Development/Redevelopment

DLC Management Corp.’s joint acquisition of 16 properties with DRA Advisors this month increased the square footage of its portfolio by 26% and its dollar value by 17%. DLC president and CEO Adam Ifshin aims to increase that dollar contribution in the years to come.    “We don’t buy value-add properties and baby-sit them,” he told Chain Store Age. “We come to them with a business plan and ask ourselves ‘How do we add value?’”  

Raley’s will unveil a new natural foods grocery store concept in spring 2017.   Called Market 5-ONE-5, the new format will debut in downtown Sacramento, Calif., and is described as a farmer’s market concept, with fresh products delivered daily. It will be operated independently of Raley’s, according to The Sacramento Bee. A press release about the new store quoted Raley’s CEO Michael Teel, but identified him only as “owner.”  

Macy’s Inc. is living up to its promise to downsize.   The department store giant announced it has sold five stores to General Growth Properties for $46 million. All but four of the locations will be closed by spring 2017.    

A big mall developer thinks Aerospostale still has plenty of life left in it.   Simon Property Group, along with General Growth Properties and several other companies, bought the failing chain out of bankruptcy in September.  Speaking to a group of investors last week,  CEO David Simon expressed confidence in Aeropostale’s ability to regain momentum.  

Restoration Hardware has brought its vision of luxe home living to Las Vegas. The upscale home furnishings retailer opened a four level, 60,000-sq.-ft. store, at Tivoli Village, that includes an entire floor dedicated to its new RH Modern concept,  complete with an integrated contemporary art gallery.   

Starwood Retail Partners’ $100 million renovation of The Shops at Willow Bend in Plano, Texas, will add genuine life to its re-imagined entertainment component. North Texas Performing Arts and its Plano Children’s Theatre will make its new headquarters in a 23,000-sq.-ft. space at the mall, which is also getting eight chef-driven restaurants and a 30,000-sq.-ft. fitness center.

Modell’s Sporting Goods is opening a flagship on the site of a former rival.   Modell’s will open a two-level, 20,000-sq.-ft. store on the Upper East Side of Manhattan, in a site formerly occupied by Sports Authority. The opening is slated for mid-November.    The store will become Modell’s flagship store in Manhattan, said William Rudin, CEO of property manager Rudin Management Company, in a release.  

REI has opened it largest location on the East Coast, a 51,000-sq.ft. flagship in Washington, D.C.   The store is designed to offer members of the outdoor community a place to meet and plan adventures — and shop for outdoor gear. It includes such features as a 1,052-sq.-ft. cafe, outdoor courtyard with a fire pit and tables, and a community space that offers a robust schedule of free and low-cost classes in-store classes for cycling, paddling, fitness, hiking and camping, climbing, snow sports, photography and wilderness medicine.