Nike Inc. announced that Hollywood's Wilshire Blvd. will be
the newest location for its Nike Town chain. Nike VP/Retail
Division Bruce Fabel said Nike Town is "symbolic of the changes
that are occurring in that area. It's a healthy district that is
poised to become even stronger in the years to come as new
tenants move forward with plans to open stores." The two-level
28,000 square-foot store, scheduled to open in Fall '96, will
share ground floor space with Planet Hollywood. The first Nike
Town opened in Portland, OR, in '92, and Nike Town now has
locations in three other areas: Chicago, Atlanta and Orange
County. Four more are scheduled to open: Seattle (May '96), San
Francisco (July '96), New York City (December '96-January '95)
and Boston (Summer '97) (Nike). Nike PR Manager for Retail Kevin
Kutcher said the company hopes to have 15 Nike Towns in the U.S.
by the end of the decade. Nike is also looking at opening Nike
Towns internationally and sites are being scouted in both Asia
and Europe (THE DAILY).
KNIGHT MOVES: Nike Chair Philip Knight sold about $56.4M in
Nike stock, as the company's stock has continued its upward
movement. According to the Washington Service, which tracks
insider buying and selling, Knight sold 600,000 Class B common
shares worth $44.8M between March 21 and March 29 at $73.63 and
$75.50 each. The March sales come on the heels of his sale of
166,500 shares in January. Knight has sold stock ever year from
1987-92, raising a total of $115.3M during the period (Portland
OREGONIAN, 4/12).
