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NEWS BRIEFS.

Target Adds Seven Pittsburgh Stores

Target Stores plans to open seven stores in the greater Pittsburgh area by spring 2000, making the region its latest market expansion, the company said.

The first stores are opening in early October in Greensburg, Monroeville, Washington, McCandless Township in Pittsburgh and North Fayette Township in Pittsburgh.

Minneapolis-based Target Stores runs 859 stores in 41 states. It plans to open another 57 stores by mid-October with some in three new states.

Five Walton Heirs Top Forbes Billionaires List

Sam Walton's legacy has landed five of his kin among the world's 12 richest people. Wife Helen, sons Jim and John, and daughter Alice are said to be worth $16 billion each. Oldest son and Wal-Mart chairman of the board Robson Walton follows close behind, with $15.8 billion.

The world's richest man is Microsoft's William "Bill" Gates III, who is worth $90 billion, with the next wealthiest man, Buffet, coming in at $36 billion.

Saks Plans New Younkers Store

Department store company Saks Inc. unveiled plans to open a new Younkers department store in Lansing, Mich.

Saks Inc. purchased a 157,000-square-foot Montgomery Ward's store in the Lansing Mall. Plans are to renovate the store and re-open it as a Younkers location in the fall of 2000. Younkers, which operates 52 stores, already has a presence in Michigan, with stores in Bay City, Port Huron, Traverse City, Holland and Marquette.

Sears Adds iMac

Sears, Roebuck and Co. is now selling iMac computers and peripherals in 825 full-line stores. The computers are price at $1,199.99.

A Sears spokesperson said that more than 50 percent of Sears' computer buyers are first-time computer buyers; one in three iMac buyers are first-timers as well. Sears also carries Compaq, HP and Packard Bell computers.

Family Dollar Plans 400 Stores

Family Dollar Stores Inc., after reporting the highest sales and net income ever for the first three quarters of fiscal 1999, unveiled plans to open 400 to 425 new stores during its next fiscal year.

The 3,257-unit discount store chain expects -- in its fiscal year ending Aug. 28, 1999 -- to have about 360 stores in operation. The company expects to close about 60.

For the three quarters ended May 29, 1999, sales were $2 billion or 16.7 percent higher than last year's period. Net income for the three quarters ended May 29, 1999, was $113 million, a 35.8 percent gain.

The third quarter was the 12th consecutive quarter in which sales increased more than 13 percent and net income increased at least 20 percent, the company said.

Wal-Mart, E-Toys

Sign Up With Fingerhut

Wal-Mart and e-Toys have enlisted Federated's Fingerhut subsidiary to handle some fulfillment services, such as warehousing and distribution, for sales made through the Internet.

Details of the arrangement were not revealed. To date, Fingerhut provides back office services for 22 other companies.
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Publication:HFN The Weekly Newspaper for the Home Furnishing Network
Date:Jun 28, 1999
Words:478
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