Real Estate

Dollar General is moving into North Dakota, announcing that it has begun construction on five new stores in the state. This gives the discount retailer a footprint in 44 states after having established operations in Maine, Oregon, and Rhode Island in 2015.   The initial North Dakota locations will be in Ellendale, Gwinner, Hankinson, Hillsboro, and Oakes. They’re being built in the chain’s standard 9,100-sq.-ft. format.  

Marketing in the department store arena may be new for Rich Lennox, but he’s got plenty of retail marketing experience under his belt. The CMO for Toys “R” Us, who also served in the same capacity for Zales Corp., will take the marketing reins of Macy’s Inc., effective Sept. 15.   Lennox, 51, succeeds Martine Reardon, who left Macy’s in May. He will lead a branding and marketing strategy charge across all channels, reporting to president Jeff Gennette.  

Payless ShoeSource and Marshalls will be opening their doors in the coming week in the Butler North power center of Butler Enterprises’ 267-acre retail park in Gainesville, Florida. Walmart Supercenter, Sam’s Club, Lowe’s, and Dick’s Sporting Goods made their debuts there earlier this year.   

Simon has opened the doors on a new 155,000-sq.-ft. wing at its King of Prussia Mall that connects the five-anchor Plaza and two-anchor Court. The Pennsylvania mega-mall’s footprint now encompasses 2.9 million sq. ft.   Longtime tenants Burberry, Hermes, Louis Vuitton, and Tiffany relocated to the new addition. Some 50 new stores will populate the space, led by high-fashion and luxury brands such as Calligaris, David Yurman, Jimmy Choo, CH Caroline Herrera, and Diane von Furstenberg.   

Macy’s recently announced plans to close some 100 stores could do more than leave developers looking for a new anchor.   Nearly $30 billion of bonds backed by commercial mortgages are exposed to the retailer, reported Bloomberg, citing a note by Morningstar Credit Ratings. And more than $3.6 billion in loans would be affected by the closing of 28 stores that Morningstar identified as being most at risk, the report said. 

Apple has opened its 10th store in New York City, inside the shopping area at the new World Trade Center Transportation hub in lower Manhattan.   The store draws inspiration from the surrounding structure, which was designed by Santiago Calatrava, to create a seamless space. The interior design is fairly standard for Apple, with the exception of a huge video wall and seating area.   

It’s the pizza chain on the rise in the U.S. and in Houston, too, apparently.   MOD Pizza will open 11 new locations in H-town this year, bringing its total in the metro to 15, according to Transwestern, which served as the leasing agent. The fast-casual chain is well on its way to 200 locations, with for 50 new shops in 2016.   MOD Pizza’s $65 million in sales represented a 21% increase in 2015, making it the fastest-growing new food chain in the U.S., according to Nation’s Restaurant News.

The Northfield Crossing Shopping Center in Murfreesboro, Tennessee, that featured a Hastings Entertainment store has been purchased by Baker Storey McDonald Properties on behalf of an unnamed client. Terms of the sale were not disclosed.   Meanwhile, RCS Real Estate Advisors announced it would be auctioning off 120-plus store leases for the bankrupted music, movie, and video game retailer. The chain’s inventory was purchased by Hilco Merchant Resourses and Gordon Bros. Retail Partners in a Chapter 11 filing.   

In what it says is part of an expansion into the western United States, New York-based Time Equities Inc. (TEI) purchased the Newgate Mall in Ogden, Utah from General Growth Properties for $69.5 million.   The 718,035-sq.-ft. mall is anchored by Burlington Coat Factory, Cinemark, Dillard’s, and Sears. TEI reports it is 98% leased with approximately 100 tenants. Bath & Body Works, Kay Jewelers, Gymboree, and Victoria’s Secret are among those on the roster.  

Alimentation Couche-Tard Inc. is reportedly nearing a deal that would increase the ongoing consolidation in the convenience-store industry.   The Canadian convenience-store giant is in the lead to acquire CST Brands Inc., the Wall Street Journal reported.   CST, based in San Antonio, Texas, is a fuel and convenience-store chain with more than 1,000 stores in the southwestern U.S., New York and eastern Canada.