Staff Staff -- Home Textiles Today, May 5, 2003
Home Depot adds signage; says women shop stores
The Home Depot is rolling out a new directional signing program to improve the navigability of stores, John Costello, evp and chief marketing officer, told investors at the Lehman Bros.' Sixth Annual Retail Seminar. He also addressed past perceptions that The Home Depot "overmarketed to men and undermarketed to women." However, he said, both men and women remain very important to the company. Forty-six percent of all transactions are by made couples shopping together, he said.
Value City restates 4Q
Value City Department Stores reported that due to an administrative error fourth quarter 2002 diluted earnings per share were overstated in its April 7 press release. The company originally reported diluted earnings per share of $0.16 for the quarter ended Feb. 1. Actual diluted earnings per share for fourth quarter 2002 are $0.12.
Spiegel to create new PL credit card
Spiegel Group has reached an agreement with Alliance Data Systems to create a new private label credit card program for the group's merchant divisions. If the bankruptcy court grants approval, there will be no transfer of existing receivables from Spiegel's prior credit card programs. In mid-March, Spiegel announced that its private label card would no longer be accepted by its subsidiary divisions. The company filed for bankruptcy shortly thereafter. Alliance will begin offering the new cards to Eddie Bauer, Spiegel and Newport News customers in early May. Alliance will administer all functions related to the program.
Elder-Beerman reaches into Iowa
Elder-Beerman will expand its one-story format, designed to serve communities of small to mid-sized market, into Muscatine, IA, marking the company's first entry into Iowa, as well as its 12th store in this format. The store will open in November 2003.
Ross Stores to move HQ
Ross Stores will relocate its corporate offices from here to Pleasanton, CA, by the summer of 2004, and has signed a lease for 150,000-square-feet of corporate office space at Carr America Corporate Center in Hacienda Business Park. The company also said that its new Southwest distribution center in Perris, CA, is targeted for completion in the third quarter of 2003, when Ross will begin to transition its West Coast distribution function from here to the new facility.
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