Real Estate

Redevelopment continues to ignite retail

One of the most fascinating aspects of our ongoing economic recovery is the paradigm shift with respect to commercial development priorities. In the wake of the recession, new development has largely taken a backseat to redevelopment as developers and retailers alike have set their sights on opportunities in core urban markets that have been historically underserved.

When the International Council of Shopping Centers opens the doors of the Las Vegas Convention Center on May 18 to shopping center attendees from around the globe, it will unveil a lineup of newly built and redeveloped properties ripe for deal-making.

On the following pages, Chain Store Age highlights five projects that will be on display at RECon 2014.

Hassalo on Eighth

Portland, Ore.

Developer: American Assets Trust

Phillips Edison is transforming The Kenwood Collection. The Kenwood Collection is returning the favor.

Phillips Edison & Company has grown by acquiring troubled shopping centers in good locations, redeveloping and improving the tenant mix. Over the years, the company has continued to optimize retail property value with its complete operating platform providing a diverse range of retail solutions. Today, the Phillips Edison portfolio contains more than 260 shopping centers across the country.

Landlords and tenants have a new way to connect

Networking isn’t new, but in this day and age of emails and texts, the idea of face-to-face business-building has taken on new importance.

Real estate is a complex issue no matter what industry you’re in. For retailers, who typically operate on slim margins and are generally the first industry to feel the effects of variations in consumer spending, navigating the tricky waters of real estate can be especially challenging.

New York -- J. Crew Group Inc. is developing a new store format in the budget fashion sector. The company has created a brand called “J. Crew Mercantile,” and filed an application to trademark the phrase for selling clothing and accessories, both online and in stores, according to a report by the Wall Street Journal.

The trademark application is still pending, the report said. The new brand would sell merchandise and prices that are similar to its J. Crew Factory outlet concept.

Dick’s Sporting Goods opened its Field & Stream prototype store last summer and next month the first of eight stores planned for 2014 arrives on the shores of Lake Erie.

The northwestern Pennsylvania community will be home to Dick’s third Field & Stream store with an opening set for June 13. Dick’s began experimenting with the potential new growth format last August when it opened its first location near its home town of Pittsburgh in the suburb of Cranberry Township. A second location opened later in 2013 in Crescent Springs, Ky.

Atlanta – Havertys reported declining year-over-year net income and sales during the first quarter of fiscal 2014, which the retailer attributed to a 0.9% drop in same-store sales and out-of-period gross profit adjustment in the first quarter of fiscal 2013. The company still plans to open three new stores in its largest markets.

Net income dropped 26% to $6.13 million, from $8.26 million. Net sales declined 2% to $181.7 million, from $186.1 million.