Real Estate

New-build shopping center construction was plodding last year — discounting the outlet category, which continues to grow at record speed. And, yet, sometimes one has to look at the quality of what is coming out of the ground — or expanding — and not just the quantity.

When the 300,000-sq.-ft. Shoppes at Mid Rivers opens in late 2017 the project will be the largest retail development the St. Louis area has seen in nearly a decade.   GBT Realty Corporation, a national commercial development company headquartered in Brentwood, Tennessee, said the $54 million project located in St. Peters, Missouri, will have three anchor tenants, five to seven junior anchors, small shop space and four, approximately one-acre outparcels.  

Big and tall men continued to spend in the first quarter, bucking slow apparel sales throughout the rest of the industry.   Destination XL Group Inc. posted revenue of $107.9 million in the quarter, up 3.3% from $104.4 million in the year-ago period. Total same-store sales rose 2%.  

Select Comfort continues to expand with the opening of its 500th Sleep Number store.

Located in Eden Prairie, Minnesota, the new location features the brand’s latest store design and experience, which is interactive and educational. It’s one of 50 net new stores the retailer plans to open in 2016.

Customers can cook a meal on a range and watch how water flows as they turn on the faucets that are on display at a new luxury home store in New York City, which takes experiential retail to a new level.

Ikea Las Vegas is open for business.

The 351,000-sq.-ft. location is the company’s first store in Nevada, 42nd in the United States, and 385th worldwide.

It also is the second U.S. Ikea location to deploy only LED lighting inside and outside the building, and to feature only LED products for sale in its lighting department.

In addition, the store features the largest single-use retail rooftop solar array in Nevada. To date, Ikea has a renewable energy presence at 90% of its U.S. locations.

Moving forward with its promise to streamline its business model, Gap Inc. said it plans to close its fleet of 53 Old Navy stores in Japan and also shutter some Banana Republic stores, primarily outside of North America.

The retailer announced the moves on Thursday in its first quarter results, which marked the chain's fifth straight quarter of lower revenue and profit. The company also said it would not reaffirm its earnings guidance for the fiscal year.

The Manhattan Village Shopping Center in Los Angeles County serves some of the nation’s wealthiest zip codes which explains why JLL is leading a $150 million investment in a redesign and expansion of the mixed use center. The planned multi-phased renovation will bring new life to the 573,000-sq.-ft. shopping and dining destination that occupies 44 acres and serves the South Bay cities and Silicon Beach areas of Los Angeles County, according to JLL.