Development/Redevelopment

Old Bridge, N.J. — Thanks to absorptions of numerous empty big-box space on Route 22, the vacancy rate in retail properties along northern New Jersey’s six major shopping corridors inched own to 8.1% from a high of 8.2% a year ago, according to the latest survey by R.J. Brunelli & Co.

Washington, D.C. — Pret A Manger has leased a two-story retail building on Capital Hill in Washington, D.C., according to Douglas Development, the building’s owner. Located just two blocks from the U.S. Capitol Building, the restaurant will occupy 4,300-sq. ft. and offer two floors of indoor dining as well as a large outdoor patio.

Originally from London, Pret A Manger opened its first U.S. location in 2000 near the New York Stock Exchange. Today, there are over 300 Pret A Manger locations worldwide.

Busan, South Korea — Shinsegae Simon, a joint venture between Shinsegae Group and Simon Property Group has announced the grand opening of Busan Premium Outlets, its third Premium Outlet Center in South Korea. The first two are located in Yeoju and Paju.

The new center is located on the southeastern tip of the Korean Peninsula and features 180 outlet stores. Fashion brands include Coach, Ermenegildo Zegna, Isabel Marant, Jill Stuart, Marc Jacobs, Roberto Cavalli and Vivienne Westwood.

August seems to have delivered a mixed bag to various retailers, but Costco seems to have fared well with reported net sales of $7.95 billion for the four weeks ended Sept. 1, an increase of 7% from $7.44 billion during the prior-year period.

Comparable-store sales in the U.S., adjusted to exclude changes in gasoline prices, increased 5% for August and for the fourth quarter and increased 6% for the 52-week period.

For the fourth quarter, the company reported net sales of $31.8 billion, an increase of 1% from $31.5 billion in the prior-year quarter.

HOUSTON — The relocation of Saks Fifth Avenue’s flagship store is allowing leading retail real estate firm Simon Property Group to use the space for other purposes, and the retailer to open a two-story, 198,000-sq.-ft. space adjacent to the one it will vacate at the Houston Galleria. 

New York -- Youngwoo & Associates (YWA) announced that the Pier 57 development at West 15th Street in Hudson River Park, Manhattan will now be officially known as SuperPier. Constructed in 1952, Pier 57 was an engineering marvel, built on three giant buoyant and hollow concrete boxes, or concrete caissons. Described as indestructible, it was dubbed “Super Pier” when it opened.  

The anchor tenants for the new development include:

Chicago -- Whole Foods Market plans to open an 18,000-sq.-ft. store on Chicago’s South Side, in the impoverished Englewood neighborhood, in 2015. The store will be built as part of a larger development at the northwest corner of South Halsted and West 63rd Streets. The retail portion of the site is being developed by DL3.

Dallas -- Corner Bakery Cafe continues to expand as it moves forward on its goal to more than double its U.S. footprint in the next three to four years. The company announced plans to expand in several areas, including Northeast Florida, Tampa, and San Diego.

Corner Bakery Cafe said it will open as many as ten new restaurants in Northeast Florida as part of a new multi-unit restaurant franchise agreement with Lee-Wesley Group. These will be the first Corner Bakery Cafes in the Northeast Florida area.

New York -- Kimco Realty and NRG eVgo, part of NRG Energy, opened the Bay Area’s first electric vehicle charging station, at Westlake Shopping Center, Daly City, Calif.

New York — Modell’s Sporting Goods will celebrate the grand opening of two new stores in Long Island today. The stores are located in the Huntington Shopping Center and Fivetowns Shopping Center.

The new stores will boost the company’s store-count to 155.