Real Estate

HOFFMAN ESTATES, Ill. — Sears Holdings announced that David Lukes has joined the company in its real estate business unit as president real estate development. Lukes comes to Sears Holdings from Mall Properties Inc. where he served as president and CEO of the privately owned $3 billion real estate firm. 

New York -- Columnist Jeff Green isn’t really surprised that another retailer has joined the ranks of those chains that are downsizing or rolling out smaller format. But he finds the fact that Kohl’s has joined the crowd a little bit different and more interesting.

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It doesn’t really surprise me anymore when I hear about another national brand rolling out a smaller store format or compact new prototype. Recognizable names like Target, Walmart and Best Buy have all had some success with smaller formats, particularly when it comes to penetrating new markets. But I think the fact that Kohl’s has now joined the crowd is a little bit different — and a little bit more interesting.

Hoffman Estates, Ill. -- Sears Holdings Corp. announced Tuesday that it has named David Lukes as president, real estate development for the company.

Lukes was previously president and CEO of real estate firm Mall Properties.

Lukes has been charged with leading Sears’ efforts to further develop its real estate assets, including those that are now non-retail.

New York City -- Tiffany reported Tuesday that its fourth-quarter profit slipped to $178.4 million from $181.2 million last year. Revenue met expectations, rising nearly 8% to $1.19 billion.

For the year, net earnings surged 19% to $439 million, and sales rose 18% to $3.6 billion.

The jewelry retailer said it plans to open 24 new stores in 2012, including nine in the Americas, seven in Asia-Pacific, three in Europe and five in the United Arab Emirates. It plans nine new stores in 2013.

New York City -- J. Crew Group reported Monday that profit for the quarter ended Jan. 28 rose to $15.1 million, from $4 million in the same period last year. Revenues surged 13% to $531 million, and same-store sales rose 6%.

For the full year, the retailer reported a profit decline to $51.5 million, from $121.5 million in 2010. Annual revenues rose 8% to $1.9 billion, and same-store sales increased 7%.

San Diego -- PriceSmart announced that it has purchased land on which it will build a PriceSmart Warehouse Club in North Cali, Colombia. It would be the company’s third store in Colombia.

PriceSmart recently began construction of a location in South Cali, that is expected to open in October 2012. It anticipates the North Cali PriceSmart Club will open in the spring of 2013.
 

York, Pa. -- The Bon-Ton Stores has signed a lease with General Growth Properties to open a Herberger’s in Pine Ridge Mall, Pocatello, Idaho.

Remodeling is expected to begin in April 2012 and be completed by the end of October 2012.

The Pine Ridge location will be the first store in Idaho for the company.
 

Zara, part of Spain’s Inditex Group, has opened its biggest U.S. location, a 32,000-sq.-ft., three-level flagship on a primo stretch of Manhattan real estate: Fifth Avenue at 52nd Street. The store is part of a 90,000-sq.-ft. retail condominium that also houses Hollister and Uniqlo flagships.

HOFFMAN ESTATES, Ill. — Select Sears hometown dealer stores and Sears Hardware stores were the latest to hit the chopping block at Sears Holdings, as the company continues to implement plans to reduce expenses. The company revealed in a Wednesday document that it will close 43 Sears hometown dealer stores and 10 Sears Hardware stores over the first half of 2012.