Development/Redevelopment

By Kirsten Early, Partner and Director of Retail, SRSA Commercial Real Estate

Beachwood, Ohio -- DDR Corp announced that David J. Oakes has been named the company’s new CEO, effectively immediately. Oakes has been DDR’s president and CFO since January 2013, and was senior executive VP and CFO for the three years prior. He succeeds Daniel Hurwitz, who stepped down December 31 by mutual agreement.

"After a thorough and robust search process, the board is confident that David is the right person to lead DDR into the future," said chairman Terry Ahern.

While Kmart has been closing many of its stores as it seeks to restructure the company, the retailer has quietly launched a pilot program to re-brand itself as K-Fresh.

The Chillicothe Gazette reports that the Kmart on North Bridge Street in Chillicothe, Ohio, has scaled back its hours and grocery offerings in preparation for its switch from a 24-hour supercenter to the retail chain's new K-Fresh concept.

Build-A-Bear Workshop was busy building a lot of bears this holiday season, if the retailer’s same store sales are any indication.

The company reported that same store sales were up 9.9% for the quarter, with a 8.5 percent increase in North America and 14 percent increase in Europe. Build-A-Bear also saw an $11.8 million profit for the fourth quarter, more than double the $5.4 million profit it reported in the prior-year quarter.

Ikea is moving ahead with its strategy to expand its footprint in the Midwest by finalizing plans on a massive new distribution center in Illinois.

The retailer has submitted final plans to the City of Joliet, Ill., that would advance the development of its previously approved main Midwestern distribution center.

Brentwood, Texas -- Tractor Supply Company will open its 1,400th store, in Eunice, Louisiana, on Feb. 21. The location is one 110 to 115 new stores the retailer plans to open this year.

"We are thrilled to be celebrating another milestone in Tractor Supply's growth story, with the opening of our 1,400thstore," said president and CEO Greg Sandfort. "We believe there is still tremendous expansion potential ahead, and we are excited for the opportunity to serve the rural lifestyle in new markets."

Scottsdale, Ariz. -- Amazing Lash Studio, a fast-growing franchisor of eyelash extension studios is starting 2015 by welcoming new regional developer partners who will open nearly 100 studios in Nevada, Utah, Idaho, Illinois, New Jersey and New York. This nearly doubles the coverage of the Amazing Lash Studio brand to 15 states across the country.

Franchise veterans Ren and Michelle Waters have partnered with Terry and Leslie Rock to develop 20 studios in the Nevada, Utah and Idaho regions for Amazing Lash Studio.

Conshohocken, Pa. -- Ikea has chosen R&O Construction to serve as construction manager for the site work and store development of its future 351,000-sq.-ft. location in Las Vegas.

Pending remaining approvals, the project will continue on track for site work to commence this month, with groundbreaking during spring 2015. The store is scheduled to open in summer 2016.

Canton, Mass. – Dunkin’ Donuts is growing its presence in the Hoosier state. The company has signed multi-unit store development agreements with two existing franchise groups to develop 46 restaurants in Indiana during the next several years.  

Tractor Supply Company is marching ahead with plans for growth in 2015 by opening its 1,400th store.

The Eunice, La., location is scheduled to hold its grand opening celebration on Feb. 21, moving the retailer well past its Dec. 27 reading of 1,382 stores.