Development/Redevelopment

Target’s second quarter sales increased 3.5% to $16.5 billion and the company’s profits grew 2.9% to $1.06, five cents better than analysts expected.

The company’s second quarter results were negatively affected by pre-opening expenses related to next year’s entry into Canada. Excluding those expenses, Target said its profits would have increased 4.6% to $1.12 compared to $1.07 last year. Including expenses related to Canada, Target increased its full year profit forecast to a range of $4.20 to $4.40 from an earlier guidance range of $4.10 to $4.30.

SPARKS, Md. -- McCormick & Company has opened its first-ever retail destination, McCormick World of Flavors. The is located in Light Street Pavilion at Harborplace, which is siuated in the Inner Harbor area of Baltimore.

Hong Kong -- Taubman Asia confirmed a joint venture agreement between Taubman TCBL and Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China's largest department store chains.
 
The joint venture will own a controlling interest in and manage a shopping center to be located at Xi'an Saigao City Plaza, a large-scale mixed-use development in Xi'an, China, which is developed by Shaanxi Fuli Real Estate Development Co. Ltd. This is the first retail development by Taubman TCBL in China since the company was formed in late 2011.

SIDNEY, Neb. — Cabela’s is opening its second store in Saskatchewan, Canada in Regina. The 50,000 sq. ft. store will join the company's Saskatoon location in fall 2013 or spring 2014. With this new store, Cabela's will be in four locations in Canada.

The store is expected to employ more than 125 full-time and part-time employees, most of whom will come from Regina and the surrounding area.

SIDNEY, Neb. -- Cabela's Inc. said that it plans to build a 50,000-sq.-ft. store in Regina, Saskatchewan, Canada. It will be the anchor tenant in the new Grasslands Shopping Centre being developed in Regina.

The new store, which will be the retailer's fourth location in Canada, is expected to in fall 2013 or spring 2014. The company will open a store in Rogers, Ark., on Aug. 30, and Union Gap, Wash., on Oct. 4.

MISSISSAUGA, Ontario — The first of 39 former Zellers stores Walmart bought from Target in Canada celebrated its grand opening as a Walmart store earlier this month.

According to Walmart Canada, the 69,000 sq. ft. store located in Newmarket, Ontario, will feature easy-to-navigate aisles with directional signage, and a bright interior color palette to define the store's merchandise areas along with lower shelving to improve sightlines. The store will also conain a pharmacy.

Canton, Mass. -- Dunkin' Donuts announced the signing of multi-unit store development agreements with four franchise groups to develop 29 new restaurants in Houston and Waco, Texas, over the next several years.

Philadelphia -- Ulta Beauty will open a flagship in Philadelphia on Rittenhouse Row in the Center City district. The store will be the beauty retailer’s first location in Center City.

“Ulta will open an exciting three level store much like its only other signature urban store in Chicago,” said Steve O’Malley, partner at Fameco Real Estate, who represented the retailer in the transaction.