Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/62026
RET AILING TODA Y Best Buy trims footprint After a disappointing holiday season, Best Buy is launching a turnaround strategy that includes pinning future growth on smaller shops. "In order to transform our business as the con- sumer electronics industry continues to evolve, we are taking major actions to improve our operating performance," said CEO Brian J. Dunn. The company will close 50 of its 1,450 U.S. big-box stores and open 100 Best Buy Mobile small-format stores this year. The ulti- mate goal is to more than double the 305-unit Best Buy Mobile chain to 800 stores by 2016. Best Buy will remodel its big-box stores in St. Paul–Minneapolis and in PEOPLE W HO M AKE GR E A T C O MP AN I ES W OR K San Antonio to a format that merges the online and in-store shopping channels, says Dunn. These cities will be a test market as Best Buy shrinks its big-box presence there by roughly 20 percent and opens smaller stores by about the same amount. If the experiment boosts sales, the plan could be rolled out to the chain's major markets nationwide. Best Buy posted a $1.7 billion loss during the fourth quarter, versus earn- ings of $651 million a year ago. TVs, digital cameras and videogame consoles are not selling like they used to, while tablet computers, smartphones and e- readers have grown in popularity, giving the retail advantage to the likes of Ama- zon.com and Apple, says Dunn. J. Crew to go international Clothing seller J. Crew has big growth plans for this year. After expanding its online shipping capabilities to 107 countries, J. Crew Group is using Web sales data to identify new markets. J. Crew is already assembling teams to find brick-and-mortar locations in Asia and the U.K., CFO James Scully said on a conference call. Meanwhile, based on the success of Dan Meyers plays a pivotal role at the Kemper Development Company, turning The Bellevue Collection* into one of the premier shopping and entertainment destinations in the country. As Vice President of Design and Construction, Meyers turns innovative visions into reality. His sky bridge designs not only connect mixed-use projects but also allow shoppers to conveniently go from their cars to great gathering places and retail stores. "We're always thinking about how people use space," he explains. "Our goal is to continually improve their shopping experiences through easy access and fun surprises." Perkins Coie: Legal Counsel to great companies like the Kemper Development Company. its first Canadian J. Crew store, which opened in Toronto last year, the com- pany thinks Canada is ripe for as many as 35 stores. "You'll see us begin to … ramp up expansion into Canada over the next three to five years," Scully said. The company also will open its first two Canadian J. Crew outlets this year. North America is also to be a big A N CH O R AGE · BE I J I NG · BE L L E V UE · BO I SE · CH I C AGO · DA L L AS · DEN V E R LOS ANGE L ES · MA D I SON · NEW YO RK · PA LO ALTO · PH O ENI X · P O R T L AND SAN DIEGO · SAN FRANCISCO · SEAT TLE · SHANGHAI · TAIPEI · WASHINGTON, D.C. contact: 800.586.8441 www.perkinscoie.com Perkins Coie llp ATTORNEY ADVERTISING *Bellevue, Washington growth market. The chain will be opening its second J. Crew menswear- only, stand-alone store sometime in the second quarter, at The Grove, in Los Angeles. The company also plans to expand its factory outlet portfolio to about 125 stores, and to open 15 Madewell stores, in Atlanta, Denver and a few other cities. SCT 126 SCT / MAY 2012