Real Estate

The retail industry, yours truly included, has had a watchful eye on J.C. Penney ever since CEO Ron Johnson took over and announced his plans to revamp the iconic retailer. Many experts have shared their concerns over the new direction and, as the second quarter numbers would indicate, cause for concern is clearly warranted. With overall sales plummeting nearly $1 billion dollars, and earnings plunging from an expected $41 million profit to an $81 million loss, the company is down $1.7 billion in sales and $260 million in earnings in the first half of the year, compared to 2011.

Topeka, Kan. -- Collective Brands stockholders voted at a special meeting on Tuesday to approve the sale of the company for about $1.32 billion.

Collective, which owns the Payless and Stride Rite shoe store banners, had announced in May that it accepted a purchase offer from a group that includes Wolverine Worldwide Inc., Blum Capital Partners and Golden Gate Capital.

Chicago — Suitors are lining up to carve out divisions of Supervalu following the company's announcement last month that strategic divestitures were on the table as the Eden Prairie, Minn.-based grocer seeks to turn around its business performance. A Crain's report published Monday identified Klaff Realty as one of the first companies to express an interest, in this case the Jewel-Osco piece of the business.

New York -- Reebok has opened its first Reebok Fit Hub in the United States, on Fifth Avenue at 37th Street in Manhattan.

The 2,500-sq.-ft. store is located on the top of a Reebok CrossFit Box gym, which is on the street level. It sells a wide range of fitness apparel and footwear for men and women. Customers can also get fitness advice from in-store experts.

Designed by Reebok’s global environmental design division and Ziba, Portland, Ore., Fit Hut has a raw, industrial look, with an exposed ceiling.

Dallas -- Bennigan's Franchising Co. and Brixmor Property Group announced a strategic partnership to add Bennigan's restaurants nationwide into Brixmor's portfolio of shopping centers.

The partnership will include positioning Bennigan's signs at select existing buildings and pad site locations within the Brixmor portfolio of shopping centers, promoting pre-approved restaurant space and franchise opportunities within the company's targeted growth markets.

New York -- Uniqlo will open a location in Westfield Garden State Plaza shopping center, Paramus, N.J., on Sept. 28. The new store will occupy a 43,000-sq.-ft. space with two levels, and feature a separate dedicated entrance and a prominent façade. It will serve as the prototype for Uniqlo’s mall expansion strategy.

Leading up to the opening, beginning Aug. 27 and continuing through Sept. 27, Uniqlo will operate a temporary store at the mall. The pop-up, designed to resemble a futuristic cube, will be located at the food court.

The West Coast is getting its first taste of Uniqlo. The Japanese apparel powerhouse has opened a tech-inspired pop-up store, on Post Street in San Francisco. The temporary store will remain open until the end of September, prior to the opening of the company’s Union Square flagship.

Philadelphia -- Urban Outfitters Inc.’s profit for the second quarter rose 8% to $61.3 million from $56.7 million in the year-ago period, helped by strong sales as its namesake stores.

Total company net sales for the quarter, ended July 31, rose by 11% over the same quarter last year to $676 million. Same-store net sales, which include the direct-to-consumer channel, increased 4% for the quarter, while comparable store net sales decreased 1%.