Development/Redevelopment

When the 300,000-sq.-ft. Shoppes at Mid Rivers opens in late 2017 the project will be the largest retail development the St. Louis area has seen in nearly a decade.   GBT Realty Corporation, a national commercial development company headquartered in Brentwood, Tennessee, said the $54 million project located in St. Peters, Missouri, will have three anchor tenants, five to seven junior anchors, small shop space and four, approximately one-acre outparcels.  

Big and tall men continued to spend in the first quarter, bucking slow apparel sales throughout the rest of the industry.   Destination XL Group Inc. posted revenue of $107.9 million in the quarter, up 3.3% from $104.4 million in the year-ago period. Total same-store sales rose 2%.  

New-build shopping center construction was plodding last year — discounting the outlet category, which continues to grow at record speed. And, yet, sometimes one has to look at the quality of what is coming out of the ground — or expanding — and not just the quantity.

In Orlando, Florida, one of America’s fastest-growing communities is getting ready to take the next step. Lake Nona – an 8,000-acre, 11-square-mile master-planned community that has already completed more than $3 billion in construction encompassing 7.1 million sq. ft. of world-class residential and commercial facilities over the last 8 years – is moving forward with the next phase of what will ultimately be a 3.8 million-sq.-ft. central commercial district: Lake Nona Town Center.  

One of the most successful formats in the history of retailing is about to get a makeover.        Apple Inc. unveiled its vision for the future of its retail empire, opening a two-level flagship in San Francisco with new design flourishes and service elements that will be rolled out to Apple stores worldwide.     

Columbus, Ohio-based Nationwide Realty Investors’ $650 million Grandview Yard development has consistently been in the news over the past several years, as prominent components of the mixed-use project continue to fall into place and new buildings come online.  

Ikea Las Vegas is open for business.

The 351,000-sq.-ft. location is the company’s first store in Nevada, 42nd in the United States, and 385th worldwide.

It also is the second U.S. Ikea location to deploy only LED lighting inside and outside the building, and to feature only LED products for sale in its lighting department.

In addition, the store features the largest single-use retail rooftop solar array in Nevada. To date, Ikea has a renewable energy presence at 90% of its U.S. locations.

Moving forward with its promise to streamline its business model, Gap Inc. said it plans to close its fleet of 53 Old Navy stores in Japan and also shutter some Banana Republic stores, primarily outside of North America.

The retailer announced the moves on Thursday in its first quarter results, which marked the chain's fifth straight quarter of lower revenue and profit. The company also said it would not reaffirm its earnings guidance for the fiscal year.