Development/Redevelopment

New York -- Ashley Furniture Industries Inc. plans to open about 50 bedding stores, under the Zzz's By Ashley banner, in 2012, according to Furniture Today. The sleep shops will average about 4,500 sq. ft. each, and will offer a wide selection of mattresses and sleep accessories.

“I think we can open several thousand in the next 10 years,” Ben Thorud, the Ashley executive who is heading the new initiative, told Furniture Today.

New York -- M.A.C. Cosmetics will open a flagship on a prime stretch of New York City’s Fifth Avenue, according to various reports.

The company will open up shop in November, on Fifth Avenue near 54th Street, in a space that formerly housed Elizabeth Arden's Red Door Spa, according to Racked.com.
 

Rochell Park, N.J. -- Avenue Stores announced it has begun the process to close 96 stores over the next three months. The company previously announced plans to selectively close and consolidate stores in order to finalize a geographic footprint that maximizes profitability and sales growth potential.

Upon completion of the closures, the company will continue to operate more than 300 stores in 34 states, and offer online shopping,

Warrendale, Pa. -- Rue21 reported Thursday that profit for the quarter ended April 28 rose 20.6% to $11.6 million, from $9.6 million in the same quarter last year.
   
Net sales increased 18.9% to $205.6 million, from $172.9 million. Same-store sales for the quarter edged up 1.7%.

Bob Fisch, president and CEO said the company is staying its small- and mid-market growth course.

I’m just back from the retail real estate industry’s annual confab, the International Council of Shopping Centers’ RECon, in Las Vegas. As part of the event, Faith Hope Consolo, chairman, Prudential Douglas Elliman, hosted a panel discussion of retailers at the Women’s Special Industry Group meeting. Here are some of the more notable quotes from the discussion:

Brenda Godfrey, VP global store development, Starbucks Coffee Co.

National Amusements said it will open a six-screen Cinema de Lux at the Chestnut Hill Shopping Center in March 2013.

The new theater is designed to deliver a high-luxury experience with a full-service restaurant, premium reserved seating and at-your-seat dining.

“We’re looking forward to bringing an unparalleled movie going and dining experience to Chestnut Hill,” said Shari Redstone, president of National Amusements.

Las Vegas -- As retailers and shopping center executives returned to their respective home bases following their biggest show of the year – RECon – they did so with talk of recovery echoing in their ears.

This year’s event – the International Council of Shopping Centers’ RECon convention, held May 20-23 in Las Vegas – was a platform for discussions about expansion and freer capital, albeit tempered by what industry experts are calling a new discipline in the way we all do business.

Kansas City -- The area’s first White House Black | Market Outlet boutique opened on May 24 at Legends Outlets Kansas City.

The concept features not only collections designed specifically for the outlet boutique, but also an assortment from its full-price boutiques as well.

The White House Black Market Outlet boutique will occupy 2,955 sq. ft. next to Saks Fifth Avenue Off 5th.

Voorhees, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that Iron Hill Brewery & Restaurant will open its 10th location at Voorhees (N.J.) Town Center in winter 2012/2013.

This will be the second Iron Hill in southern New Jersey.

Milwaukee -- The Milwaukee office of Opus Development Corp. said that Hallmark Gold Crown will occupy the final space of its Shoppes at Fox River Phase I retail development in Waukesha, Wis.

The addition of Hallmark makes the 273,000-sq.-ft. Phase I 100% occupied, including a 132,000-sq.-ft. Target and a 60,000-sq.-ft. LEED-Silver certified Pick ‘n Save grocery store.