Real Estate

Surging rents in Manhattan have claimed another victim, and this time it's one of the city's most iconic retail establishments.

The retailer formerly known as Restoration Hardware has hired a chief real estate officer to lead the latest installment of its evolution into a "design gallery": a 70,000-square-foot store in Las Vegas.

Kohl’s is preparing to open a store in Southern New Jersey called "Off Aisle by Kohl's," a name that suggests the company may be following the lead of other retailers opening off-price formats.

It is not readily apparent what the assortment or pricing will be at the new offering from Kohl's. Multiple attempts to reach representatives at Kohl's were unsuccessful.

By Mike Kercheval, International Council of Shopping Centers

As tens of thousands of retail real estate industry members head to Las Vegas for ICSC’s annual RECon event, I find myself reflecting on the evolution of the industry and the fundamental changes that will affect the shopping center business over the next five years.

Duluth, Ga. - Atlanta-based Fuqua Development, along with The Worthing Companies has broken ground on Sugarloaf Market, a 31-acre, mixed-use project located in Duluth, Georgia. Anchored by the organic grocery store Sprouts Farmers Market, Sugarloaf Market will include 75,000-sq.-ft. of retail and 330 luxury apartments.  

Fuqua Development is the master developer for the project and is developing the commercial component of the project, while The Worthing Companies is developing the residential component.

Indianapolis – Simon plans to expand several marquee properties in the U.S., investing approximately $1 billion annually to enhance its assets. The Mills at Jersey Gardens in Elizabeth, New Jersey, will submit plans for a major expansion, adding approximately 411,000-sq.-ft. of new outlet brands, dining and entertainment to its footprint of more than 200 stores and 1.3 million-sq.-ft.

Little Rock, Ark. – Dillard’s Inc. had a disappointing first quarter of 2015, missing Wall Street expectations with both earnings and sales. Net income dropped 2% to $109.6 million, from $111.7 million a year earlier.

Net sales climbed to $1.57 billion, from $1.55 billion. Same-store sales and total merchandise sales outside the company’s construction business both fell 1%. Dillard’s plans to open three new stores in fiscal 2015, located in Utah, Louisiana and Ohio.

Bridgeport, Conn. – Los Angeles-based cinema operator Cinépolis USA will open a 12-screen, 1,200-seat luxury hybrid theater at Steelpointe Harbor, a mixed-use development in Bridgeport, Connecticut. Ferrara Jerum international partner and Steelpointe Harbor leasing consultant Douglas Jerum made the announcement.

Gainesville, Fla. - Regal Entertainment Group (NYSE:RGC) will open a 10-screen reserved-seating luxury theater at Celebration Pointe, a 225-acre, mixed-use regional development located in Gainesville, Florida. Celebration Pointe partner Ralph Conti made the announcement.

Party City’s CEO says robust sales prompted an “impressive” increase in same store sales in the first quarter, the company’s first quarterly report after an April IPO.