Development/Redevelopment

Trending Stores: Adidas has opened its largest store in the world — a 45,000-sq.-ft., four-story flagship on Fifth Avenue in New York City. Sleek and ultra-modern with industrial accents, the store marks the debut of the athletic giant’s stadium retail concept, a format inspired by high school stadiums. It features high-school reminiscent bleacher stands for live-game viewing on big screens, locker room-style dressing rooms, and track and turf sections where customers can try out products.

Food Lion continues to roll out its updated store design to new markets.    The chain announced a $178 million investment in its stores in the greater Greensboro, N.C., market, which includes remodeling 93 stores. The remodels,  part of Food Lion’s "Easy, Fresh and Affordable...You Can Count on Food Lion Every Day!" initiative, include a new design that is easier to navigate and shop so customers can get in and out of the store quickly, new registers and enhanced service.   

Regency Centers has promoted 14-year veteran Michael Mas to managing director of finance. In this role, he will oversee capital markets, co-investment partnerships, investor/lender relations, underwriting, and due diligence of new investments and information technology.   Mas was senior VP of capital markets prior to the promotion and earlier directed financial and operational aspects of joint ventures for the Jacksonville-based owner, operator, and developer of grocery-anchored centers.  

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.     

Bruised by weak fourth-quarter results, department stores are now planning more cautiously for 2017 as they re-evaluate how to compete in a rapidly changing retail environment,   

Commentary by Neil Saunders, managing director of GlobalData Retail, comments on J.C. Penney’s fourth quarter:     Although JCP ended its fiscal year with a shrink in sales, it can take some comfort from the fact that the decreases are modest and that it managed to outperform its main department store rivals.  

Seven out of 10 commercial real estate executives believe that the Trump administration will have a positive impact on their business in 2017.   Seyfarth Shaw, one of the most active real estate law firms in the U.S., polled 151 owners, developers, and brokers and found them bullish on the embattled President. They foresee efforts in deregulation, tax reform, and the potential dismantling of Dodd-Frank as aiding their causes.