Real Estate

New York -- Private equity firm Clayton, Dubilier & Rice on Tuesday announced a definitive agreement to acquire the 300-store David’s Bridal in a deal that values the bridal dress retailer at $1.05 billion.
 
Leonard Green & Partners will remain a minority partner. CD&R operating partner Paul Pressler, former CEO of Gap Inc. and former senior Disney executive, will assume the role of chairman at the close of the transaction, expected in the fourth quarter.
  

York, Pa. -- The Bon-Ton Stores Inc. said that it plans to close its Carson's store in the River Oaks Mall in Calumet City, Ill., when the lease expires in January. 

The department store company said doesn't expect costs tied to the closing to be material.

Bon Ton received the leasehold interests in the store as part of its Northern Department Store Group acquisition in 2006.
 

Minneapolis -- Best Buy Co. announced Monday that it as agreed to let founder and former chairman Richard Schulze conduct due diligence and form an investment group with private equity sponsors as he tries to take the retailer private.

Best Buy said its agreement with Schulze establishes a non-exclusive, orderly process that satisfies his requests and protects the interests of shareholders.

MISSISSAUGA, Ontario — The first of 39 former Zellers stores in Canada celebrated its grand opening as a Walmart store Friday.

According to Walmart Canada, the 69,000 sq. ft. store located in Newmarket, Ontario, will feature easy-to-navigate aisles with directional signage, and a bright interior colour palette, which help define the store's merchandise areas, and lower shelving throughout for an improved sightline. In addition, a pharmacy has been added to the store making it even easier for customers to find everything they need.

Seattle -- Nordstrom Inc. will open its outlet format Nordstrom Rack at The Newbury in Boston’s Back Bay area.

The two-level, 38,000-sq.-ft. store is scheduled to open in spring 2013. It will replace the former Filene’s Basement space.

Currently, Nordstrom opens four full-line stores and four Nordstrom Racks in the Boston market.
 

New York -- The store opening plans of retailers hit a four-year high in July, according to the August edition of the National Retailer Demand Monthly report from RBC Capital Markets and Retail Lease Trac.

Retailers in the RBC database currently plan to open 78,325 stores over the next 24 months, which represents an 11% increase over openings projected at the end of 2011, and a 0.6% increase over June’s level.

IRVING, Texas — Michaels Stores reported a second quarter same-store sales increase of 2.9% driven by a 3% increase in transactions and a positive impact of 0.9% from deferred custom framing revenue partially offset by a 1% decrease in average ticket.

Net sales for the quarter increased 4.1% to $892 million from $857 million in the second quarter of fiscal 2011.

Net income for the quarter increased 30% to $13 million, and as a percent of net sales increased 20 basis points to 1.4%.
   

New York -- H&M will open its largest store in the world, on Fifth Avenue in Manhattan, Women’s Wear Daily reported.

The company will open a six-level, 57,000-sq.-ft. store on Fifth Avenue at the corner of 48th Street sometime next year, according to the report.
 

Gurnee, Ill. -- Indianapolis-based Simon Property Group said that Bed Bath & Beyond, along with Buy Buy Baby, will open this fall in a shared space at Gurnee Mills outlet center, in Gurnee, Ill.

The Bed Bath & Beyond/Buy Buy Baby prototype store will be located near Last Call by Neiman Marcus, The Gap Outlet and Build-a-Bear Workshop at the value center.
 

Cherry Hill, N.J. -- Philadelphia-based Pennsylvania Real Estate Investment Trust said that Essensuals London will open a high-end salon – its first on the East Coast – at PREIT’s Cherry Hill (N.J.) Mall property.

The 1,530-sq.-ft. salon will be the third of its kind in the country, and will join recently opened Henri Bendel. Pottery Barn and The North Face are opening in the fall.