Real Estate

New York City -- In an address Wednesday at Microsoft’s Worldwide Partner Conference in Los Angeles, COO Kevin Turner said that Microsoft hopes to open 75 freestanding Microsoft stores within the next two to three years.

“We’re going to open up to 75 more stores over the next two to three years, and continue to bring our stores outside the U.S. as well, so we’ve got a huge opportunity to get the Microsoft story out there, and we’re going to keep driving that,” Turner said.

Retail site selection is not just a matter of available real estate. It’s an analytical challenge that requires sophisticated statistical modeling and a thorough understanding of the market potential of a location. Devon Wolfe, managing director of Americas Strategy & Analytics, Troy, N.Y.- based Pitney Bowes Business Insight, discusses the Top 10 most common mistakes that seem to repeatedly plague businesses and hinder their success:

1. Assuming you can build a model for all situations

Chicago -- Jones Lang LaSalle announced Wednesday that The Kroger Co. is undertaking an initiative with JLL to conduct a strategic review of a group of its retail assets, in tandem with Kroger’s divisional real estate teams, to explore optimization strategies for a select portfolio of operating stores.

In addition, Jones Lang LaSalle has been selected, among others, to participate in developing disposition strategies for a portion of the retailer’s closed store portfolio.

Farmington Hills, Mich. -- Pet specialty retailer Pet Supplies “Plus” announced Wednesday that it has promoted Dave Bolen to president and CEO, effective immediately.

Bolen joined the company on May 2 as president, arriving from Petco where he was executive VP and chief merchandising officer.

Prior to Petco, Bolen was executive VP merchandising, marketing and supply chain for Jo-Ann Stores.

Harvey Solway has been promoted from CEO to Executive Chairman.

Indianapolis -- Hhgregg announced Tuesday that it will open 10 new stores in south Florida, launching simultaneous grand-opening celebrations on July 14.

The new stores located in Miami, Broward and Palm Beach counties bring the total number of Hhgregg stores in Florida to 33, according to the retailer. The openings are in the communities of Aventura, Boca Raton, Ft. Lauderdale, Hialeah, Pembroke Pines, Miami, Plantation, Jensen Beach, East Wellington and West Palm Beach.

New York City -- A report by Reuters on Tuesday said that a group of landlords have filed objections in U.S. Bankruptcy Court in Manhattan, disputing the process by which Borders Group is attempting to auction itself out of bankruptcy.

According to the nearly 20 landlords that filed objections on Friday and Monday, the plan offers no information regarding which leases would be assumed by potential buyers of Borders’ assets.

Torrington, Conn. -- Centro Properties Group said that two retailers, Metro PCS and Dollar General, have joined Torrington Plaza, located in Torrington, Conn.

Metro PCS recently opened and currently occupies 1,200 sq. ft. Dollar General has executed a lease and will be occupying 11,000 sq. ft. in the shopping center.

Torrington Plaza is owned and operated by New York City-based Centro.
 

PHILADELPHIA — Giant-Carlisle plans to open its first store in Philadelphia next week, the grocery chain said.

Giant-Carlisle, officially known as Giant Food Stores and owned by Dutch supermarket operator Royal Ahold, announced that it would open the 74,000-sq.-ft. store on July 20. The company already operated stores in the Philadelphia suburbs, but the new store is the first within the city itself.