August 27, 2011 in Business

Briefcase

 

Marshalls opening store at NorthTown Mall

Clothing retailer Marshalls will move into the vacated NorthTown Mall location last occupied by Nordstrom Rack.

A Spokane city building permit notes that Marshalls, a division of TJX Companies of Framingham, Mass., will remodel the 25,000-square-foot location and open this winter.

The remodeling and new construction will come to about $700,000, according to the city permit.

TJX also owns and operates T.J. Maxx stores nationwide.

This would be the first Marshalls location in Spokane. Ten Marshalls stores operate in the Puget Sound area.

A Marshalls company brochure says it offers brand-name family apparel, home fashions and other merchandise including toys.

The company calls itself an “off-price retailer,” meaning its product prices fall below those of better-known brands.

TJX Companies’ investor information noted it’s opening more than 100 T.J. Maxx or Marshalls stores in North America and Europe this year alone.

Tom Sowa

Economy’s slow growth stokes recession fears

WASHINGTON – The U.S. economy grew at a meager 1 percent annual pace this spring, slower than previously estimated. The downward revision stoked fears that the economy is at risk of another recession.

Fewer exports and weaker growth in business stockpiles led the government to lower its growth estimate for the April-June quarter from the initial 1.3 percent rate.

The economy expanded only 0.7 percent in the first six months of the year, the Commerce Department said Friday.

Nine of the past 11 recessions since World War II have been preceded by a period of growth of 1 percent or less, economists note.

“The economy is teetering on the edge of a renewed recession,” said James Marple, an economist at TD Securities. “With such a thin margin of error … any renewed shock could push the economy over the edge.”

Associated Press

Facebook dropping Deals discounts program

SAN FRANCISCO – Facebook is ending its Deals program, which offered the site’s 750 million users discounts similar to those offered by daily deals site Groupon.

Facebook said in a statement Friday it decided to end Deals after four months of testing. It was available only in Atlanta, Austin, Dallas, San Diego and San Francisco.

Facebook says it remains committed to serving local businesses through ads, pages and other products. And it will continue to offer “check-in deals.” These lets businesses like restaurants and stores offer deals to customers who “check in” through Facebook to let their friends know where they are.

Associated Press

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