Menards store on deck in western Illinois
Menards is planning a new 162,340-square-foot store in Quincy, Ill., according to a report in the Quincy Herald-Whig newspaper.
The total store would encompass 240,000 square feet, including a garden center and lumberyard. The store also will sell groceries, according to the report. Several new Menards stores throughout the Midwest have begun offering convenience grocery items in the past year.
Marv Prochaska, vp-real estate for Menards, told the newspaper the store is expected to open in 2009.
Quincy, Ill., is located on the far western border of Illinois near Hannibal, Mo.
New home sales increase 4.8 percent
New single-family home sales increased 4.8 percent in September to an annual pace of 770,000 units, up from a downwardly revised figure of 735,000 new units in August, according to the Commerce Department.
The August figure was previously reported as 795,000, which would have meant a September decline. Sales for June and July were also revised downward — signaling that the market for new homes is weaker than previously thought.
Sears Canada earnings jump 178 percent
Toronto, Ontario–based Sears Canada reported third-quarter net earnings of C$105.2 million (US$109.4 million), a 178 percent increase over net earnings from the same quarter last year of C$37.8 million (US$39.3 million).
The company reported revenues of C$1.36 billion (US$1.42 billion), down 2.9 percent from the same quarter last year of C$1.41 billion (US$1.46 billion).
The company also reported same-store sales were down 3.9 percent for the third quarter ended Sept. 29.
The company’s earnings jumped, due mostly to $55.9 million in real estate sales for the quarter.
“The quarter had less favorable business conditions than we experienced at this time last year, most notably the unseasonably warm weather which affected our apparel categories and the improvement in the value of the Canadian dollar in relation to the U.S. dollar and the increased interest in cross-boarder shopping,” said president and CEO Dene Rogers about the decrease in sales.
Sears Canada is a multichannel retailer with a network of 196 corporate stores, 179 dealer stores and 61 home improvement showrooms.