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Circuit City Hammered, Costco Cruises

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Retailers will officially report December same-store sales on Thursday. But we're getting a little preview today.

Circuit City said its December same-store sales plummeted 11.4 percent.

For the month, the company said significant sales decreases in tube and projection televisions more than offset high single-digit sales growth in flat-screen televisions. Sales of camcorders and DVD hardware fell by double digits.

Domestically, Internet and call center sales grew 17 percent in December, the company said.

Costco, meanwhile is shaking off the slowdown and moving ahead with its previously announced expansion plans.

Galanti said Costco will use the more difficult economic environment, where some retailers may be cutting back on inventories or canceling orders, to convince vendors to start doing business with the warehouse club or expand the business they already have with Costco.

He also said the retailer continues to follow its expansion plans. When Costco reported first-quarter results in December, it said it expected to open roughly 30 new clubs this year.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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