Queens Supreme Court, the class-action lawsuit from 30 Wang employees alleges that the designer and his brother Dennis violated several state labor laws by creating harsh working conditions at his property at 386 Broadway, which the paper describes as "suffocating" and "windowless."
MAC Cosmetics is in talks to lease a small store for what could be the highest rent ever paid in Manhattan. The popular makeup company is looking to lease a roughly 1,400-square-foot space at 691 Fifth Avenue, a property owned by Vornado Realty Trust, one of the city’s largest commercial landlords. The space is currently occupied by the skin care company Elizabeth Arden, but Vornado has been marketing the space for rents $3,000 per square foot or higher. 691 Fifth Avenue.