Wal-Mart to Open First L.A. Store

Discount retailing giant Wal-Mart Stores Inc. will open its first store inside the Los Angeles city limits at the site of a shuttered Broadway department store in the Panorama Mall in Panorama City. The store will open by late this year, or early 1998. The Broadwaystore was closed last year after Federated Department Stores bought the struggling Broadway chain. Wal-Mart bought the store from Federated about two months ago. Bentonville, Ark.-based Wal-Mart would not comment on the price it paid for the property, but a real estate source estimated that the Broadway store sold for $2.25 million.