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IN BRIEF

Jack in the Box

San Diego-based fast-food chain Jack in the Box plans to open as many as 300 new JBX restaurants across the country over the next five years. JBX is the company’s new fast-casual concept serving healthier fare in a more upscale environment than its traditional restaurants.

Best Buy

Minneapolis-based Best Buy is testing a new health and wellness products store targeted at women 45 and older. EQ Life, as the concept is called, will sell nutritional supplements, prescription drugs and exercise equipment. It will also offer such services as nail and hair salons in stores ranging from 13,000 to 15,000 square feet. Best Buy will begin testing EQ Life in the Twin Cities early next year.

Saks

Saks Inc. said it will shut eight of its 64 Saks Fifth Avenue stores and three of its 55 Off 5th stores. One of the Saks Fifth Avenue stores, at the Mall at Shelter Cove, Hilton Head, S.C., will be converted to an Off 5th. The stores to be closed, which are generally freestanding or smaller “resort” stores, represent 7 percent of Saks’ total square footage, but only 4 percent of Saks Fifth Avenue Enterprises’ revenues. The landlords affected by the closings are Belz, Cigna, Cousins Properties, The Macerich Co., Prime Outlets and Simon Property Group.

Family Dollar

Urban stores will be a high priority for Family Dollar in 2005. The Charlotte, N.C.-based discount chain will open some 500 new stores next year, of which about 60 percent will be in urban markets. On average, the company’s nonurban stores post sales of about $1 million yearly, while its average urban store generates about $6 million, according to company reports. The rural stores, however, outshine their urban counterparts when it comes to stock levels, shrinkage and employee turnover. Therefore, Family Dollar is rolling out a new program in 1,000 of its existing urban stores to improve such conditions and recapture the upside of these high-traffic locations.

Christopher & Banks

Minneapolis-based Christopher & Banks Corp. is to acquire private specialty retailer Gilmore Bros., which operates 20 Acorn stores in nine states, for $7 million in cash. The Michigan-based Acorn chain targets the same boomer women as Christopher & Banks and its C.J. Banks concept, but caters to a more affluent and fashion-conscious segment of the demographic.

Albertsons

Albertsons acquired Bristol Farms, an 11-unit gourmet food chain that operates in Southern California. Bristol Farms will be a wholly owned but independently operated subsidiary of Boise, Idaho-based Albertsons Inc. The stores will continue to operate under the Bristol Farms banner, and Kevin Davis will continue as president and CEO. Financial details of the transaction were not revealed.

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