Development/Redevelopment

New York — Ann Taylor Stores Corp. On Friday posted a bigger-than-expected quarterly profit on improved sales. The company, which said it will change its corporate name to Ann Inc. to better reflect its multichannel focus, also forecast strong first-quarter sales.

Bentonville, Ark. -- Wal-Mart Stores, in a presentation at a Bank of America Merrill Lynch conference on Thursday, announced that it would open “hundreds” of smaller-format stores over the next three years.

According to Bill Simon, president and CEO of Wal-Mart U.S., the ramped-up development could be augmented by some acquisition activity, although he didn’t elaborate on specifics.

Darby, Pa. -- Metro Commercial Real Estate announced it has negotiated new new leases totaling 33,113 sq. ft. at the new Darby Town Center, located in Darby, Pa. 

The 142,000-sq.-ft., Save-A-Lot-anchored center, which had its grand opening on December 9, 2010, will also be home to a new 10,000-sq.-ft Dollar Tree. A new 3,961-sq.-ft. lease was also completed for Hair World and Popeye’s will also lease approximately 2,152 sq. ft. 

Miami Beach, Fla. -- Terranova Corp. announced the addition of Rent-A-Center to El Mercado Shopping Center, located in Hialeah, Fla.

The new store will occupy approximately 4,000 sq. ft.

El Mercado is anchored by Publix, along with Anna’s Linens, GNC, Pollo Tropical and a United States Post Office.

Los Angeles -- Caruso Affiliated said it has begun construction on 8500 Burton Way, an upscale residential and ground-floor retail property featuring Trader Joe’s, located in a flourishing region of Los Angeles, adjacent to Beverly Hills.

The eight-story building combines contemporary architectural elements with rich materials, and is moving forward at a time when most other commercial development has stalled.

Miami Beach, Fla. -- Terranova Corp. announced that grocer Sabor Tropical Supermarket has joined Biscayne Plaza Shopping Center, in Miami Beach, Fla., as a new anchor tenant.

The 24,000-sq.-ft. store is slated to open in 2012. According to Terranova, the retailer is replacing President Supermarket in the center and is required to renovate the interior of the store no later than January 2012. This will be Sabor Tropical’s fifth South Florida store.

Oro Valley, Ariz. -- Commercial Retail Advisors said that Belle Chic Salon & Spa has signed a lease for 1,385 sq. ft. in Placita de Oro Shopping Center, located in Oro Valley, Ariz. The new salon is slated to open this March.

Belle Chic is moving from an existing location, where it had been for three years.

Tampa, Fla. -- Woolbright Development said that Stuart Segall has been named a leasing agent for the company, and is responsible for leasing shopping centers in Tampa, Brandon and Tallahassee.

Segall was previously with Florida Retail Partners in Tampa.

Miami Beach, Fla. -- Terranova Corp. announced that healthy fast-food chain Energy Kitchen will open a new 2,500-sq.-ft. restaurant at Suniland Shopping Center, located in Miami Beach, Fla.

The new store will be Energy Kitchen’s first in south Florida. The New York City-based chain operates 10 stores in the New York City area, with, according to Energy Kitchen, approximately 55 stores in development in Florida, Washington D.C., Boston, White Plains, Long Island and Maryland.

New York City -- Jo-Ann Stores reported Wednesday that net income for the quarter ended Jan. 29 rose 8.9% to $40.4 million, compared with $37.1 million in the year-ago period.

Sales increased 3.6% to $624.1 million, just missing Wall Street’s expected $625.1 million. Same-store sales rose 2%.

Chairman and CEO Darrell Webb said the fabric and crafts retailer plans to open 55 to 60 new stores and remodel 60 more this year.