Development/Redevelopment

Lowe’s has announced an agreement to sell $500 million of 1.625% notes due 2017, $750 million of 3.12% notes due 2022 and $750 million of 4.65% notes due 2042. Estimated net proceeds from this offering will be approximately $1.982 billion, after deducting offering expenses and underwriters' discounts.

There’s no doubt that Canada is very much on the minds of U.S. retailers these days. As our cover story points out, Canada is attractive for a number of reasons, from its growing population to its resilient economy. But there is plenty of expansion going on here at home too. The extent of the activity is detailed in the “Spring 2012 Retailer and Restaurant Expansion Guide” from ChainLinks Retail Advisors. The comprehensive report, which details the current expansion plans for more than 2,500 U.S.

While there still is not enough new shopping center construction to warrant a “Fastest-Growing Developers” ranking system — as Chain Store Age provided for 20 consecutive years, from 1989 to 2008 — progress continues to be made.

Relocating a business and a family from Memphis, Tenn., to St. Petersburg, Fla., is a short distance in miles, but for The Sembler Co., which celebrates its 50th anniversary this year, the journey has been much longer.

“We have developed 350 projects, including 125 or 130 shopping centers,” said Mel Sembler, recently named chairman emeritus. “It’s been an interesting career.”

Minneapolis -- Best Buy on Saturday announced the locations of the 50 stores that it is closing this year, including seven in California, six in Illinois and six in the company’s home state of Minnesota. The chain has already closed two locations: one in Missouri and one in Arizona.

Most of the remaining 48 stores will close by May 12, with three stores scheduled to close this summer.

2014 marked progress in new development, particularly on the outlet front

After nearly a decade of stalled growth in the shopping center industry, 2014 finally saw progress being made on the new development front. While it’s true that much of the ground-up construction was of the outlet center ilk, the value sector wasn’t the only new-build push.

Editor’s Note: Chain Store Age’s 23rd annual survey of Fastest-Growing Managers measures new domestic and international third-party management and leasing contracts obtained during the preceding calendar year (2011).

Now more than ever, retail real estate is not a business to be conducted without forethought. The days of gut instincts and seat-of-the-pants decisions have been replaced by the need to plan far ahead to guarantee a company’s continued growth.

From Target Corp. and Big Lots to J. Crew and Express, the list of U.S. retailers expanding into Canada or scouting locations north of the border seems to grow longer every day. With its growing population, enthusiasm for U.S. brands, relatively underserved market and stable, resilient economy, Canada has become a land of opportunity— and a potentially important profit center — for American retailers. In fact, more U.S.