Austin, Texas posted the highest percentage of retail rental growth in the country during the first quarter of 2012 with an increase of 3.4 percent, according to Cassidy Turley, a national real estate services provider. Charlotte, N.C. came in second with 2.9 percent growth and Oakland-East Bay, Calif. came in third with 2.7 percent growth. Nationally, Cassidy Turley reports the first quarter of this year saw the first decline in retail vacancies since the recession.
British luxury brand Burberry hopes to insulate itself against global economic headwinds by investing in bigger stores in major cities such as London, Chicago and Hong Kong that are popular both with tourists and the super rich. Reporting another jump in profit on Wednesday, Burberry said it would invest up to 200 million pounds ($316 million) in the business over the coming year with about one-third of it going towards larger format outlets, including a relocated store on London's Regent Street and a rebuild in Chicago.
There are a steady stream of retailers from H&M to Levi's forging partnerships with outside brands and designers. Some of the most high profile collaborations have come from the aisles of Target, where the company has been partnering with designers since 1999.
TJX Companies has been working to re-establish itself as an online retailer several years after shutting down its e-commerce operations. As the parent company of T.J. Maxx, Marshalls and Home Goods, the company operates more than 2,900 store locations. The retailer is making investments to support future growth including supply chain and systems, e-commerce, and store growth infrastructure.
You'll be hard-pressed to find an uglier quarterly report out of the retail sector than what J.C. Penney (JCP) delivered on Tuesday night. Investors figured that new CEO Ron Johnson's "Fair and Square" pricing strategy wouldn't be a hit right away, but no one assumed that the recently remodeled department store chain would be this earnings season's biggest disaster.
J.C. Penney lost $163 million in the first quarter. Sales skidded 20 percent; traffic slowed 10 percent; conversion and average customer spending both fell 5 percent. Grim results indeed. But don't expect CEO Ron Johnson, President Michael Francis and the rest of the crew to throw in the towel on their retail revolution plan just yet.
Hibbett Sports said Friday that its fiscal first-quarter net income increased 24 percent on higher demand for sneakers and other athletic gear. The retailer also raised its profit outlook for the year. For the three months through April 28, Hibbett earned a better-than-expected $26.4 million, up from $21.3 million in the same quarter last year. Revenue increased 14 percent to $232.9 million from $203.7 million. Because of expectations for better sales and controlled costs, the retailer also lifted its profit outlook for the year to $2.50 to $2.65 per share from a previous prediction of $2.35 to $2.55 per share.
Ross Stores reported Thursday that net income for the first quarter surged 21 percent to $208.6 million, from $173 million in the same period last year. Sales increased 14 percent to $2.4 billion, and same-store sales rose 9 percent. “We believe that favorable weather across many of our markets also contributed to our above-plan performance," said Michael Balmuth, CEO, about the results. Balmuth also said the retailer has increased its long-term store potential to 2,500 U.S. locations, comprised of 2,000 Ross Dress for Less stores (up from a prior target of 1,500 stores) and 500 DD’s Discounts stores.
Coraopolis, Pa.-based Dick's Sporting Goods plans to open 40 new stores and relocate five others in 2012. The company also expects to reposition two Golf Galaxy stores. Four of the new stores are slated to open in the second quarter of 2012. Currently, the company operates 486 Dick's Sporting Goods stores in 44 states, as well as 81 Golf Galaxy stores in 30 states.
Thanks to a new partnership with mega-retailer Target Corp., the Curiosity Shoppe is on track to blow up from a boutique gift store in San Francisco to a household name. Curiosity Shoppe owners Lauren Smith and Derek Fagerstrom will "curate a 60-plus-piece collection of entertaining accessories, stationery, kitchenware, games, crafts and curiosities" that beginning Sept. 9 Target will carry in its stores - all 1,700 of them. The Curiosity Shoppe is the second San Francisco retailer Target selected. The first is the Candy Store, a retailer selling old-fashioned sweets in vintage jars.
