Development/Redevelopment

Coach is celebrating its 75th anniversary year with an impressive new flagship on one the world’s most prestigious (and pricey) streets.    The company has officially opened the doors to its “Coach House” flagship on Manhattan’s Fifth Avenue. The 20,000-sq.-ft., three-level space, designed by Coach executive creative director Stuart Vevers and Studio Sofield, showcases the brand’s modern luxury positioning. (A Stuart Weitzman flagship is located adjacent to it. Coach acquired the brand in 2015.)

PetSmart continues to expand its brick-and-mortar presence across North America.   The company has opened 1,500th store, in Sheridan, Colorado. The location is one of approximately 80 new stores the pet specialty retailer is opening in 2016 in new markets as well as in convenient locations in current markets.   

The 400,000-sq.-ft. retail component of The Source, a new mixed-use project in Buena Park, California will be opening next month, according to developer M+D Properties.   A highlight of the center will be the nation’s first CGV Cultureplex, a concept pioneered by the South Korean movie theater chain CJ CGV. It features 4DX theaters with motion seats and ScreenX, which employs six screens and projectors to surround viewers with movie images.  

Design Within Reach, which specializes in modern furniture and accessories in the world, is expanding its retail portfolio.   The company opened a 12,000-sq.-ft. store at Westfield Garden State Plaza, Paramus, N.J. The new space features a grand glass atrium entrance, a private VIP valet service and a Chilewich shop-in-shop.     

Macy’s is expanding its off-price concept, Macy’s Backstage, in a pop-up format.   In a test, the department store retailer is placing Backstage pop-ups in 45 existing Macy's stores in time for the holiday shopping season, the Cincinnati Business Journal reported.  

The Mall at Prince Georges in suburban Washington, D.C. will welcome a 16,000-sq.-ft. DSW location and an 11,000-sq.-ft. ULTA in second quarter 2017. The signings are part of PREIT’s ongoing strategic plan to re-outfit its centers with “in-demand” retailers.   “The property has just begun its transformation into an elevated, vibrant shopping and dining destination commensurate with the development that has occurred in the surrounding area,” said Joseph F. Coradino, CEO of PREIT.  

Ikea continues to expand its use of renewable energy.   The retailer plans to install the largest rooftop solar array in the state on Illinois on its distribution center in Joliet.   

Butler Enterprises has named a Gainesville insider to promote and market its Neighborhoods at Butler project in that Florida college town.   The complex’s new director of marketing, Mary Reichardt, arrives at Butler from the Visit Gainseville-Alachua County Tourism Development Office, where she served as marketing chief. There, she created the county’s first brand strategy to establish awareness across the U.S. and in Europe.   

Regency Centers, a major player in grocery-anchored centers with 307 properties, and Equity One, owner of 98 retail properties, have signed an agreement to merge. Regency will continue as the surviving public company and, it claims, assume the position as the largest shopping center real estate investment trust.   The combined company is expected to have a total market capitalization of approximately $15.6 billion.   

The Butler North component of Butler Enterprises’ massive retail complex in Gainesville, Florida, brings itself close to 100% occupancy with next week’s opening of Total Wine & More.   The 20,000-sq.-ft store is the latest in a series of new store openings at the center. Also debuting there over the past four months were Walmart Supercenter, Aldi, Marshalls, Payless Shoe Source, and Dollar Tree.