Development/Redevelopment

St. Paul, Minnesota - Shopping center developer and manager Paster Enterprises has rebranded to Paster Properties, and has debuted a new look and website. 

Hibbett Sports reported relatively flat third quarter same store sales, but the company achieved record new expansion and is prepared to surpass 1,000 units in 2015.

For the third quarter, Hibbett posted profits of $16.9 million, down from $17.3 million in the prior-year quarter. The decline was mainly due to markdowns related to slow selling and aged inventory, the company said.

Seattle - Colliers International released the highlights of its latest global retail report – examining 125 retail real estate markets in 50 countries – and found that luxury retail continues to show strong growth in the top global markets and prime cities in Asia.   

Jacksonville, Fla. – Increased selling, general and administrative (SG&A) expenses helped drive Stein Mart Inc. to a net loss of $1.2 million in the third quarter of fiscal 2014, compared to net income of $28,000 in the same quarter a year earlier. Despite this push into the red, Stein Mart plans to open open at least 10 new stores and relocate two stores in 2015, as well as close two stores.  

SIDNEY, Nebraska — Cabela’s Inc. is expanding into new markets, with plans to open a store in Gainesville, Virginia, and Ottawa, Ontario, Canada.
 

Mooresville, N.C. — Lowe’s Companies raised its full-year profit and sales forecast as strong home improvement spending boosted its profits and sales in the third quarter. An improving job market has led to increased homeowner spending on renovation projects, spurring Lowe’s strong performance. In addition, higher pretax earnings helped improve total net earnings.  

Brentwood, Tenn. - Tractor Supply Company plans to build a new distribution center in Casa Grande, Arizona. Located in the Central Arizona Commerce Park, the facility is expected to begin operating in the fourth quarter of 2015 and will be approximately 650,000-sq.-ft., with the potential to create more than 250 local jobs.
Tractor Supply Company's new distribution center will have the potential to service approximately 250 stores in the Southwest region. Currently, the company operates more than 1,360 stores in 49 states across the country.

Boca Raton, Fla. – Polaroid is opening three locations of its Fotobar experiential retail concept in the Los Angeles area, with the first debuting Nov. 18 at Westfield Culver City. The 300-sq.-ft.micro-stores offer a cube shape and Polaroid Color Spectrum logo, and customers can take a seat at the Fotobar and transform their pictures instantly from their smartphone, Facebook or Instagram  into three different size Polaroid pictures which can be collected in unique Polaroid shadowboxes or other picture accessories.  

The IKEA Group has made its largest investment ever in renewable energy by buying a 165-megawatt wind farm in Cameron County, Tex.

Newport Beach, Calif. –- Formerly pure-play online specialty cosmetics retailer Urban Decay has reportedly entered the brick-and-mortar arena. According to the Los Angeles Times, Urban Decay opened its first physical store, at the Fashion Island mall in its headquarters town of Newport Beach, Calif., on Monday, Nov. 17.