Belk still expanding despite sale rumors

At a time when the future of the company is unclear, Belk Inc. is reportedly building another flagship store.

Rouse Properties Inc. announced it has signed a lease with Belk Inc. to open a new 237,000 square foot flagship store at The Shoppes at Bel Air in Mobile, Ala. Belk will be taking the place of an existing Sears, and expanding on its already integral presence at The Shoppes at Bel Air.

“The combination of Belk’s expanded presence along with the planned renovations will help solidify The Shoppes at Bel Air as the dominant shopping destination in the Gulf Coast region” said Andrew Silberfein, President, and Chief Executive Officer of Rouse Properties. “When we acquired The Shoppes at Bel Air last year, we saw an incredible opportunity. The interest level from retailers has been even greater than anticipated, as evidenced by Belk’s confidence to open a flagship store and nearly double its footprint. We are creating a highly appealing experience which seamlessly mixes shopping, dining and entertainment options all under one roof and are excited about the future of The Shoppes at Bel Air."

According the the Charlotte Observer, New York private equity firm Sycamore Partners is preparing to make an offer to buy the department store for up to $3.5 billion, and the Belk family is expected to decide this month about whether to sell.

Belk is the nation’s largest family owned and operated department store retailer, with more than 300 fashion department stores in 16 states, offering premium brands of apparel, shoes and accessories for the whole family, in addition to large selection of cosmetics and home merchandise.