Real Estate

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.'"

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.

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.

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.

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.”

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.

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.

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.