Development/Redevelopment

Nordstrom revealed dramatic plans for a massive and elaborate flagship in Manhattan designed to wow residents of a city accustomed to the best retailers have to offer.

The approximately 363,000-sq.-ft. store will encompass four individual properties in the Columbus Circle neighborhood of Manhattan, along Broadway between West 57th and West 58th Streets. Slated to open in 2019, it will be the retailer’s second largest store to date (the largest, at 383,000 sq. ft., is in its Seattle hometown).

While Whole Foods Market continues to work on the performance of its flagship stores, the company disclosed new locations and expressed confidence in its new store concept, “365 by Whole Foods Market,” even though the first location is not scheduled to open until May.

More than 200 O’Reilly Automotive stores are expected to open in 2016 after the nation’s third largest auto parts retailer logged strong fourth quarter results and its 23rd consecutive year of same-store sales growth.

Tractor Supply Company continues its rapid expansion, with the grand opening of its 1,500th store, on Feb. 13, in Odessa, Texas.

The retailer opened a total of 114 stores in 2015, and expects to open between 115 and 120 locations in 2016. Tractor Supply stores are located primarily in towns outlying major metropolitan markets and in rural communities.

So much for the argument that the U.S. market is saturated with retail stores and e-commerce is hurting mall traffic. Tanger Factory Outlet Centers brought four new properties online in 2015 and still managed to achieve a portfolio occupancy rate in excess of 95% for the 35th consecutive year.
 

Los Angeles -- Westwood Financial Corp. appointed Jeanne Lazar as CFO. Lazar joins the company with more than 20 years of diverse commercial real estate finance experience. As CFO, Lazar will oversee all finance and accounting functions, including portfolio performance review and the development of financial and operational strategies.

“I’m honored to join Westwood Financial Corp. and look forward to working with the team to further the company’s goals to grow and expand in the grocery-anchored retail space,” said Lazar.

Cross Roads, Texas -- Shop Companies Investment Sales announced the sale of Crossroads Crossing a 14,680 sq. ft. shopping center located in Cross Roads, Texas.

Crossroads Crossing at the time of closing was 100% leased. The tenant mix includes: Domino’s, State Farm, January’s Salon, Cornerstone Dental and Villa Grande Mexican Restaurant among others. Just east of a newly opened Wal-Mart Supercenter.

Tractor Supply Company continues its rapid expansion, with the grand opening of its 1,500th store, on Feb. 13, in Odessa, Texas.

The retailer opened a total of 114 stores in 2015, and expects to open between 115 and 120 locations in 2016. Tractor Supply stores are located primarily in towns outlying major metropolitan markets and in rural communities.
  

Chattanooga, Tenn. -- CBL & Associates Properties announced plans to add home retailer West Elm at Friendly Center in Greensboro, North Carolina, as part of a 12,700-sq.-ft. expansion project for the center. West Elm will occupy approximately 9,000 sq. ft. of the total expansion, which also includes Pieology Pizzeria and an additional soon-to-be-named retailer.

The new development will be located between Anthropologie and Whole Foods. Construction on the space is currently underway, and both West Elm and Pieology are scheduled to open fall 2016.

Sak Off 5th's first location in New York City will feature a pop-up shop that appeals to the retailer's target market.

Saks announced that Gilt will open its first ever in-store shop at the Saks Off 5th store in New York. The pairing of these two brands in a physical space marks Gilt's entry into brick-and-mortar retail and demonstrates the company's plans to bring an all-channel shopping experience to Gilt customers.