Tuesday, April 24, 2012

Industry News: Decelerating

As of May 19 CVS/pharmacy will close all 25 of its Beauty 360 locations…Sears Holdings Corp. will close 53 specialty stores in the first half of 2012, including 43 Sears hometown dealer stores and 10 Sears Hardware stores...Best Buy plans to close 50 US big-box stores by 2013. Best Buy currently has 1,105 US big-box stores. The company plans to open 100 "mobile small format stand-alone stores" in fiscal year 2013…Charming Shoppes plans to close 90 to 105 underperforming stores this year. The chain plans to open 20 stores (12 at Lane Bryant and 8 in its outlet channel) relocate 25 mall locations to lifestyle and power centers, and renovate 40 stores. Of the stores to be shuttered, 35-40 are Fashion Bug stores, including 19 stores closed in February, and 35 to 40 are under the Catherines banner. Lane Bryant plans to close 20-25 stores. In the next several years, Charming Shoppes plans 125 new locations and 125 relocations...JCPenney laid off 600 workers from its corporate headquarters as it streamlines its business model amid a major reinvention of the business. The retailer will also close its customer call center in Pittsburgh, eliminating 300 jobs.

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