Development/Redevelopment

New York City -- Marsh Supermarket will spend $60 million to build up to 10 stores and remodel or rebuild several more over the next three years, the Indianapolis Business Journal reported.

The new stores will average 40,000 sq. ft. to 60,000 sq. ft. with a strong focus on fresh fruits and vegetables and service-oriented components, according to the report.

Marsh operates of 70 namesake stores and 27 smaller-format Mainstreet Market stores. It is privately held, a portfolio company of private equity firm Sun Capital Partners.

New York City -- Dunkin' Donuts is looking to expand in the western part of the country. The chain said it is actively seeking franchisees for parts of Colorado, Texas, Nebraska, Oklahoma and New Mexico, regions in which the Dunkin barely has a presence.

To entice would-be franchisees, the company will offer reduced royalty fees and extra money for local advertising.

MIDWEST CITY, Okla. — Walmart is gearing up to open a Neighborhood Market store this month in Midwest City, Okla.

The 40,000-sq.-ft. format will offer customers quick access to low-cost groceries, prescriptions and household products. The store officially will open its doors on Sept. 21.

As previously reported, Walmart president and CEO Bill Simon said that the Neighborhood Market format is being rebranded as Walmart Market.

San Francisco -- Gap has opened its first Banana Republic store in Russia, in Moscow's AfiMall City. In related news, the company will open its first Gap store in Belgrade, Serbia, on Friday.

“We are very proud to not only be introducing Banana Republic to Russia, but also opening our 200th franchise store,” said Stephen Sunnucks, president, international, Gap. “This is a significant landmark for our goal of growing our franchise store base to 400 by 2014.”

HINGHAM, Mass. — Talbots is searching for a new chief creative officer, as the company struggles to find a product assortment that will translate into sales growth. The company's current chief creative officer, Michael Smaldone has left the company, effective immediately.

New York City -- Lowe’s Cos. plans to build a 1.4-million-sq.-ft. distribution center in Rome, Ga.

The facility, due to open in 2013, will service Lowe’s stores in western Georgia, northern Florida and Alabama

 

Beaumont, Texas -- Conn's said Wednesday it lost $3.4 million in the second quarter, compared to net income of $1.6 million the year before. The company said that the loss was due to one-time charges, which included $3.7 million for closing three stores and $11.1 million for repaying a loan earlier than expected. Without those items, the company would have earned $5.5 million.

Revenue fell 13% to $184.4 million on declining sales of TVs and computers.

The Falls, one of Florida’s largest open-air, retail and entertainment destinations featuring Bloomingdale's and Macy's, along with more than 95 stores and restaurants, is rolling out a new retail roster that will include several new stores and dining venues.

The retail surge at The Falls, opening in different phases as of fall 2011, will coincide with numerous exterior upgrades including new entrances and signage, along with interior enhancements featuring a contemporary and chic color palette and new soft seating areas.

Columbus, Ohio -- Developers Diversified Realty and Glimcher Realty Trust announced Wednesday that the companies have entered into an agreement to swap two assets better aligned with the other’s operating platforms and strategies. 

DDR will sell Glimcher its open-air mall, Town Center Plaza, in Kansas City, Kan., and Glimcher will sell DDR its power center, Polaris Towne Center, in Columbus, Ohio.

The transaction is expected to close in the fourth quarter of 2011.

Columbus, Ohio -- Casto said Wednesday that Larry Schwenker has joined the firm as VP property management.

Schwenker’s primary focus will be on the organization’s Midwest and Alabama commercial portfolio, which totals approximately 15 million sq. ft.

Schwenker was most recently a principal at Bryant Management Services, based in Atlanta.