Bed Bath & Beyond and Developers Diversified team to open 8 stores in 2010

Developers, Bed Bath & Beyond team on openings

BEACHWOOD, Ohio — Bed Bath & Beyond Inc. and Developers Diversified Realty Corp. have teamed to open eight stores in 2010, the companies announced on Wednesday.

Bed Bath & Beyond, whose stores include buybuy Baby, Christmas Tree Shops and its namesake, has opened one buybuy Baby store in Brandon, Fla. Two additional stores are planned for Columbia, S.C., and Valencia, Calif.

The company, based in Union, N.J., has also opened three of its namesake stores in Buford, Ga., Hamilton, N.J., and Oviedo, Fla. Another Bed Bath & Beyond store is expected to open in Portland, Ore. before year’s end.

The retailer has already opened a Christmas Tree Shops in Mays Landing, N.J.

Last week, Bed Bath & Beyond reported that its fiscal second-quarter net income rose 34 percent to top Wall Street’s expectations. The retailer also raised its earnings per share growth forecast for the fiscal year.

Developers Diversified, based in Beachwood, Ohio, owns and manages approximately 620 retail operating and development properties in 42 states, Brazil, Canada and Puerto Rico.

Shares of Bed Bath & Beyond fell 19 cents to $43.54, while Developers’ stock fell 5 cents to $10.98.

(This version CORRECTS Corrects Bed Bath & Beyond’s plans for its Christmas Tree Shops. Updates stock.)