Development/Redevelopment

Publix continues to be a blockbuster in its industry, as the grocery chain posted a 7.4% increase in profits in the fourth quarter.

The Florida-based retailer reported a profit of $453.3 million in the fourth quarter, compared to $422 million in 2013. Earnings per share for the fourth quarter increased to $0.58 for 2014, up from $0.54 per share in 2013. Publix reported net sales of $7.9 billion; same store sales increased 6.4%.

Orlando, Fla. - Planet Hollywood, is transforming its Orlando flagship location into a four-story star-gazing observatory set to debut in spring 2016. The reimagined “Planet Hollywood Observatory” will overlook the heart of Downtown Disney with a newly-expanded outdoor terrace and bar.

Dublin, Calif. -- dd’s Discounts, a division of Ross Stores, Inc., will open a new store in Waco, Texas. The new store is slated to open Feb. 28 and is located in the Parkdale Shopping Center at North Valley Mills Drive and Bosque Boulevard, 13 miles southwest of Baylor University.  

Texas is the retailer’s second largest state with a total of 32 stores.  Including this new location, dd’s Discounts will operate over 155 locations in 15 states.
 

Chicago -- JLL announced the expansion of its retail team with the addition of Bill Moston. Moston joins JLL as a senior VP, National Retail Development, and brings nearly 30 years of experience to JLL. He will be based out of the firm’s Chicago office.

In his new role, Moston will be responsible for advising JLL’s clients and executing on ground-up retail projects, redevelopments and renovations across the United States, as well as managing anchor store negotiations and tenant coordination.

Dublin, Calif. -- dd’s Discounts, a division of Ross Stores, Inc., will open a new store in Oxnard, California. The opening date is scheduled for Feb. 28.

The new store is located in Fremont Square along North Ventura Road and Doris Avenue in North Oxnard.

California is the retailer’s largest state with a total of 68 stores.  Including this new location, dd’s Discounts will operate 156 locations in 15 states.
 

Cranberry Township, Pa. -- Teen retailer rue21 announced the opening of its flagship, which is located less than one mile from its corporate office. The 8,000-sq.-ft. store includes apparel and accessories for both girls and guys as well as the chain’s newest and fastest-growing division, rue+ plus sizes. The merchandise mix also features fragrance, beauty and room decor.

Conshohocken, Pa. -- Ikea announced that it has chosen VCC to serve as construction manager both for the site work and store development of its new, larger store in Burbank, California. The new location will replace the chain’s existing Burbank store, which is also Ikea’s oldest store in the Western United States.

Pending remaining approvals and permits, groundbreaking is on track for fall 2015 and store opening in spring 2017. Until the new, roomier store opens on the new site, customers can continue to shop at the existing Ikea Burbank.

Jacksonville, Fla. - Stein Mart is opening 11 new stores this year as part of the company's accelerated store growth that began in 2014. The new stores include the company's March opening of the first-ever San Francisco Bay area location in Cupertino, California, and 10 additional stores opening in the fall.

This is an increase from the company's earlier estimate of 10 new stores for 2015 announced in November. In 2014, Stein Mart opened nine new stores.

Fort Myers, Fla. – Chico’s FAS Inc. announced plans to open 40 new stores and spend $30 million rolling out new POS systems, including mobile technology, in fiscal 2015. But the retailer also said it would shutter 120 existing locations over the next two years to improve its overall store fleet productivity and slash jobs. The closings are expected to ultimately result in expense savings of approximately $55.2 million upon completion.

Austin, Texas -- Retail Properties of America, Inc., closed on the acquisition of Cedar Park Town Center, a 181,000-sq.-ft. community center located in Cedar Park, an Austin, Texas submarket. The purchase price was $39.1 million.

The property is situated at the intersection of two major freeways, with visibility and access to more than 73,000 vehicles per day. Cedar Park is shadow-anchored by Costco and is 94.5% occupied and leased to a lineup of national and regional tenants, including At Home, Chipotle, BJ’s Brewhouse and In-N-Out Burger.