Retail

Gouverneur, N.Y. -- Kinney Drugs Inc. announced that Jim Spencer, formerly COO, has been promoted to president of Kinney Drug stores. In this expanded role, Spencer will be responsible for the total customer experience and strategic growth of our retail drug stores.

In addition to overseeing pharmacy and retail operations, marketing, and merchandising, he will assume oversight responsibilities for logistics.

Mount Vernon, Ill. — Hobby Lobby has signed a lease for 52,729 sq. ft. at Times Square Mall in Mount Vernon, Ill., and plans to open in the first quarter of next year, according to Pine Tree Commercial Realty LLC.

Pine Tree owns the 269,328-sq.-ft. center, anchored in partnership with The Sansone Group and Wanxiang America Real Estate Group.

Durham, N.C. -- Supermarket retailer Bashas has installed energy-efficient LED lighting from Cree in its Tempe, Ariz., location. The newly renovated store features luminaires powered by Cree TrueWhite technology, with an anticipated energy savings of 47% over the store’s previous design.
 

Chicago — Jones Lang LaSalle Retail has announces five new retail assignments. They are:

• Tenant representation services for Pure Barre, a growing fitness franchise.

• Leasing and management for the 802,275-sq.-ft. Coventry mall in Pennsylvania.

• Leasing assignment for an 11-building 817,000-sq.-ft. portfolio of strip centers in SoCal.

• Leasing for a 12-building, 165,100-sq.-ft. portfolio of street-level retail space in New York City on behalf of Equity Residential Management.

New York -- Aeropostale posted a loss of $33.7 million for the fiscal second quarter that ended Aug. 3, compared to a profit of $71 million a year ago. The teen retailer issued a weak outlook, and upped the number of stores that it plans to close.

Sales decreased 6% to $454.0 million from $485.3 million a year ago. Same-store sales, including the e-commerce channel, fell 15%.

The retailer said it now plans to shut down 30 to 40 Aeropostale locations this fiscal year. Previously, it had stated its plans to close 15 to 20 stores.  

Saint John, New Brunswick -- Walmart Canada grand-opened a 129,000-sq.-ft. superstore in Saint John, New Brunswick, on Friday, the first of nine “Maritime Supercenters” planned for the country by Jan. 31, 2014, said the retailer.

The newly redeveloped store, which signals the launch of Walmart Canada’s Maritime sourcing program for produce, features a fresh grocery section that will serve as a prototype for all Maritime supercenters.

Beachwood, Ohio — DDR Corp. has announced that a joint venture formed with an affiliate of Blackstone Real Estate Partners VII L.P. has closed on the acquisition of a portfolio of seven prime shopping centers totaling 2.4 million sq. ft. The assets are located in supply constrained MSA’s including Los Angeles, San Diego, Washington D.C., Portland, Harrisburg, Pa., and Cincinnati.