Biz briefs

Augusta Mall's Apple store will open doors Saturday

Apple will open its retail store at the Augusta Mall on Saturday, the computer maker said Tuesday.

The store in the promenade section of the mall will open at 10 a.m.

According to an e-mail from the company, the first 1,000 visitors will receive a free Apple T-shirt.

Improved sales in August create cautious optimism

WASHINGTON -- Retail sales jumped in August by the largest amount in more than three years, but economists warn that as long as credit stays tight and jobs remain scarce, Americans probably aren't ready to spend in force again.

The gains included a big jump in auto sales, mostly from the government's ended Cash for Clunkers program. Retail sales overall rose by a seasonally adjusted 2.7 percent, the largest gain since 2006, the Commerce Department said.

Economists were cautious.

"We need more data to see if this is sustainable or just noise," Ian Shepherdson, the chief U.S. economist at High Frequency Economics, wrote in a research note.

Gas station sales climbed 5.1 percent, as prices at the pump rose. Excluding that and auto sales, sales rose 0.6 percent - still the best performance in six months.

Best Buy quarter falls short of market's expectations

NEW YORK -- Best Buy Co., the largest U.S. electronics retailer, said Tuesday that second-quarter earnings fell below expectations, but the company gained market share and said it sees signs customer traffic is stabilizing.

Best Buy raised its profit and sales guidance for the year, but shares fell 2 percent.

The company has gained market share because of the demise of Circuit City but has been hurt by the cutback in consumer spending amid the recession. It still has tough competition from mass merchants such as Wal-Mart Stores Inc. and online retailers.

Best Buy said it added 2.7 percentage points of market share in the quarter, but sales at stores open at least 14 months fell 3.9 percent.

Blockbuster says 960 stores face possibility of shutdown

SAN FRANCISCO -- Blockbuster Inc. might close as many as 960 stores by the end of next year, shedding more dead weight as the struggling video rental chain tries to reverse its losses and fend off growing rivals Netflix and Redbox.

The cuts outlined in documents filed Tuesday would leave Blockbuster with about 20 percent fewer U.S. stores.

Blockbuster hasn't conclusively decided to close all the stores mentioned in the documents, CEO James Keyes said.