Real Estate

Summerlin goes downtown Vegas style
Largest U.S. retail development to open since 2006

Perhaps nothing signifies the resurgence of the U.S. retail market, both on a macro and micro level, more than the long-delayed opening of Downtown Summerlin, in Las Vegas. Opened in October, the open-air center is the largest retail development to debut in the United States since the economic downturn. It has quickly ramped up to become not only one of the hottest retail destinations in the Las Vegas region, but in the entire Western part of the country.
The store is back (even though it never left)
The store is back, baby! That was the message I heard again and again at the National Retail Federation’s 2015 Annual Convention in New York City. It was sounded by retailers, consultants and tech suppliers alike as they rushed to explain the relevance of offline retail in an omnichannel world.

But the truth is the store never went away in the first place. Sure, some retailers are retrenching and reducing (or, in today’s PC lingo, “rightsizing”) their portfolios. It’s especially evident in the apparel sector, with some teen brands particularly hard hit.

Fresh Market cooks up higher profits -- and an exit plan

The Fresh Market will cede some of its market share to its biggest competitor even as it posted strong fourth quarter earnings and an upbeat outlook for 2015.

The company announced that it would be exiting California by the end of this month and closing all three of its remaining stores there, as it focuses on its stores in the eastern part of the United States. The company also cited slower “organic store growth” as another reason for the decision.
Gander Mountain expands southwest footprint

Residents of Texas and Oklahoma will have two more places to buy guns this month when new Gander Mountain Company stores open with huge firearms departments.

Gander Mountain will open two new locations in Texas and Oklahoma on March 12. The new store in Killeen continues the brand's major expansion into the Texas market and will be the 20th store in the state. The new location in Tulsa marks Gander Mountain's entry into Oklahoma and the 27th state overall.
America's largest mall proposed in Miami area

Sea lions, submarines and enough space for 800 stores. That's what the owners of the Mall of America in Minnesota are proposing for the American Dream mall in the Miami suburbs, which could some day be America's biggest mall, according to the Miami Herald.

The newspaper says the project is estimated to cost $4 billion, span 200 acres and employ more than 25,000 people.
Bloomingdale’s to open outlet store in Manhattan

Cincinnati -- Bloomingdale’s will open an outlet store in fall 2015 in the heart of Manhattan’s Upper West Side. It will be the 14th Bloomingdale’s Outlet store and the first in a major urban center.

With 25,000 sq. ft. on three levels, Bloomingdale’s Outlet on Broadway will offer a range of off-price apparel and accessories, including women's ready-to-wear, men's, children's, women's shoes, fashion accessories, jewelry, handbags and intimate apparel.
Bealls to launch new specialty store concept, Bunulu

New York -- Bealls Inc., the 100-year-old Florida-based department store retailer, is developing a specialty store concept, called Bunulu, which will debut by the end of 2015.

The new banner, which already has its own website, Bunulu.com, will target a younger demographic, and feature coastal-inspired active lifestyle apparel and accessories for both men and women. National brands will be featured.
Cabela’s to open new store in Ohio, in spring 2016

Sidney, Neb. -- Cabela’s Incorporated announced plans to open a store in Centerville, Ohio, in the greater Dayton area.

Construction on the 70,000-sq.-ft. store is scheduled to begin in 2015, with a spring 2016 opening. It will be located in the Cornerstone at Centerville development. Oberer Development Company is the developer.
Coach to open Paris flagship

New York -- Coach announced it will open its first Paris flagship, timed to coincide with the brand’s 75th anniversary. The store, located on the famed Rue Saint-Honoré, is expected to open this fall.
Report: Bain, Golden Gate both want Ann Inc.

New York – At least two major suitors are vying for the hand of Ann Taylor parent company Ann Inc. According to Reuters, private equity firms Bain Capital and Golden Gate are both negotiating to purchase Ann Inc.

Ann Inc. has a $1.6 billion market capitalization. There is no guarantee either company will receive the financing they would need to make a purchase, and other potential buyers may emerge this week.
Dunkin’ Donuts seeks franchise growth in Louisiana

Canton, Mass. - Dunkin' Donuts, is recruiting franchisees throughout the state of Louisiana. The company is placing an emphasis on the New Orleans, Baton Rouge, Lake Charles and Lafayette markets.

Currently, there are nine Dunkin' Donuts restaurants in the state.
Bayer launches redevelopment of historic Pizitz Building

Birmingham, Ala. -- Bayer Properties has begun construction on the $66 million redevelopment of the historic Pizitz Building, located on the corner of 2nd Avenue North and 19th Street in downtown Birmingham, Alabama.

The building’s top six floors will be dedicated to residential space with 143 multi-family apartments. The Pizitz Building will also have a mezzanine level with modern, temporary office space, a ground level featuring a public urban market, and an attached seven-level parking garage.