Mass Merchant

The Bon-Ton Stores has signed a lease with Rouse Properties for a new Herberger’s store at Cache Valley Mall in Logan, Utah — its first in the state. 

The company expects to begin remodeling the 62,000-sq.-ft. facility in early spring 2014 and to be completed in the second half of 2014.

Saks chairman and CEO Stephen Sadove has been named to the board of directors at J.C. Penney to fill a position being vacated by Geraldine Laybourne.

Sadove will be leaving his position at Saks soon as the upscale department store chain was recently sold to Hudson’s Bay Company. Sadove joined Saks in 2002 as vice chairman and assumed the additional post of chief operating officer in 2004. He became CEO in 2006 and the following year was named chairman.

Plano, Texas -- J.C. Penney Co. announced that departing Saks Inc. CEO and chairman Stephen Sadove has been elected to its board of directors.

Sadove's  election is effective upon his leaving Saks, which will occur once the acquisition of the upscale department store by Hudson's Bay Company is completed, which is expected by the end of the year.

Sadove is a highly regarded industry veteran. He is the current chairman of the National Retail Federation.

Miami Gardens, Fla. — The owners of Palmetto Gardens Plaza, a 7.1-acre center in Miami Gardens, have reached a settlement with PNC Bank, secured a new loan with Hudson Financial Services and signed a lease with Wal-Mart for a Neighborhood Market Store as its anchor tenant.

In January of 2010, PNC Bank filed a foreclosure action against Palmetto Design Center, the property owner. That action has been settled.

Seattle -- The global retail real estate market rebounded in the first half of the year, with international and luxury brands expanding to new markets and high street properties growing in popularity, according to a new report from Colliers International. Fifth Avenue in Manhattan claimed the highest rent, at $3,052 per square foot, followed by Hong Kong’s Queen's Road Central ($2,086) and Canton Road, Tsim Sha Tsui ($1,993), London’s Old Bond Street ($1,520) and Manhattan’s Madison Avenue ($1,325).

With the implementation of Obamacare mired in controversy, two of the nation’s largest retailers are backing an innovative Employers Centers of Excellence Network that will offer no-cost knee and hip-replacement surgeries at four highly regarded hospitals.

Walmart and Lowe’s issued a joint statement that they and other large employers had joined the Pacific Business Group on Health Negotiating Alliance (PBGH-NA) to launch the national Employer’s Centers of Excellence Network.

Springfield, Mass. — Charter Realty has announced four leases totaling 59,030 sq. ft. in the Springfield Plaza Center in Springfield, Mass.

Planet Fitness will move into a 20,000-sq.-ft. facility currently under construction. Aaron’s Rentals has renewed its lease for 8,030 sq. ft. Rocky’s Ace Hardware has also renewed on 25,500 sq. ft. Finally, the 99 Restaurant has renewed a 5,500-sq.-ft. space.

K-Mart, Super Stop and Shop and TJMAXX anchor the 550,000-sq.-ft. Springfield Plaza Center.

Denton, Texas — Body Central will open a new location at Golden Triangle Mall in Denton, Texas, on Oct. 9. The specialty women’s apparel retailer operates more than 200 stores in 23 states across the U.S., under the Body Central and Body Shop banners.

Golden Triangle, Denton’s only mall, features Macy’s, Dillard’s, J.C. Penney, Sears, Barnes & Noble and DSW Shoe Warehouse as anchors. Cencor Realty Services manages the mall, and The Weitzman Group and MG Herring Group handle the leasing.