Bigben Interactive (EU:BIG)
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From Mar 2020 to Mar 2025

Big Lots Inc. (BIG) Chairman and Chief Executive Steven S. Fishman said Tuesday real estate prices have reached levels not seen in more than 20 years, sparking a growth opportunity.

Fishman said the closeout retailer will be opening 45 new stores in 2009, double what it opened in 2008 and more than the last three years combined.

Speaking at the Barclays Capital Retail and Restaurants Conference, Fishman said the company has seen some stabilizing in furniture as well as lawn and garden merchandise sales in the last two months. While the sales levels still need to improve, Fishman said sales have not been as bad as they were in the last 12 to 18 months.

Last week the company said first-quarter comparable-sales will be near the higher end of its previous forecast range, which called for a drop in sales of 1% to 3%.

Fishman also said that the market for inventory deals is "as good as we've ever seen."

Retailers have been negotiating with suppliers to keep inventory levels low in the weakened shopping environment. Still "we've seen a vibrant flow of inventory in closeout merchandise and first-line merchandise," Fishman said, noting Hasbro Inc. (HAS) as a strong partner.

-By Kejal Vyas, Dow Jones Newswires; 201-938-5460; kejal.vyas@dowjones.com