Real Estate

New York City -- Multiple reports on Tuesday said that French retailing giant Carrefour SA has received an offer to merge with Brazil’s Companhia Brasileira de Distribuicao.

Brazilian investment fund Gama said in a statement that it proposed a merger between Carrefour, the world’s second largest retailer by sales after Wal-Mart Stores, and CBD, a local retailing giant.

MINNEAPOLIS — Target last week announced that Target Canada has reached an agreement to transfer to Walmart Canada the leasehold interests in up to 39 sites, currently operated by Zellers.

Specific locations will be identified later this fall. Terms of this transaction were not disclosed.

Walmart doesn’t need a lot of help when it comes to growth, which is why last week’s announcement by Target to sell its larger rival 39 sites in Canada was a surprise. Walmart is on track to end this year with 333 stores, and on Friday Target said it had reached an agreement to transfer to Walmart Canada the rights for leasehold interests in up to 39 sites currently operated by Zellers. The sites are among the up to 220 possible sites whose leasehold interests Target is acquiring as part of a real estate transaction announced in January.

Canton, Mass. -- Dunkin' Donuts on Monday announced it has signed agreements with three franchisees to develop 12 new restaurants throughout Tampa over the next several years.

"The Sunshine State is a priority growth market for Dunkin' Donuts in 2011, and we're excited to expand our footprint in Tampa," said Grant Benson, CFE, VP franchising and market planning, Dunkin' Brands.

Urban street wear retailer Dr. Jay’s has updated its flagship store in Manhattan, with a fresh, bold look that invigorates the popular brand while enhancing the customer experience.

New York City -- Limelight Marketplace, an indoor mall in Manhattan, is getting a major facelift. The shopping venue will re-launch in September as a three-story department store called Limelight. Renovation costs will total almost $4 million.

"We want to display Limelight as a 'fashion-forward' venue with sophisticated and modish aesthetics," said developer and owner Jack Menashe. "The restored architecture makes Limelight the distinctive spot that it is -- allowing for an exciting shopping experience.”

New York City -- Electronic Arts, the Redwood City, Calif.-based sports video game developer, will make its freestanding retail debut this fall, opening an EA Sports store in North Carolina’s Charlotte/Douglas International Airport.

The company is looking to open at least two additional stores in the next year.

New York City -- Best Buy plans to reduce its store size by subleasing store space to smaller retailers, according to The Los Angeles Times. The chain’s new stores will be in the 36,000-sq.-ft. range, down from its current 45,000-sq.-ft. model.

"We can reduce our overall square footage while actually increasing our presence," Best Buy CEO Brian Dunn said at the company's annual shareholders meeting this week. "It's an opportunity to capture cost savings and get ourselves 'right size.'"

Minneapolis -- Target on Friday announced that Target Canada has reached an agreement to transfer to Walmart Canada the leasehold interests in up to 39 sites, currently operated by Zellers.

Specific locations will be identified later this fall. Terms of this transaction were not disclosed.

Toronto -- J. Crew announced Friday it will open its first Canadian store in August at the Yorkdale Shopping Centre, located in Toronto.

The approximately 5000-sq.-ft. store, which will offer women’s-only clothing and accessories, marks J. Crew’s international debut, joining recent market entries by retailers such as Target and Big Lots in leveraging Canada’s relatively strong economy.