November 24, 2008
November 20, 2008
Target takes shape at Town Center
The store will feature an expanded grocery section in an attempt to remain competitive with Wal-Mart.
By PETER FROST | 247-4744
November 20, 2008
HAMPTON – A new Target store that will feature fresh produce, meats and baked goods is beginning to take shape at the new Peninsula Town Center, a mixed-use development that will take the place of the old Coliseum Mall on Mercury Boulevard.
The nation’s second-largest discount retailer completed the purchase of the land about a month ago for $4.3 million and is on track to finish the 143,000 square foot store in time for a July 2009 opening, company and development officials said Wednesday.
The store will serve as one of the shopping and dining district’s anchors and will replace the nearby Hampton Target that opened on Saville Row in 1996, said Anna Anderson, a Target Corp. spokeswoman. That store is 118,300 square feet, according to city property records.
Hampton’s new Target will be molded in a new company prototype, a hybrid discount store with an expanded grocery format that will help it remain competitive with Wal-Mart, which began rolling out a similar store strategy within the last year.
“It’s a mix between a general merchandise Target and a Super Target,” Anderson said. “We find that what our guest is looking for is to have the most things under one roof.”
Employees of the existing Hampton Target location will be relocated to the new store. None are expected to lose their jobs.
The company recently finished a re-model and expansion project at its Newport News store, expanding the grocery section and improving its pharmacy, among other things. Target also has two stores in the Williamsburg area.
Despite a haggard economy and slowing retail sales that are expected to be weak through 2009, much of the development at Peninsula Town Center is moving forward as planned.
In March, bookseller Barnes & Noble is slated to open its third Peninsula location, and in April, the developer hopes to have 159 executive-style apartments ready for tenants, said Raymond Tripp, general manager of the development.
When the first phase of Town Center is complete, it could have as many as 100 retail storefronts, a dozen restaurants and a separate entertainment hub that might hold a movie theater. The center also will have several thousand square feet available for offices.
The developer is not releasing prospective tenants until they’re signed and close to opening in the center, Tripp said.
“We’ve had a few bumps in the road, yes, but fortunately not many,” Tripp said. “We haven’t had anyone pull out, but we’ve had a few that have drawn the process out.”
November 9, 2008
So I was on this shopping trip to Charlottesville the school sponsored last night, and I go into Bath & Body Works. … …
They totally cheapened the image of Bath & Body Works. 😦 I can live with the design of the body wash/body lotion, but WHAT were they thinking when they created those splash bottles? They look like something out of the dollar store. Oh, here is some girly website talking about it. I’m actually upset about this. I know lame. Are they trying to compete with Soristutes Secret?
(2003-ish to 2008)
The ailing Value City Department Stores chain has filed for bankruptcy protection as it prepares to shutter its stores.
The company filed the Chapter 11 application Sunday in U.S. Bankruptcy Court’s Southern District of New York, asking the court to approve an agreement with liquidation firm Tiger Capital Group LLC to conduct closing sales at “substantially all” of its stores.
Value City’s majority owner is VCHI Acquisition Co., an investment group that bought an 81 percent stake in the then-113-unit chain in January from Columbus-based Retail Ventures Inc. (NYSE: RVI), which retains a 19 percent stake.
Spokeswoman Kristin Mack said decisions on store closings will be made over the next few weeks, declining to comment beyond the company’s filing. Value City had operated 66 stores earlier this fall, but contracted with Tiger Capital in late September to conduct closing sales at 29 stores.
The retailer is down to 37 stores, including one in at 700 Eastern Blvd., in Clarksville, and one at 3430 Preston Highway in Louisville. Earlier this year, Retail Ventures closed a store at 9070 Dixie Highway and sold it to Burlington Coat Factory Warehouse Inc., which has opened a store at the location.
Value City’s bankruptcy filing comes days after it confirmed cutting an undisclosed number of employees from its Columbus headquarters, citing the difficult economy as the reason for the cuts.
As of Oct. 15, Value City employed about 4,500.
Value City in the first seven months of its fiscal year beginning in February lost $70 million on $288.5 million in revenue.
I’ve only been at Value City in Newport News two times. Once was around the time they first opened when I was 10 or 11. Even then I thought the store was a little junky. The second time was when I was 19, and at the time I was using a backpack for a purse, and the security guard ganged up on me and wanted me to give him the bag. I walked out.