Development/Redevelopment

J.C. Penney on Friday announced plans to close stores and reduce its workforce even as it reported its first profit since 2010.    In one of its deepest cuts to date, the retailer said it will close 130 to 140 stores, which represent about 13% to 14% of its total, 1,014 store base. The locations to be shuttered are unprofitable, Penney said, and generated less than 5% of total annual sales.     

Nordstrom Inc. reported better-than-expected profit for its fourth quarter amid a strong performance by Nordstrom Rack and cost cuts.    The department store retailer reported that it earned $201 million, or $1.15 per share, for the quarter ended Jan. 28, compared with $180 million in the year-ago quarter. Excluding certain items, the adjusted earnings came to $1.37 per share. Analysts had estimated $1.15 a share on average.  

Bartaco, an expanding food and beverage concept that combines beer, fresh-squeezed juices, and yes, tacos, will debut in Texas at Trademark Property’s WestBend development in Fort Worth.   The mixed-use facility just completed construction on its first phase, which includes office as well as retail space and aims to create a new hub of activity near the campus of Texas Christian University. It features new landscaping, gathering areas along the Trinity River and Trinity Trails, along with a rotating public art program.

CBRE has brought in a former Sears executive to help retailers monetize under-performing retail space through partnerships with outside brands.   Kevin Marschall, formerly director of strategic partnerships and licensed business at Sears, has joined CBRE as a store-within-a-store specialist in the company’s retail partnerships unit.  

Ron Rubin resigned his post as chairman of the board of PREIT and will be succeeded in that role by CEO Joseph Coradino. His departure was expected, having been announced last month.  

TJX Cos. is preparing to debut a new retail banner.   Speaking on the chain’s quarterly call with analysts, TJX CEO Ernie Herrman said the company will open four home goods stores in the United States under a new nameplate this year, CNBC reported.   The new concept will allow TJX to enter new markets and sell products that it hasn't currently penetrated with its HomeGoods footprint, Herrman said, according to the report.     

Apple is preparing to unveil its latest development: Apple Park.   The name of Apple’s new spaceship-looking home office, Apple Park is a 175-acre campus located in California’s Santa Clara Valley. The new building, slated to open in April, will welcome more than 12,000 people over a six-month period. Construction of the campus and parklands is scheduled to continue through the summer, Apple said.  

RCG Ventures has purchased Oak Brook Square in Flint, Michigan, for $14.2 million. Anchored by TJ Maxx and Hobby Lobby, the 152,073-sq.-ft. center is located across the street from the Genesee Valley Mall in Flint’s largest trade zone.

Staying true to its recently announced growth plan, Dollar General is preparing to break ground on a new distribution center.   

Neil Saunders, managing director of GlobalData Retail, comments on Macy’s fourth quarter results: