Strategy

Columbus, Ind.  -- New York City-based Centro Properties Group announced that Panera Bread has opened a 4,100-sq.-ft. location at Columbus Center, in Columbus, Ind.

Centro Properties Group is the owner of Columbus Center.

Seattle -- Nordstrom plans to open a  Nordstrom Rack in Orange, Calif. The 35,000-sq.-ft. store will be located at The Block at Orange and is expected to open in spring 2012.

"We are very excited to move forward with our new store at The Block at Orange," said Geevy Thomas, president of Nordstrom Rack "This is one of the area's top shopping destinations and a terrific opportunity for us to better serve our loyal OC customers."

San Francisco -- W. Howard Lester, chairman emeritus and former CEO of Willliams-Sonoma, died Nov. 15 from cancer at his home in Indian Wells, Calif. He was 75.

Lester purchased the company with a partner in 1978, when it generated $4 million in annual sales and had four stores. During his time as CEO, from 1978 to 2001, and later as chairman, Lester took Williams-Sonoma public and expanded it to 600 stores and more than $3.4 billion in sales, the company said yesterday in a statement.

Fort Meyers, Fla.  -- Chico’s FAS said its third-quarter profit  rose 27% to $28.8 million from $22.7 million a year ago, driven by higher sales. The results beat analysts projections.

Net sales rose 8.1% to $483 million, from $446.9 million a year ago. Same-store sales rose 3.1%.

Direct-to-consumer sales, which includes online sales and isn’t included in comparable-store sales, increased about 41% to $34.4 million in the quarter.

In the November issue of Chain Store Age (page 28), leasing specialist Bill Bosco discussed what is being called the biggest threat to retailers’ earnings: the Financial Accounting Standards Board’s (FASB) proposed new rules for lease accounting.

According to Bosco and other experts, the new rules will essentially turn operating leases into capital leases for accounting purposes, wreaking havoc on retailers’ bottom lines.

Madison, Miss. -- Chattanooga, Tenn.-based CBL & Associates Properties announced the opening of Phase I of The Forum at Grandview, a community center development in Madison, Miss.

The 110,000-sq.-ft. Phase I opened 100% leased with anchors Best Buy, Dick’s Sporting Goods and Stein Mart. The new stores join the existing anchors Miskelly Furniture and Malco Grandview Theater.

The Forum at Grandview is a joint venture of CBL and The Mattiace Co.

Allentown, Pa. -- New York City-based The Lightstone Group  announced two long-term lease extensions at Mountainville Shopping Plaza, its 118,000-sq.-ft. shopping center in Allentown, Pa.

Family Dollar has signed a 10-year lease extension for 9,135 sq. ft. of retail space at the shopping center. Studio II Nails has signed a four-year lease extension for 1,500 sq. ft.

Mountainville Shopping Plaza is anchored by a 33,000-sq.-ft. PriceRite Supermarket, an 11,500-sq.-ft. Retro Fitness gym and a 15,000-sq.-ft. Eckerd Pharmacy.