Real Estate

The nation’s largest specialty pet supplies retailer is upping its store growth this year.   PetSmart said it expects to open approximately 80 net new stores in fiscal 2016, up from 50 locations in fiscal 2015.     PetSmart is on its way to meeting its goal, having opened 12 net new stores in the United States and Canada during the quarter ended May 1, 2016. The new locations average over 12,000 sq. ft., and include service offerings such as grooming and pet training.  

Photo: Sara Martin and Dave Cheatham   X Team International has announced the appointment of Velocity Retail Group’s Dave Cheatham and Welsh Companies’ Sara Martin to its board of directors. Board members are elected by the retail advisory alliance’s 35 partner offices.  

Meijer is on the move again.   The company on Tuesday opened a 192,000-sq-.ft. supercenters in Flossmoor and Round Lake Beach, Illinois.      The two new stores are part of an investment of more than $400 million in new and remodeled stores that Meijer is making this year, which is creating 3,000 new jobs across the Grand Rapids, Mich.-based retailer's six-state foot print.    

Circuit City is reportedly getting closer to a relaunch.  

Circuit City is reportedly getting closer to a relaunch.   The new owner of the defunct consumer electronics chain is currently working with brokers from CBRE to open a 6,000-sq.-ft. to 9,000-sq.-ft. prototype store in Dallas, reported consumer electronics industry publication Twice.     The relaunched business will also include a dedicated e-commerce site, as well as a presence on digital marketplaces such as Amazon.    

WP Glimcher announced that CEO and vice chairman Michael Glimcher has resigned from the REIT founded by his father, Herbert. Board member Louis Conforti was named interim CEO at the company slated to be rebranded as the Washington Prime Group.   Several other senior leadership changes were announced, including the replacement of Mark Ordan as board chairman with Robert J. Laikin, who had been the board’s lead independent director. Ordan stays on as a director.  

Ikea is submitting plans to the City of Norfolk, Virginia, to open a 331,000-sq.-ft. store.   Pending approvals, construction of the proposed store could begin in spring 2017, with an opening in summer 2018. The retailer said it would evaluate potential on-site power generation to complement its current U.S. renewable energy presence at nearly 90% of its U.S. locations.