Development/Redevelopment

New York -- Europe's largest home improvement retailer, Kingfisher, plans to close about 60 underperforming B&Q stores in Britain amid a 7.5% decrease in annual profit, Reuters reported.

Currently, B&Q operates some 360 stores.

In other news, Kevin O'Byrne, CEO for B&Q U.K. and Ireland, will leave the company on May 15, the report said.

Santa Monica, Calif. -- Online fashion fave Nasty Gal has opened its second brick-and-mortar location, on Third Street Promenade in Santa Monica, California. At 6,500 sq. ft., the new store is nearly triple the size of the retailer’s first location, on Melrose Ave. in Los Angeles, and is filled with neon accents and kitschy-but-hip accents.

New data from two leading retail industry trade groups show that, once again, the demise of the nation’s malls is greatly exaggerated.

Rents, occupancy and net operating income among the nation’s shopping centers reached record levels last year, according to a review of 2014 data by the International council of Shopping Centers (ICSC) and the National Council of Real Estate Investment Fiduciaries (NCREIF).

New York -- The death of the mall has been highly exaggerated, according to data released Monday by the International Council of Shopping Centers and the National Council of Real Estate Investment Fiduciaries. Among the highlights: Shopping center occupancy rates were 92.7% at the end of 2014, the highest level since second quarter 2008, according to data released Monday. Occupancy was even higher for the mall segment (combined super-regional and regional malls), at 94.2% at the end of 2014, the highest since the end of 1987.   

New Orleans -- Stirling Properties has completed the development financing and will soon launch construction on the Offices at Mid-City Market, a 54,000-sq.-ft., mixed-use complex in the Mid-City neighborhood of New Orleans.

The Offices at Mid-City Market will feature approximately 31,000 sq. ft. of office space along with 9,000 sq. ft. of retail and restaurant space. The building design will include parking, additional green space and water management. Prior to closing the construction loan, the building was nearly 50% pre-leased.

Best Buy has announced that it is shutting down its Future Shop stores in Canada, consolidating under the Best Buy name and spending $200 million on its e-commerce capabilities.

Best Buy says it will convert 65 of the Future Shop locations into Best Buy stores within a week, and 66 others are closing immediately. Best Buy acquired Canada's Future Shop chain in 2001 for C$581 million.

Burnaby, Canada -- Canada’s Future Shop will soon be a thing of the past. Best Buy announced it is consolidating its Future Shop division, and the chain’s namesake stores and Future Shop stores will all operate under the Best Buy nameplate. As part of the consolidation, 66 Future Shop stores will be closed, effective March 30. Also, 65 Future Shop locations will be shuttered for one week to transition to Best Buy.

Batavia, Ill. – Aldi Inc. has completed its purchase of 66 Bottom Dollar Food stores from the Delhaize Group. The transaction includes the land, buildings and leasehold improvements associated with Delhaize's recently retired Bottom Dollar Food operation.