Real Estate

Some things are easier said than done. And increasingly, that notion applies to closing stores.   Although analysts and investors say that retail companies need to continue to shrink their store portfolios, the decision to do has become increasingly complex for merchants, many of whom have already shed their most unprofitable locations, according to a CNBC report.  

Retail tenants are not only reporting a strong performance for  the year so far, but are also optimistic about the next six months.  

Primark, one of Europe’s largest apparel retailers, will anchor a complete redevelopment of Macerich’s Kings Plaza in Brooklyn. It will be joined by Spain-based Zara, which the New York Times has called the world’s largest fashion retailer. The Sears store at Kings Plaza will close for renovation in September.  

Barnes & Noble is getting serious about restaurants.   The bookseller announced it has promoted Jaime Carey, currently COO, to president of development & restaurant group, effective immediately. Carey will be responsible for overseeing the chain’s real estate development and its newly created restaurant group.   

Whole Foods Market continues its expansion in the Chicago market, opening a store in the city’s Hyde Park neighborhood. It’s the grocer’s 26th Chicagoland location.  

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.  

The latest planned fulfillment center for Amazon.com will have a big impact on operations in the South.   The e-tail giant will open a new 600,000-sq.-ft. facility in Braselton, Georgia. When opened, it will create more than 500 new full-time jobs. Amazon currently has more than 1,500 full-time employees at its existing facilities in the state.   Employees at the Braselton center will pick, pack and ship large items for customers like household décor items, sporting equipment and gardening tools.