Development/Redevelopment

NEW YORK — Closed by floods in May 2010, the Saks Fifth Avenue Off 5th at Opry Mills in Nashville, Tenn., will reopen on March 29.

Located next to the Grand Ole Opry House, the approximate 27,500-sq.-ft. store will be located in the Opry Mills Shopping Center. Operated by Simon Malls, upon completion, the center will be the largest shopping outlet in Tennessee, with over 200 stores, multiple restaurants and an in-house movie theater.

New York -- Saks Fifth Avenue Off 5th announced that it plans to reopen its Nashville, Tenn., store on March 29.

Located next to the Grand Ole Opry House, the approximate 27,500-sq.-ft. store will be located in the Opry Mills Shopping Center. Operated by Simon Malls, upon completion, the center will be the largest shopping outlet in Tennessee, with over 200 stores, multiple restaurants and an in-house movie theater.

The reopening marks Saks Fifth Avenue Off 5th’s return to Opry Mills after it was closed by floods in May 2010.

Danville, Va. -- Augusta, Ga.-based Hull Storey Gibson Cos. announced Wednesday that it has acquired Piedmont Mall in Danville, Va., the 18th enclosed mall in the company’s portfolio. 

The 731,500-sq.-ft. Piedmont Mall is slated for full renovation, including an upgrade of the interior and exterior lighting, entrances, signage, painting and flooring.

When North Plainfield, N.J.-based Levin Management took over as leasing and managing agent for Fairlane Village Mall – located in Pottsville, Pa. – in 2006, the impending economic downturn, a likely 80,000-sq.-ft. vacancy and growing industry consensus that the days of the small-market malls were numbered created a perfect storm of challenges.

Six years later, the 405,000-sq.-ft. property serves as a repositioning benchmark. Its success story is underscored by the March 2012 opening of Kohl’s and the impending arrival of Michaels later this year.

GOODLETSVILLE, Tenn. — Dollar General's quarterly profit surged 33% to a record $299 million, from $226 million in the prior year.

Sales increased 20.1% to $4.19 billion, compared with $3.49 billion in the year-ago period. Same-store sales rose 6.5%.

For the full year, profit rose 26% to $819 million, from $649 million in 2010. Sales surged 13.6% to $14.8 billion, from $13 billion last year. Same-store sales rose 6%.

Evansville, Ind. -- Shoe Carnival reported Thursday that net income for the quarter ended Jan. 28 dipped to $3.3 million, from $4.4 million. Sales edged up 1.1% to $181.9 million in the quarter, and same-store sales dropped 3%.

President and CEO Mark Lemond told investors that heavy promotional activities to rid the chain of cold-weather footwear after an unseasonably warm winter had a negative impact on margins.

Goodlettsville, Tenn. -- Dollar General Corp. reported Thursday that profit for the quarter ended Feb. 3 surged 33% to a record $299 million, from $226 million in the prior year.

Sales increased 20.1% to $4.19 billion, compared with $3.49 billion in the year-ago period. Same-store sales rose 6.5%.
   
For the full year, profit rose 26% to $819 million, from $649 million in 2010. Sales surged 13.6% to $14.8 billion, from $13 billion last year. Same-store sales rose 6%.
   

Bloomfield Hills, Mich. -- Taubman Centers on Thursday announced the opening of City Creek Center in Salt Lake City, Utah. Thousands of visitors attended the grand opening of the only regional shopping center to open in the United States this year. 

According to the International Council of Shopping Centers, City Creek Center is the first enclosed regional shopping center to open in the United States in six years.