Real Estate

Paducah, Ky. -- Youngstown, Ohio-based Cafaro Co. announced that Charming Charlie will open a new fashion accessories store at Kentucky Oaks Mall, in Paducah, Ky.

The Houston-based retailer will open a 7,000-sq.-ft. store in late spring 2011. This will be the second Charming Charlie store in Kentucky, the first being located in the Lexington area.

Richmond, Va. -- McLean, Va.-based The Rappaport Cos. announced that Sonic has leased a three-fourth-acre pad site at Chesterfield Marketplace in Richmond, Va.

The new restaurant will be located in the former Pizza Hut building, near the shopping center entrance.

Chesterfield Marketplace is a 400,000-sq.-ft. shopping center featuring a tenant mix that includes The Home Depot, PetSmart, Staples and Ruby Tuesday.

New York City -- South Africa’s competition watchdog has recommended that Wal-Mart Stores’ proposed takeover of the country’s retail chain Massmart be unconditionally approved without conditions.

Wal-Mart made a $2.4 billion bid for Massmart in November, and a vast majority of the target company’s shareholders voted to approve the deal last month.

The deal now needs final approval from South Africa’s competition tribunal. A date for the hearing and subsequent ruling has yet to be set.

Franconia, Va. -- Jacksonville, Fla.-based Regency Centers said it has leased restaurant space in Franconia, Va., to two new retailers at Festival at Manchester Lakes.

Dunkin’ Donuts has leased 1,800 sq. ft., and Genghis Grill, a build-your-own bowl, fast casual, Asian stir-fry concept, has leased 4,443 sq. ft., bringing the center to 95% leased. Both restaurants plan to open this spring.

New York City -- Borders Group may file for bankruptcy reorganization as early as Monday or Tuesday after failing to persuade publishers and others to go along with a plan to refinance the struggling chain's debt, according to the Wall Street Journal.

The retailer plans to initially close about 200 of its 674 stores, the report said, which cited unnamed sources.

SMYRNA, Ga. — Tri-Land Properties has broken ground for the redevelopment of The Crossings at Four Corners here in Smyrna, Ga. The 8-acre site will be home to Kroger’s largest supermarket in the Atlanta area: a 96,000-sq.-ft. grocer replete with fuel station, a wine shop and drive-through pharmacy.

Department stores and shopping centers malls are gaining market share for the first time in three decades, according to consultants Customer Growth Partners, and this month most will report their best annual earnings in years -- if not ever.

“Department stores from Macy’s to Nordstrom, and mall operators from Macerich to Simon, have used the recession not just to cut costs, but to reinvent themselves,” said Craig Johnson, president, Customer Growth Partners, a consulting and research firm serving retail and other consumer industries.

York, Pa. -- The Bon-Ton Stores has signed a letter of intent with Simon Property Group for the 135,000-sq.-ft. former Mervyn's facility located in the Southdale Center in Edina, Minn.

Remodeling of the site is expected to begin in March and be completed in November, at which time Bon-Ton will open a new store under its Herberger’s banner.
The new Herberger’s location will bring the total number of Herberger’s stores to six in the Minneapolis/St. Paul market.