☰ Menu

Business news briefs — Nov. 5


Aldi comes to Hartville

The latest Northeast Ohio Aldi discount supermarket is set to open Nov. 14 in Hartville. The store, near the longtime Giant Eagle grocery, is at 1250 W. Maple St.

A ribbon-cutting is set for 8:45 a.m., followed by the official opening at 9 a.m. Product samples will be offered, along with chances to win Aldi gift certificates.

The store joins more than a dozen Aldi locations in the Akron-Canton area. Aldi Inc. operates more than 1,200 stores in 32 states. Aldi Inc. stores, as well as Trader Joe’s stores are owned by the Albrecht family of Germany.

Over the last several years, Aldi has added about 50 to 80 new stores each year.

The chain keeps its overhead low with methods that include a cart rental system in which shoppers insert a quarter to release a cart and receive the quarter back upon the cart’s return.


Prices rise slightly

A measure of home prices rose only slightly in September from August, a sign that prices are leveling off after big gains earlier this year. Real estate analysis company CoreLogic said prices increased 0.2 percent in September from the previous month. That’s sharply lower than the 0.9 percent month-over-month gain in August and the 1.8 percent increase in July.

Prices still rose 12 percent in September, including sales of distressed properties, compared with a year ago. In Ohio, prices rose 3.1 percent including sales of distressed properties — foreclosures and “short sales.” Short sales occur when a lender allows a property to be sold for less than what is owed on the mortgage.


Big Mac imitated

What has two all-beef patties, special sauce, lettuce, cheese, pickles and onions on a sesame bun? Burger King’s latest sandwich. The Miami-based chain says it’s bringing back its “Big King” sandwich, which looks a lot like the popular Big Mac made by its bigger rival McDonald’s. Burger King says it’s an addition to the permanent menu rolling out this week.


Kmart sets hours

Kmart said it will open its stores to holiday shoppers at 6 a.m. Thanksgiving Day, more than 12 hours before many of its competitors. The move intensifies the battle among retailers to capture holiday sales early this season and also signals that “Black Friday” is becoming a thing of the past. The Friday after Thanksgiving traditionally is the biggest shopping day of the year and the point at which some retailers begin to turn a profit, or go “into the black.” But a growing number of retailers plan to open on Thanksgiving Day, Nov. 28. Kmart last year opened its doors at 6 a.m. Thanksgiving Day, but then closed at 4 p.m. before reopening at 8 p.m. This year Kmart stores will open before sunrise Nov. 28 and remain open for 41 hours straight to 11 p.m. Nov. 29.

Apple components studied

Apple seems to have trimmed the bill for making its latest iPad along with the tablet computer’s width and weight. The iPad Air that sells for $499 costs Apple $274 to make, based on an analysis by research firm IHS. That’s a 13 percent decrease from the estimated $316 that it cost Apple to make the third-generation iPad introduced last year. The iPad Air went on sale last week. IHS buys various devices and then takes them apart to assess how much the parts cost. “While the iPad Air slims down in size, the profit margins are getting fatter,” said Andrew Rassweiler, IHS’s senior director of cost benchmarking services, in a statement.

iPad trade-in set

Target is offering at least $200 in store credit to customers who trade in any undamaged iPad, no matter how old, an attention-getting promotion that coincides with Apple Inc.’s release of a new full-sized iPad and an iPad price cut by rival Wal-Mart Stores Inc. A person who applies the $200 to the newest entry-level iPad, the iPad Air Wi-Fi model with 16 gigabytes of storage, could buy the device for $279, down from its listed price of $479.


Profit estimate cut

Pirelli SpA, Europe’s third-largest tire maker, cut its profit target for 2013 the second time this year because of slower demand in Russia and foreign exchange-rate volatility. Earnings before interest and taxes are expected to be about 790 million euros ($1.06 billion), the Milan, Italy-based company said. That compares with a previous forecast of 810 million euros outlined in August, when Pirelli scaled back from a predicted earnings range of 810 million euros to 850 million euros. Third-quarter operating profit rose to 201 million euros from 195 million euros a year earlier.

Compiled from staff and wire reports


Prev Next