Development/Redevelopment

Finding a New Outlet
New retailers and new consumers (read: millennials) are discovering value retail, and that means more outlet centers in more locales in more different configurations.
Done deal: Penney sells headquarters campus in leaseback deal
J.C. Penney continues to lower its debt load. The retailed has sold its sprawling headquarters campus in Plano, Texas, to Dreien Opportunity Partners, general partner of Silos Opportunity Partners, for a gross sale price of $353 million before closing and transaction costs.

NYC BEST BETS: TOP 10 NEW STORES

The past year saw the opening of dozens of exciting new stores in Manhattan. Here’s my annual list of faves:
• Barneys: In a spectacular homecoming, the upscale retailer opened a stunning flagship downtown on the same block the company was founded in 1923. The multi-level, 55,000-sq.-ft. store combines the ultimate in modern luxe with the latest technology, from beacons to a store clienteling app to mobile checkouts. (101 Seventh Ave.)
Northeastern Exposure

Packed and bursting with opportunities
Ground-up projects are hard to come by here, but shopping center innovation and new retailers are not
Density and diversity. The two D’s. That, in short, is what sums up the Northeast market for retailers. It’s the place where chains with national expansion plans or new formats to test need to be.
Expanding North

DLC Management Corp.’s grocery-anchored shopping centers can be found in places such as Dallas; Milwaukee; Columbus, Ohio; and Birmingham, Ala.; but the company has a special stake in the Northeast. In October, DLC closed the biggest deal in its history, acquiring a passel of 16 centers, all but one of them in New York state. Chain Store Age Real Estate Editor Al Urbanski talked with DLC CEO Adam Ifshin and asked him what retailers need to know about the Northeast market.
Saks Off 5th to enter new market

Saks Fifth Avenue Off 5th will open its first location in Montreal, at CF Galeries d’Anjou. The approximately 30,000-sq.-ft. store will open this summer. “We have now announced four locations across Quebec and we look forward to bringing the Off 5th experience to these areas, said Jonathan Greller, president, Saks Off 5th and Gilt. CF Galeries d’Anjou is managed by Cadillac Fairview, and jointly owned by Cadillac Fairview and Ivanhoé Cambridge.
Amazon plans for second Jacksonville DC

The Sunshine State will gain another Amazon fulfillment center. On the heels of its recent announcement to open a new warehouse in Jacksonville, Fla., the retail giant is planning to open a second facility in the same city, and employ an additional 1,000 workers. Jacksonville’s first fulfillment center was announced six months ago.
Shop Talk

TRENDING STORES: Two Canadian brands are dropping anchor in the United States. Health and beauty retailer Saje Natural Wellness, which operates 45 locations up north, will open two stores in the Los Angeles area by year end. Another 25 stores are on tap for 2017. Featuring natural wellness, personal and home care products and accessories, Saje stores are open, light and airy, with a high level of design. The Saje store at Toronto’s Sherway Gardens features a 30-foot Italian tile façade.
ON THE LEVEL with Al Urbanski

Oculus Populi: The mall at the center of the World Trade Center
When it comes to overstoring, China’s the champ

U.S. real estate developers and brokers coping with epic changes in the retail landscape can take some solace from the fact that, when it comes to overstoring, America’s got nothing on China. A list of cities with the most shopping center space under construction from CBRE Research had Chinese cities occupying 11 of the top 12 spots, led by Chongqing with 39.8 million sq. ft. being built. Shenzhen (38.7 million) and Chengdu (37.6 million) weren’t far behind.