ICSC: International Council of Shopping Centers

May same-store sales down 2.4 percent in 2004

May Department Stores Co. will grow its business this year by targeting “younger and better consumers,” executives said during the retailer's year-end conference call today.

Part of the strategy may involve opening more stores in open-air centers. The St. Louis–based retailer, which operates 491 department stores under 12 banners, opened two new stores in open-air centers last year, said executive vice president and CFO Thomas Fingleton. “They're both achieving sales expectations,” he said. “We've learned a lot from them.” He said a new Meier & Frank store in Portland, Ore., is performing especially well.

President and interim CEO John Dunham said May's private-label line Imagination, aimed at younger women, is selling well at the open-air center stores.

May opened eight new department stores last year and says it plans to open eight more this year. The company also says it will open 18 David's Bridal stores and 20 After Hours Formalwear stores this year.

May said net sales last year grew 8.2 percent year-on-year, to $13.34 billion. Same-store sales, though, slipped 2.4 percent. Excluding the seven Lord & Taylor stores the company is still trying to divest, same-store sales fell 2.2 percent for the year.