Development/Redevelopment

Bentonville, Ark. -- Wal-Mart Stores, in a presentation at a Bank of America Merrill Lynch conference on Thursday, announced that it would open “hundreds” of smaller-format stores over the next three years.

According to Bill Simon, president and CEO of Wal-Mart U.S., the ramped-up development could be augmented by some acquisition activity, although he didn’t elaborate on specifics.

Miami Beach, Fla. -- Terranova Corp. announced that healthy fast-food chain Energy Kitchen will open a new 2,500-sq.-ft. restaurant at Suniland Shopping Center, located in Miami Beach, Fla.

The new store will be Energy Kitchen’s first in south Florida. The New York City-based chain operates 10 stores in the New York City area, with, according to Energy Kitchen, approximately 55 stores in development in Florida, Washington D.C., Boston, White Plains, Long Island and Maryland.

Miami Beach, Fla. -- Terranova Corp. announced that grocer Sabor Tropical Supermarket has joined Biscayne Plaza Shopping Center, in Miami Beach, Fla., as a new anchor tenant.

The 24,000-sq.-ft. store is slated to open in 2012. According to Terranova, the retailer is replacing President Supermarket in the center and is required to renovate the interior of the store no later than January 2012. This will be Sabor Tropical’s fifth South Florida store.

Darby, Pa. -- Metro Commercial Real Estate announced it has negotiated new new leases totaling 33,113 sq. ft. at the new Darby Town Center, located in Darby, Pa. 

The 142,000-sq.-ft., Save-A-Lot-anchored center, which had its grand opening on December 9, 2010, will also be home to a new 10,000-sq.-ft Dollar Tree. A new 3,961-sq.-ft. lease was also completed for Hair World and Popeye’s will also lease approximately 2,152 sq. ft. 

New York City -- Jo-Ann Stores reported Wednesday that net income for the quarter ended Jan. 29 rose 8.9% to $40.4 million, compared with $37.1 million in the year-ago period.

Sales increased 3.6% to $624.1 million, just missing Wall Street’s expected $625.1 million. Same-store sales rose 2%.

Chairman and CEO Darrell Webb said the fabric and crafts retailer plans to open 55 to 60 new stores and remodel 60 more this year.

Oro Valley, Ariz. -- Commercial Retail Advisors said that Belle Chic Salon & Spa has signed a lease for 1,385 sq. ft. in Placita de Oro Shopping Center, located in Oro Valley, Ariz. The new salon is slated to open this March.

Belle Chic is moving from an existing location, where it had been for three years.

MENOMONEE FALLS, Wis. -- Kohl’s Department Stores announced the grand opening of nine new stores across seven states, which the company said will create more than 1,200 jobs.

The new stores were opened Illinois, New York, South Dakota, Texas, Virginia, Washington and Wisconsin. In addition, Kohl's plans to open a total of approximately 40 new stores in 2011. The company said it also plans to remodel approximately 100 stores in 2011, an 18% increase from 2010.

West Palm Beach, Fla. — Hurricane Grill & Wings announced it has signed seven new domestic development agreements, adding commitments for 233 new restaurants to its 42 existing locations.

The new development agreements will contribute to the company's accelerated growth plan with new locations in 15 states, including California, Illinois, Indiana, Iowa, Kansas, Nebraska, Maryland, Missouri, Ohio, Oregon, Pennsylvania, Texas, Virginia, Washington, Wisconsin and District of Columbia.