Development/Redevelopment

Walker, Mich. -- Meijer announced Monday it will invest $75 million to remodel 10 stores in Michigan and Ohio.

Eight of the stores slated for renovation are in Michigan and two are in Ohio.

“We are pleased to reinforce our commitment to these communities,” said CEO Hank Meijer. “Our customers expect high standards from us, and our investment in these stores will ensure they continue to receive our best.”

Completion of a previously announced acquisition combined with organic growth will result in the addition of 168 stores to Asda’s existing 386 units and push Walmart’s U.K. division past the 500-unit mark.

Matthews, N.C. -- Family Dollar will cut more than 100 jobs as part of a companywide restructuring. The cuts will occur in all divisions of the company, the Charlotte Business Journal reported. 

In a memo to employees, the company said the cuts will allow Family Dollar to make decisions more quickly and move faster to achieve its goals, according to the report.

The retailer is slated to open 300 stores in fiscal 2011, which began in September. It will renovate as many as 800 stores.

The retail industry is abuzz these days with talk of small format stores; whether it is Best Buy Mobile, CityTarget or now Walmart Express. Bill Simon, president and CEO of Walmart U.S., added more fuel to the fire this week with comments about several 15,000-sq.-ft. test stores that would open during the second quarter in rural and urban locations. Simon also introduced the prospect of rapid organic growth and potential acquisitions even though the first stores have yet to open.

Tarrytown, N.Y.-based DLC Management Corp. has launched the redevelopment of Wing Park Shopping Center in Elgin, Ill.

DLC has pre-leased the redevelopment to a pair of anchor tenants: Walgreens has signed a 75-year lease for a 14,820-sq.-ft. prototypical store with drive-through that will be built to suit, and the existing Family Dollar will be relocating and expanding into an 8,400-sq.-ft. space. The overall redevelopment is 80% pre-leased.

New York — Ann Taylor Stores Corp. On Friday posted a bigger-than-expected quarterly profit on improved sales. The company, which said it will change its corporate name to Ann Inc. to better reflect its multichannel focus, also forecast strong first-quarter sales.

Tampa, Fla. -- Woolbright Development said that Stuart Segall has been named a leasing agent for the company, and is responsible for leasing shopping centers in Tampa, Brandon and Tallahassee.

Segall was previously with Florida Retail Partners in Tampa.

Los Angeles -- Caruso Affiliated said it has begun construction on 8500 Burton Way, an upscale residential and ground-floor retail property featuring Trader Joe’s, located in a flourishing region of Los Angeles, adjacent to Beverly Hills.

The eight-story building combines contemporary architectural elements with rich materials, and is moving forward at a time when most other commercial development has stalled.