Real Estate

A record 36,000 retail real estate professionals are gathering in Las Vegas this week for the annual RECon conference where for an intense few days they will exchange ideas -- doing deals and showcase hot projects against the backdrop of a challenging retail sales environment and heightened omnichannel activity.  

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.

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.

The lifestyle retailer named after the famous film festival started by Robert Redford continues to grow its retail footprint and has added a store in the Northwest. The Bridgeport Village shopping center in the Portland, OR., suburb of Tigard is the location of the newest Sundance store which offers women’s and men’s apparel, footwear, jewelrey, accessories, art, and home décor.

While other retailers make news by posting grim first quarter results and closing stores., the nation’s leading off-price retailer is making headlines by doing just the opposite. Amid strong first quarter results that included a 7% rise in same-store sales, TJX Cos. said it plans to open about 150 more stores during the rest of this year, on top of the 47 stores it opened in its first quarter.

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.