Department Store

Hoffman Estates, Ill. – Sears Holdings has signed a sublease with Dick's Sporting Goods to occupy a portion of its second floor at the King of Prussia Mall in King of Prussia, Pa. The two-story anchor building will be renovated with Sears maintaining exterior entrances on both levels and the mall entrance on level one.  

Chattanooga, Tenn. — CBL & Associates Properties has announced future redevelopment and replacement plans for J.C. Penney anchor locations in the CBL portfolio that are expected to close this year.

J.C. Penney intends to close four locations in the CBL portfolio. They include stores at Hickory Point Mall in Forsyth, Ill., Janesville Mall in Janesville, Wis., Wausau Center in Wausau, Wis., and Northgate Mall in Chattanooga, Tenn. CBL anticipates the closures to occur in the second quarter of this year.

Sears and Kmart are the first companies to engage with the Pikato platform and have already seen mobile engagement rates soar 1,100%, according to Pikato.

Pikato’s retail mobile marketing solution personalizes the customer shopping experience to increase consumer engagement and deliver measurable results.

Warren, Mich. – Art Van Furniture is adding its seventh Chicagoland location in Downers Grove. Renovations are set to begin to transform the two-story 106,000-square-ft. building into a new store scheduled to open in January 2015.

Tejon Ranch, Calif. — Swedish fashion retailer H&M has taken a 22,000-sq.-ft. space in the Outlets at Tejon, which is under construction along Interstate 5 in a trade area stretching from Northwest Los Angeles County to Bakersfield.

Established in 1947 in Sweden, H&M has 3,000 stores in 53 countries around the world.

Tejon Ranch Co. and The Rockefeller Group are developing the 320,000-sq.-ft outlet center.

Oakbrook Terrace, Ill. — Inland Real Estate Corp. has acquired the 227,540-sq.-ft. Goldenrod Marketplace in Orlando, Fla., for $20 million. The initial payment will be approximately $16 million, with the balance to be funded based on future tenant occupancy.

Mid-America Real Estate Corporation’s Investment Sales team brokered the sale in cooperation with The Shopping Center Group brokered the sale on behalf of a private development group.

Dallas -- J. C. Penney Company announced that as part of its turnaround efforts it will close 33 underperforming stores across the country. The shutterings, which will result in the elimination of about 2,000 positions, are expected to result in an annual cost savings of approximately $65 million, beginning in 2014.

As part of its turnaround efforts, J. C. Penney will close 33 underperforming stores across the country. The move, which will result in the elimination of about 2,000 positions, is expected to result in an annual cost savings of approximately $65 million, beginning in 2014.