Development/Redevelopment

New York -- Forever 21 will open a five-level store on Fifth Avenue in Manhattan, taking over the space that formerly housed an H&M.  

The new Forever 21, which is located on Fifth between 51st and 52nd Streets, is scheduled to open on Feb. 7.

New day dawning at Tuesday Morning Tuesday Morning CEO Michael Rouleau declared the company’s turnaround complete after same store sales popped 7.6% and operating profits surged 32% during the second quarter ended Dec. 31.

The operator of 800 stores reported that the same store sales increase was as a result of a 7.7% increase in customer transactions, offset by a 0.1% decrease in average ticket. Sales at the 31 stores relocated during the past 12 months increased approximately 50% and contributed 140 basis points to the comparable store sales increase of 7.6%.

Camp Hill, Pa. -- Rite Aid Corp. announced plans to build its first new distribution center in 15 years, a 900,000-sq.-ft. facility in Spartanburg, South Carolina.

The new, $90 million center, set to open in 2016, will employ nearly 600 people after it becomes fully operational and will support the inventory and fulfillment needs of approximately 1,000 Rite Aid stores in the southeastern United States.

Katy, Texas – Academy Sports & Outdoors will use cash wraps from manufacturing company Pan-Oston. Academy currently operates more than 185 stores in 15 states.

Academy operates over 185 stores In 15 states.  
 

Rite Aid Corp. announced plans to build its first new distribution center in 15 years, a 900,000-sq.-ft. facility in Spartanburg, South Carolina.

The new, $90 million center, set to open in 2016, will employ nearly 600 people after it becomes fully operational and will support the inventory and fulfillment needs of approximately 1,000 Rite Aid stores in the southeastern United States.

After a 2014 review found inefficiencies in its supply chain and logistics network, Rite Aid Corp. consolidated three distribution centers. Now the company is going in a new direction.

The retailer said it plans to build a 900,000 square foot distribution center in Spartanburg, S.C., its first new DC in 15 years. The new distribution center will employ nearly 600 people after it becomes fully operational and will support the inventory and fulfillment needs of approximately 1,000 Rite Aid stores in the southeastern United States.

Columbus, Ohio -- Ikea announced that it is submitting plans to the City of Columbus, Ohio, for a store that would increase the Swedish furniture retailer’s Ohio presence to two stores. The newest store, located in the Polaris Centers of Commerce development about 15 miles north of downtown Columbus, is slated to open summer 2017.

Minneapolis -- Shorenstein Properties LLC and Saks Fifth Avenue Off 5th announced that Saks Fifth Avenue Off 5th has signed a lease for 40,321 sq. ft. in the retail portion of Minneapolis City Center, continuing the fashion retailer’s 25-year presence in downtown Minneapolis. The new store is slated to open April 2016.

“This city has been a strong market for us, and Minneapolis City Center provides us with a vibrant location in which to serve our exceedingly loyal customers,” said Jonathan Greller, president of Outlets, HBC.

Los Angeles -- Commercial builder Bernards is currently constructing two major downtown Los Angeles mixed-use projects: Grand and 12th, a major multifamily project in the popular South Park district, and Olive at Pico – both owned by The Wolff Company and designed by TCA Architects.

“[Grand and 12th] and Olive at Pico are vital residential projects and will fulfill an immediate need for housing in downtown Los Angeles,” said Carl Vizcarra, project executive with Bernards.

Livonia, Mich. -- Schostak Brothers & Company has completed leases for five new tenants at its Northville Park Place property, located in Northville, Michigan.

A joint venture between Schostak Brothers & Company and REI Investment Group, the 65,000-sq.-ft. mixed-use development is set to welcome: Tom + Chee grilled cheese and tomato soup restaurant; Red Olive restaurant; Sports Clips; Gazelle Sports; and MOD Pizza.