Big Lots CEO: Real Estate Prices Look Attractive
28 Abril 2009 - 11:07AM
Dow Jones News
Big Lots Inc. (BIG) Chairman and Chief Executive Steven S.
Fishman said Tuesday real estate prices have reached levels not
seen in more than 20 years, sparking a growth opportunity.
Fishman said the closeout retailer will be opening 45 new stores
in 2009, double what it opened in 2008 and more than the last three
years combined.
Speaking at the Barclays Capital Retail and Restaurants
Conference, Fishman said the company has seen some stabilizing in
furniture as well as lawn and garden merchandise sales in the last
two months. While the sales levels still need to improve, Fishman
said sales have not been as bad as they were in the last 12 to 18
months.
Last week the company said first-quarter comparable-sales will
be near the higher end of its previous forecast range, which called
for a drop in sales of 1% to 3%.
Fishman also said that the market for inventory deals is "as
good as we've ever seen."
Retailers have been negotiating with suppliers to keep inventory
levels low in the weakened shopping environment. Still "we've seen
a vibrant flow of inventory in closeout merchandise and first-line
merchandise," Fishman said, noting Hasbro Inc. (HAS) as a strong
partner.
-By Kejal Vyas, Dow Jones Newswires; 201-938-5460;
kejal.vyas@dowjones.com