Archive for the 'Circuit City' Category

ICSC: Could be Better, Could be Worse

The retail real estate industry is far from its high-flying days of 2007 and before, but most executives we spoke with at ICSC’s RECon show weren’t about doom and gloom. Things are looking up…kind of.

“We’re seeing more demand for retail space,” said Scott Schroeder, vice president of marketing at Developers Diversified Realty. “It’s good. We’re not completely back, but we’re headed in the right direction.”
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Does De-Boxing Work?

This Minneapolis Star Tribune article looks at the prospect of cutting up vacant big-box stores into multiple spaces for smaller tenants. Landlords certainly have room to get creative with the closures of Circuit City, Linens ‘n Things and others, while it seems like large-format retailers aren’t expanding like they used to.

But the prospect is also much more expensive than finding a replacement tenant, shopping center owners say.
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Major Retail Bankruptcies Not on Horizon

A recent Fitch Ratings report predicts a holiday season that’s better than some worst-case scenarios out there. It also says that due to liquidity improvements, we’re not likely to see retailers file the same number of bankruptcies that we did in 2008 and early this year.

However, the outfit does recognize that the consumer is still strapped. Fitch expects unemployment to reach 10.5% next year, and credit will remain tight.
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Bed Bath Betters Best Buy

At least one major chain is taking advantage of the demise of its main competitor. Bed Bath and Beyond, helped by the demise last year of Linens ‘n Things, turned in a pretty good second quarter, posting a 14% profit increase, a 3% revenue jump and a same-store sales slide of less than 1%.

That’s a lot better than Best Buy has done since its main rival, Circuit City, went under. Same-store sales during the electronics chain’s second quarter fell 3.9% and earnings came in at $159 million, down from $202 million during the same year-ago period.
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Best Buy Slows Growth

Best Buy is opening 22 new stores in its third quarter, making the total number for the year so far planned at 43. Not surprisingly, that is way down from the 185 it opened during its last fiscal year.

Some highlights of its new stores include one in New York City’s Union Square and a fifth location in Puerto Rico. You can view the entire new-store opening list here.
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More Office Depot Closures Ahead?

Office Depot turned in its second-quarter results yesterday, and they weren’t pretty. Same-store sales fell 18% year over year, and the retailer posted an $82-million loss.

Now the office-supplies chain is coming up against what is promised to be a miserable back-to-school season. Many see this period as heavily promotional with major competition from rivals like Staples and discount chains.
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Retailers Say Rent Relief Is Working

Another interesting article appeared today on rent relief at shopping centers.

Apparently Starbucks has had success in receiving concessions from landlords, in its quest to lower rents by as much as 25% at some of its locations. Additionally, jeweler Zale Corp. earlier this week joined the ranks of retailers looking to catch breaks, and we wrote about Charming Shoppes’ strategy yesterday.
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Linens is Back!

We’ve been getting a LOT of these emails lately from Linens ‘n Things. It’s funny how the stores don’t exist any more but the e-commerce site lives on. This article says that the same is the case for Circuit City and some other retailers that have closed. Do you see anyone actually buying stuff from these websites or is it just more wishful thinking?

Are Major Store Closures Over?

It’s been kind of quiet on the mass store-closure front, hasn’t it?

Sure, we’ve seen a lot of damage with the Circuit City/Linens closures, and it seems like there could be unsurprising news from Blockbuster some time soon. But didn’t you think that by this time in 2009 there would be more fallout from major chains?
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Do Bankrupt Retailers Deserve More Time?

Now that all of the Circuit City’s 560 stores are dark, landlords are trying to fill the spaces left behind. Some are finding success, like one firm we recently spoke with, the Blue Bell, PA-based Goldenberg Group, which leased a former Circuit City location to furniture chain Raymour & Flanigan in a Philadelphia shopping center.

We’re not sure if there are a lot of stories like that across the country, but it’s not difficult to guess that the process of filling these vacancies is tough, given that virtually every large retailer has cut back its expansion plans.
Continue reading ‘Do Bankrupt Retailers Deserve More Time?’

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September 2020

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