Development/Redevelopment

Lakeland, Fla. -- Columbus, Ohio-based Casto announced that Burger 21, headquartered in Tampa, will open a fast-casual burger and shake restaurant at Casto’s Lakeside Village property, in Lakeland, Fla.

The 2,559-sq.-ft. restaurant, which is slated to open spring 2012, will feature outdoor patio seating plus interior space for 70-80 customers. It will be located across from GrillSmith Lakeland and next to Cobb Theatres – Lakeside Village 18.
 

Beachwood, Ohio -- DDR Corp. announced Friday new Five Below stores in consolidated small shop and downsized junior anchor locations at five Atlanta-area shopping centers.

DDR said the new locations represent the continuation of efforts to strategically reduce small-shop space as well as rightsize junior anchors and re-lease the residual space at attractive market rents. At the locations where Five Below will be occupying downsized space, DDR will realize rental increases of nearly 50%.

Matthews, N.C. -- Family Dollar Stores Inc. reported Thursday that its first quarter profit rose 8% to $80.4 million, compared with $74.3 million in the year-ago period.

Sales for the period ended Nov. 26, 2011, rose to $2.15 billion from $2 billion in the year-ago period, missing Wall Street’s expected $2.17 billion in revenue. Same-store sales rose 4.1%.

Minneapolis -- Target Corp.’s plan to open 125-135 stores in Canada is rapidly taking shape, as the retailer has released the locations of its first 24 stores in the country.

As previously announced, Target purchased the leasehold interests of 189 sites currently operated by Zellers Inc.

The majority of Target’s initial two dozen stores will open in early 2013, and include four locations in Toronto (Centrepoint Mall, Cloverdale Mall, Shoppers World Danforth and East York Town Centre).

NEW YORK — Macy’s Inc. announced a strategic plan on Wednesday to open new stores in select markets as well as to close a series of underperforming units. As part of the plan, five Macy’s department stores will be shuttered in spring 2012 – in Topeka, Kan.; Laurel, Md.; Parma, Ohio; Antioch, Tenn.; and Texas City, Texas. Five new Macy’s stores will open in 2012 and 2013.

Chicago -- General Growth Properties announced the addition of Von Maur department store as an anchor to Perimeter Mall, Atlanta, which has sales of more than $550 per square foot.

The department store is projected to open in fall 2012. Von Maur will replace the soon to be vacant Bloomingdale's location. Von Maur joins a retailer line-up that also includes Apple, Nordstrom, Michael Kors, Sur La Table, and Forever 21 among many others. Perimeter Mall is a 1.6 million-sq.-ft. two-level center north of downtown Atlanta.

New York City -- Macy’s Inc. announced a strategic plan on Wednesday to open new stores in select markets as well as to close a series of underperforming units. As part of the plan, five Macy’s department stores will be shuttered in spring 2012 – in Topeka, Kan.; Laurel, Md.; Parma, Ohio; Antioch, Tenn.; and Texas City, Texas. Five new Macy’s stores will open in 2012 and 2013.

New York City -- Subway Restaurants plans to add 2,500 restaurants in 2012, according to a report on QSRweb.com.

In 2011, Subway opened more than 2,100 locations, including 1,000 new units in the United States and Canada.  A big part of the chain's growth came from nontraditional spaces such as convenience stores, department stores, train stations, museums, hotel lobbies and movie theaters, the report said.
 

New York City -- The owners of the Panda Express fast-food chain, Andrew and Peggy Cherng, have partnered with Procter & Gamble, whose products include Tide laundry detergent, to open a dry cleaning chain, Panda Dry Cleaning, according to the Los Angeles Times.

The new concept made its debut under the Tide Dry Cleaners banner in Henderson, Nev., and as many as 200 franchised locations nationwide are planned for the next five years.

Green Bay, Wis. -- Shopko Stores Operating Co. said Wednesday that Shopko and Pamida will merge to create one of the largest U.S. retailers focused on serving smaller and rural communities. The combined entity will have nearly 350 locations in 22 states and plans to accelerate new store growth in the second half of 2012 and beyond. Financial details of the merger, expected to close in mid-February, were not disclosed.