Company News

Dillard’s Eastwood Store to Become ‘Clearance Center’

NILES, Ohio – Dillard’s, a longtime clothing retailer at the Eastwood Mall, isn’t closing its doors, a spokesman for the mall’s parent company said, but it is changing its retail format.

The department store will become a “clearance center” for the Dillard’s chain, said The Cafaro Co.’s Joe Bell. “Retailers are today experimenting with different models,” he said.

Retailers such as JC Penney, Nordstrom and Macy’s have all transitioned some of their brick and mortar stores to ones that carry season-transitional clothing at lower prices, Bell said. “We get the feeling that it’s something like that – such as a Nordstrom Rack.”

Bell said that rumors began to swirl about two weeks ago about the Dillard’s potentially closing its Eastwood location.

However, the Cafaro Co. has confirmed that Dillard’s has worked out a deal for another lease for a year, and Cafaro leasing agents are scheduled to meet with the company in the following weeks, Bell said.

Dillar’s Inc., based in Little Rock, Ark, reported net income for the 13 weeks ended July 30 of $12.1 million, or 35 cents per share, compared to net income of $29.9 million, or 75 cents per share, for the prior year second quarter.

Total merchandise sales decreased 4% for the 13-week period ended July 30, 2016. Sales in comparable stores for the period decreased 5%, the company said.

Dillard’s operates 272 Dillard’s locations and 22 clearance centers spanning 29 states and an Internet store at Dillards.com.

Published by The Business Journal, Youngstown, Ohio.