Development/Redevelopment

New York -- Fashion designer Robert Graham will open his first New York City branded retail store at 380 Bleecker Street in SoHo, joining high-end neighbors such as Burberry, Brunello Cucinelli, Marc Jacobs, rag & bone, and Ralph Lauren. The Robert Graham store is slated to open this fall.

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.

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.

Chattanooga, Tenn. — CBL & Associates Properties has closed on the sale of three malls and three related associated centers in a portfolio transaction for a gross sale price of $176 million in cash. The properties include Georgia Square Mall and Georgia Square Plaza in Athens, Ga.; Panama City Mall and The Shoppes at Panama City in Panama City, Fla.; and Rivergate Mall and Village at Rivergate in Nashville, Tenn.

Houston -- Saks Inc. will open a new flagship store immediately adjacent to its existing location in the Houston Galleria, featuring 198,000 sq. ft. over two levels and a state-of-the-art store design. The current store will remain open until the new store opens in fall 2015. Once the old store closes, it will be converted to a two-level mall wing connecting the new Saks to Neiman Marcus and adding 35 retailers and restaurants.

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. 

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.

Purchase, N.Y. — Hobby Lobby, Marshall’s and Home Goods have leased more than 98,000 sq. ft. of space at 562,000-sq.-ft. Pohatcong Plaza power center in Phillipsburg, N.J., according to National Realty & Development Corp.

The retailers will occupy a redeveloped building where Wal-Mart operated before expanding to a Supercenter early last year — in NRDC’s adjoining Pohatcong Plaza II.