Development/Redevelopment

Chattanooga, Tenn. -- CBL & Associates Properties has announced the acquisition of two Sears locations, one at CBL’s Fayette Mall in Lexington, Ky., and the other at CoolSprings Galleria in Nashville. Sears will continue to operate in both locations until closing dates have been finalized.

“We have plans to redevelop and expand both buildings to create space for new high-end specialty stores and restaurants,” said Stephen Lebovitz, CBL’s president and CEO.
 

Peru tends to be a logical new market for many Chilean retailers and Walmart will be next, according to unconfirmed reports from a company executive who spoke to Reuters.

The news agency this week said Walmart, which is already one of the leading retailers in Chile, will begin work this year to open stores in Peru and plans to form a local management team. As expected, Walmart denied the report but did acknowledge it planned to run a quality assurance office in Peru for procuring products.

The Von Maur department store chain was founded 140 years ago and less than a month from now the company will open its 27th store in Coralville, Iowa.
 
The 80,000-sq.-ft. freestanding store will be located at the Iowa River Landing retail development and feature the company’s signature exterior entrance and resident ambience.

Williamsville, N.Y. -- Tops Friendly Markets has officially unveiled 12 former Grand Union stores in eastern and northern New York under the Tops banner at grand re-opening ceremonies.

The new Tops branded stores include stores in Saratoga, Warrensburg, Warren, Franklin, Essex, Clinton and Fulton counties.

By Chuck Hundley, [email protected]

Atlanta -- Developer OliverMcMillan has secured a $167 million syndicated construction loan, led by PNC Capital Markets, LLC, to finance construction of Buckhead Atlanta, the mixed-use retail, residential and office development located in Atlanta’s Buckhead neighborhood.

The loan will cover the full construction of the six-block, 8-acre complex. Five lenders are involved, including PNC Bank, N.A., CIT Finance LLC, Compass Bank, Regions Bank and SunTrust Banks.

Chicago -- The Macy’s store in the recently renovated Ohio Valley Mall in St. Clairsville, Ohio, has begun its first full-store renovation since opening in 1979. The single-level 100,000 sq. ft. store will receive new flooring, wall treatments, paint and additional accent lighting. In addition, the renovation will reconfigure the aisles to improve flow and sight lines. Macy’s will remain open throughout the renovation, which will finish up in time for the holiday season.

Los Angeles -- Sports Chalet has unveiled a sleek, smaller format in downtown Los Angeles, opening a 27,000-sq.-ft. store at Brookfield Properties’ FIGat7th mall. The center, which opened in 1986, reopened last year after a $40 million renovation.

The modern layout, designed by Gensler, puts the emphasis on education and training, and features a dedicated central area, called the “Expert Center,” for classes and clinics. The new layout also includes flexible fixtures and modules that allow for the store to be transformed overnight.

New York -- Teen apparel retailer Aeropostale will enter Mexico through a licensing agreement with Distribuidora Liverpool, S.A. de C.V. ("Liverpool").

The agreement includes the opening of branded Aeropostale shop-in-shops in Liverpool department stores across Mexico beginning this summer, in addition to rolling out freestanding stores. The first standalone is scheduled to open this summer, in Mexico City’s Sante Fe Mall.

Minneapolis -- Target said it plans to open a new store in Spokane, Wash., in July 2014.

The 135,000-sq.-ft. store, part of the Regal Plaza shopping center, will be the retailer’s third location in the Spokane area.