Mass Merchant

East Rutherford, N.J. -- Triple Five on Monday gave more information on its plans to transform the controversial and long-delayed Xanadu project in New Jersey’s Meadowlands Sports Complex, in East Rutherford, into what it promises will be “the world's largest and premier tourism, entertainment and retail destination, eventually reaching 7.5 million sq. ft.”

As thousands of retailers and shopping center owners and managers prepare to descend on Las Vegas for the International Council of Shopping Centers’ 2012 RECon conference May 22-25, we thought it appropriate to talk with a retail real estate expert about not only the state of the industry, but also what to expect from this year’s show. 

Senior editor Katherine Field talked with Mitchel S. Friedman, senior VP of New York City-based RCS Real Estate Advisors, to gain his insights about the show and the industry as a whole.

NEW YORK — Wal-Mart Stores said that by the end of the year it will have invested the equivalent of approximately $756 million to expand its operations in Brazil.

Marcos Samaha, president of Wal-Mart's Brazilian subsidiary, said in a Tuesday statement that 1.2 billion reals ($755 million) will be used to build 80 stores, renovate existing locations and improve logistics.

Miami Beach, Fla. -- Terranova Corp. announced it has been awarded new leasing assignments for two south Florida strip centers.
       
Piper’s Glen Shopping Center in Boynton Beach and Shoppes of Ives Dairy in Miami Gardens have been added to the Terranova leasing portfolio, effective immediately.

Wilkes-Barre, Pa. -- Metro Commercial announced that it has inked a new lease for Banana Republic Outlet at Arena Hub Plaza, located in Wilkes-Barre, Pa.

The new, 7,380-sq.-ft. store is slated to open in fall 2011. Other tenants in the 524,000-sq.-ft. power center include Lowe’s, Best Buy and PetSmart.

Boston -- Clothing and accessories retailer Metro Park has filed for bankruptcy and is closing all 69 stores nationwide.

The store closings and liquidations begin on May 6. Gordon Bros. Group and Hilco Merchant Resources are running the going-out-of business sales for the retailer.

Based in Los Angeles, Metro Park was founded in 2000. Specializing in upscale trendy fashions, Metro Park has been feeling the heat of increased competition from such fast-fashion retailers as H&M.
 

COLUMBUS, Ohio -- Big Lots reported that sales for its first quarter ended April 30 were $1.2 billion, a decrease of 0.5% compared with $.22 billion for the first quarter of fiscal 2010.  Comparable-store sales for stores decreased 3.6% for the first quarter of fiscal 2011.  

SAN FRANCISCO -- Gap Inc. announced that Patrick Robinson, EVP Gap global design for adult and body, is leaving the company, effective immediately.

“After spending the last three months in New York with the Creative team, I have made the decision to make a change within our Gap Adult design team,” said Pam Wallack, head of the Gap global creative center in New York.

MINNEAPOLIS — The 13.1% increase in same-store sales Target reported for April was toward the low end of the company’s projection of an increase in the mid-teens and begs the question whether Walmart’s mid-month launch of a new marketing campaign contributed to the weakness.

NEW YORK —  Consumers took advantage of Easter promotions and helped drive up sales at leading U.S. department stores.

Macy's Inc. reported total sales of $1.924 billion for the four weeks ended April 30, an increase of 10.9% compared with total sales of $1.735 billion in the four weeks ended May 1. The company’s same-store sales were up 10.8%, beating Macy’s guidance for comps to be up between 8% and 9%.