SECAUCUS AND BEYOND — Despite the recent announcements of closures of several store chains with local headquarters, the Children’s Place seems to be doing well.
Hartz Mountain Industries recently leased an additional 28,000 square feet to Children’s Place Retail Stores Inc. to expand its national headquarters to 169,000 sq. feet at 500 Plaza Drive in Secaucus, even after new reports indicate low fourth quarter earnings. The retailer forecast fourth-quarter income of 85 cents to 90 cents a share, down from its November view of $1.19 to $1.24 — a revised estimate that assumes flat same-store sales and includes a new 16-cent a share tax benefit related to its Asian subsidiary, according to the Wall Street Journal.
Chief Executive Jane Elfers was quoted as saying unseasonably warm weather forced the company to mark down its winter clothing lines to clear out the inventory and that higher apparel costs weakened earnings. Elfers also said the company in 2012 will focus on e-commerce growth, better fashion, improved merchandise assortment in Canada and inventory management to drive sales and margin growth.
The children’s clothing and accessories company has been leasing space from Hartz Mountain Industries since 1999.
Hartz Mountain sees the expansion as a positive indication for the area.
“It is a testament [to the] Meadowlands region that The Children’s Place has not only been a tenant for 12 years, but that they are expanding their space,” said Hartz Mountain President and COO Emanuel Stern in a statement.
Tom Consiglio at Resource Realty represented the Children’s Place in the leasing negotiations.