Development/Redevelopment

New York City -- Victoria’s Secret will begins construction on a multi- million dollar renovation of its store in Miracle Mile Shops at Planet Hollywood Resort & Casino in Las Vegas in late May.

Construction will take approximately three-months to complete. The newly renovated 7,722-sq.-ft. store will serve as a prototype for Victoria’s Secret, featuring various design elements not found at any of its other Las Vegas locations. 

MENOMONEE FALLS, Wis. — Kohl’s reported that its first quarter diluted earnings per share increased 14% to 73 cents, in line with Citi and Stifel analysts expectations and with the company's updated guidance that EPS would be toward the high-end of 68 cents to 73 cents (provided on May 5). Net income for the quarter was $211 million, compared with $199 million (64 cents per diluted share) a year ago. Net sales were $4.2 billion, an increase of 3.1% for the quarter. Comparable-store sales for the quarter increased 1.3%.

New York City -- Target Corp. is setting up three distribution centers in Canada in preparation for its debut north of the border, according to a report in The Globe and Mail.

Although the retailer could have supplied the stores from its U.S. warehouses, it chose to set up a network specifically for its Canadian operations, the report said, with DCs planned for Toronto, Calgary and Vancouver.

Tejon, Calif. -- Ikea on Wednesday flipped the switch on a newly constructed solar energy system at its southwestern U.S. distribution center in Tejon, Calif. The 370,000-sq.-ft. solar array consists of a 1.8 MW system designed and installed by California-based REC Solar, and built with 7,980 REC Group panels.

Hoffman Estates, Ill. -- Sears Holdings Corp. is researching a possible move of its headquarters and 6,200 jobs out of Illinois, a company spokesman said Monday.

The retailer has had preliminary discussions with the Chicago suburb of Hoffman Estates, where it is located, and has commissioned an economic impact study, according to spokesman Chris Brathwaite.

New York City -- TIAA-CREF, a national financial services organization and a provider of retirement services for educators, and CBL & Associates Properties have formed a $1.09 billion real estate joint venture to invest in market-dominant shopping malls.

TIAA-CREF will invest in four of CBL’s shopping malls: Oakland Park Mall, Kansas City, Ks.; West County Center, St. Louis; CoolSprings Galleria, Nashville; and Pearland Town Center, Pearland, Texas.

Seattle -- Nordstrom announced plans to relocate its Nordstrom Rack at The Mall at The Source to the Gallery at Westbury Plaza. The new store will be located approximately a quarter of a mile from the existing location and is expected to open in fall 2012.

As thousands of retailers and shopping center owners and managers prepare to descend on Las Vegas for the International Council of Shopping Centers’ 2012 RECon conference May 22-25, we thought it appropriate to talk with a retail real estate expert about not only the state of the industry, but also what to expect from this year’s show. 

Senior editor Katherine Field talked with Mitchel S. Friedman, senior VP of New York City-based RCS Real Estate Advisors, to gain his insights about the show and the industry as a whole.