by David Bodamer February 9th, 2009
Citing the need for new investment to boost the sagging local economy, Wal-Mart is preparing to launch a new push for approval of as many as five new stores in Chicago, sources said Thursday.
There is just one Wal-Mart in Chicago as organized labor has fought for years to repel the non-union retailer’s bid for further expansion. Ald. Howard Brookins said the first store in the new push would be aimed at his 21st Ward on the South Side. Two others may be aimed at the 20th and 34th Wards on the South Side, the sources said.
In 2004, aldermen rejected a zoning change for a new Wal-Mart there, even as they gave their backing for a Wal-Mart that eventually opened in the 37th Ward on the West Side.
“In an economy where retailers are laying off people, it makes more sense than ever to pull the trigger,” Brookins said. “We need to jump start our economy. This would mean hundreds of millions of dollars in construction revenue.”
Link.
Related Topics: News, Retail |
by David Bodamer February 9th, 2009
With the report of a weak fourth quarter and fiscal year, women’s apparel cataloger/retailer The Talbots on Feb. 5 said it will lay off about 370 employees and close 20 of its stores.
The layoffs, which are expected to save the company about $22 million in fiscal 2009, represent about 17% of its workforce. The company declined to give a breakdown of the staff cuts by division, but senior vice president of investor and media relations Julie Lorigan says Talbots will be reducing staffing levels in its retail stores and call center.
Talbots, which includes women’s apparel cataloger/retailer J. Jill, currently operates more than 800 stores in North America. The retailer is also slashing administration, marketing and store operations costs. The cuts are part of a reorganization geared to save about $150 million.
Link.
The announcements so far:
Bankruptcies and Liquidations:
- Jan. 7, Goody’s liquidates, closing 287 stores
- Jan. 8, Against All Odds files for bankruptcy protection, operates 64 stores overall, plans to close West Coast stores
- Jan. 13, Shane Co. files for bankruptcy, operates 23 stores
- Jan. 14, Gottschalks files for bankruptcy, operates 58 stores
- Jan. 16, Circuit City to Liquidate, closing 567 stores
- Feb. 6, Fortunoff, operates 20 stores
- Feb. 6, Bruno’s, operates 66 stores
Potential Bankruptcies & Liquidation Impact: 1,085 stores
Announced Closings
- Jan. 8, New York & Co., 50 stores
- Jan. 8, Macy’s, 11 stores
- Jan. 9, Supervalu, 50 stores
- Jan. 13, Cost Plus, 26 stores
- Jan. 20, Yankee Candle, 28 Illuminations stores
- Jan. 21, Filene’s Basement, 11 stores
- Jan. 22, Phillips-Van Heusen, 175 stores
- Jan 22, Brown Shoe, up to 35 Famous Footwear stores
- Jan. 26, Home Depot, 48 stores
- Jan. 29, Starbucks, 200 U.S. Stores (plus 100 international)
- Jan. 29, Chico’s, up to 25 stores
- Feb. 9, Talbots, 20 stores
Total Closings: up to 679 U.S. stores
Potential Impact of All Announcements to Date: up to 1,764 U.S. stores
Related Topics: News, Retail, Trends |
by David Bodamer February 9th, 2009
Taubman’s ongoing battle to try and build a mall on Long Island has hit yet another roadblock.
THE Appellate Division in Brooklyn has overturned a State Supreme Court justice’s strongly worded order that compelled the Town of Oyster Bay to issue a special use permit, against its will, allowing construction of a long-debated luxury mall in Syosset.
The appellate ruling, the most favorable yet for the town in its eight-year court fight with the mall developer, Taubman Centers Inc. of Michigan, is a major new hurdle for the proposed 750,000-square-foot mall. Taubman, which acknowledged that the $500 million project faced new delays, called the ruling flawed and said it would seek to appeal.
This project has been delayed for years. What’s a few more? In this climate, it’s probably better off getting pushed back a little.
Related Topics: Development, News, REITs, Retail Real Estate |
