Real Estate

Houston -- Greensboro, N.C.-based Tanger Factory Outlet Centers and Indianapolis-based Simon Property Group announced Thursday that they have entered into a 50/50 joint venture agreement to develop a Tanger Outlet Center south of Houston, in Texas City.

Phase I is slated for 350,000 sq. ft. of brand name and designer outlet stores; the 55-acre site is expected to accommodate future expansion of about 120,000 sq. ft.

Tenant announcements and ground breaking ceremonies are slated for July; the center is scheduled to open in summer 2012.

Las Vegas -- Nike announced Thursday that its new 30,000-sq.-ft. concept store, an expanded iteration of the original, will open in July at The Forum Shops at Caesars, in Las Vegas.

The expanded location will deliver new customer experiences, market-tailored products, community resources and the introduction of team customization services, according to Nike.

Back in late 2009-early 2010, I started seeing an uptick in medical users setting up shop in retail centers. I thought, “This is going to be a trend!” I was convinced we’d be seeing more and more outpatient and urgent care facilities moving in next to the Rite Aids and Ann Taylor Lofts of the world. For some reason, though, this “trend” is not evolving. And, to be honest, that’s a little more than surprising to me; it’s puzzling!

SAN FRANCISCO — Gap Inc. announced that it plans to open its first Gap store in Egypt this July and its first Gap and Banana Republic stores in Morocco this October. These store openings will mark the company’s first entry into Africa.

As part of an existing franchise agreement with The Fawaz Al Hokair Group, Gap will open its first Egyptian store in the Mall of Arabia in the capital city of Cairo. Two additional Gap stores will open at Cairo’s City Stars Mall and Sun City Mall this October.

Deerfield, Ill. -- Walgreens is expanding its presence in Chicago, and adding 600 new jobs in the process. Under its new "Chicago Hometown Investment Initiative," the drugstore chain plan to expand its downtown office space, add new stores and remodel up to 142 existing units.

Minneapolis -- Christopher & Banks Corp. reported Thursday that net income for the quarter ended May 28 was $1.9 million, compared with $6.3 million in the year-ago period.

Sales dropped to $123.8 million, from $126.2 million a year earlier. Same-store sales dipped 2%.

The retailer said it plans to open 31 new stores and close 35 existing stores in fiscal 2012.
 

Rochester, N.Y. -- Wegman’s Food Markets, said Thursday it has broken ground on a 123,070-sq.-ft. grocery supermarket in The Village at Valley Forge in King of Prussia, Pa.

A lease has also been signed for Next Door Bar & Grill, a restaurant concept owned by Wegman’s Food Markets for 12,000 sq. ft. on an adjacent parcel in the mixed-use development.

Teen apparel retailer rue21 is celebrating the opening of its 700th store, in New Braunfels, Texas. The chain is on track to open 110 locations this year. Commented president and CEO Bob Fisch: “We remain one of the fastest growing retailers in the nation. I would like to thank our real estate, construction and field teams and recognize their hard work, which allows us to celebrate another significant milestone for rue21."
 

Warrendale, Pa. -- Rue21 said Thursday it has opened its 700th store, located in New Braunfels, Texas.

The store is Rue21's 80th in the state. Year-to-date, the retailer has opened 63 stores and said it is on target to open 110 new stores and convert 35 existing stores to its larger etc! format in fiscal 2011.

Long-term growth strategy includes opening in strip centers, regional malls and outlet centers, and the New Braunfels location is Rue21's 360th strip center location.

San Francisco -- Gap announced Wednesday that it will open its first Gap store in Egypt this July, and its first Gap and Banana Republic stores in Morocco in October.

The move is part of the retailer’s global expansion strategy that calls for doubling its franchise stores to 400 by fiscal year 2014.

Gap started shipping to Egypt, Morocco and South Africa in 2010, but these stores are the first on the continent.