Development/Redevelopment

Columbia, S.C. -- Edens & Avant announced Tuesday that it has closed on the refinancing of its $350 million unsecured revolving credit facility and $30 million unsecured working capital line.

Both will mature in September 2014, but include two, one-year extensions that could extend both facilities through September 2016.

SAN FRANCISCO — Gap Inc. is continuing its expansion into Latin America with the opening of its first stores in South America in Chile this month. The company also announced plans to open Gap and Banana Republic stores in Panama and Colombia in 2012.

Rogers, Ark. -- Wal-Mart Stores had positive news for analysts and investors gathered for the retailer’s annual meeting on Wednesday in Rogers, Ark. The chain said its same-store sales rose in July, August and September, reversing a two –year slump.  It also announced that it plans to cut its capital spending in the United States, even as it increased cap spending abroad,  as it continues to shift toward building smaller stores.  

New York City -- Uniqlo, the expansion-minded Japanese apparel retailer, on Friday will open its largest store in the world, an 89,000-sq.-ft. flagship on Fifth Avenue. The three-level store reflects the chain’s ambitious designs on the United States and also the changing nature of Fifth Avenue, which is experiencing an influx of moderately-priced retailers.

Uniqlo is looking to grow its business to $50 billion by 2020. U.S. expansion figures into its strategy.

San Francisco -- Gap said Wednesday it will advance its expansion in Latin America with new store openings in Chile in October, and will introduce Gap and Banana Republic stores to Panama and Colombia in 2012.

“We believe substantial opportunity exists in Latin America and our first stores in Chile, Panama and Colombia will allow us to establish a foundation for further growth in this region,” said Stephen Sunnucks, president, International, Gap.

Houston -- Stage Stores said Wednesday it will launch a new off-price concept, called Steele’s, to be rolled out in small-town America.

The first three stores are slated to open on Nov. 1, in Beeville, Texas; Bastrop, La.; and Minden, La.; the company said it plans to open an additional 25 to 35 new Steele’s stores in 2012.

Japanese retailer Uniqlo will officially open the doors to its Fifth Avenue global flagship on Friday, Oct. 14. But after a sneak peak of the store, all I can say is “Wow!” At 89,000 sq. ft., Uniqlo is massive — with 100 fitting rooms, 45 checkouts, 100 LCD screens, four glass elevators, and three floors of merchandise. It feels more like a high-tech department store than a specialty store.

New York City -- Gov. Jerry Brown of California vetoed a bill that would have required comprehensive economic-impact reports before big-box superstores could begin construction.

The bill, the Small and Neighborhood Business Protection Act, would have required supercenters to address more than a dozen possible economic side-effects, including job losses if competitors faltered.

New York City -- Bloomingdale’s 520,000-sq.-ft. Manhattan flagship is undergoing a 100,000-sq.-ft. renovation, Women’s Wear Daily reported, with bridge, contemporary, home, shoes, fine jewelry and parts of the designer floor included in the remodel.

The project is estimated to cost $50 million, according to Women’s Wear Daily.
 

Cleveland -- CenterMark Development LLC announced that Save-A-Lot Food Stores, along with the Ohio debut of discount apparel retailer Forman Mills, will anchor The Shops at Garrett Square. The 65,000-sq.-ft. project is the first phase of a neighborhood revitalization plan envisioned by city officials seven years ago, and plans call for subsequent development of up to two more retail outlots targeting much‐needed retail uses.