REAL ESTATE

TJX Cos. bucks retail’s store closure trend
As a number of traditional chains across the industry continue to struggle, TJX Cos. is being called one of the country’s fastest growing retailers. Traditional retailers industry-wide are blaming shifting consumer tastes, digital options and new competitors for not only stealing their wallet share, but for declining foot traffic and related sales. However, this could not be farther from the truth for TJX Cos.
‘Tired’ Massachusetts mall to go open-air
The first enclosed mall on Massachusetts South Shore will undergo a $40 million conversion to an open-air center under the ownership of a spun-off unit of Phillips Edison & Company. The 732,000-sq.-ft. Hanover Mall in Pembroke Massachusetts — anchored by Macy’s, Sears, and Walmart — was purchased last fall by PECO Real Estate Partners, which operates under the name PREP. Built in 1971 and last renovated in 2004, the center has direct access to Route 3, the major thoroughfare joining towns south of Boston.

KPMG to build facility at Lake Nona

The nation’s fastest-growing planned community keeps speeding along. The Tavistock development, which already has 12,000 permanent residents, will add another thousand visitors a week thanks to a KPMG training facility that broke ground this week. In addition, the $400 million facility will house an employee staff of 330.
Mini-Bellagio fountain debuts at Plano center

Will public spaces be the new anchor tenants in the shopping centers and mixed-use facilities of the 21st Century? That’s the opinion of J. Wickham Zimmerman, whose construction company Outside the Lines is unveiling a Bellagio-esque fountain that will present choreographed water shows at Legacy West in Plano, Texas. “Retailers recognize the importance of integrating thoughtfully designed gathering spaces and artful show fountains to drive foot traffic,” Zimmerman said.
Wireless carrier expanding its store network in California

Sprint continues to expand its presence and investment in Southern California. The company plans to add more than 550 new jobs and 78 new retail locations throughout the Southland by the end of 2017. The new jobs will include a combination of retail, operations and technical experts. Currently, Sprint operates more than 300 branded retail locations throughout the Southern California region.
Food co-op leads new Bloomington center

Green Top Grocery has opened and will anchor The Foundry, a center situated on a boundary between manufacturing and residential neighborhoods in Bloomington, Minnesota. Green Top could represent the burgeoning of a new player in the fresh and organic grocery segment in shopping centers: the local cooperative. Owned by 1,500-plus local residents, the Green Top co-op attempts to source products from farmers and vendors within a 100-mile radius of Bloomington.
Home goods retailer turned hotel operator adds new location

West Elm has announced the newest location for its fledgling West Elm Hotels portfolio. The company, a division of Williams-Sonoma, is teaming up with Signature Development Group and Jordan Real Estate Investments to develop a hotel in Oakland, Calif. Expected to open in 2020, the hotel will be located in Oakland’s Uptown neighborhood, and will celebrate the rich diversity and history of the location.
Will a hole through a hill save a Mohave center?

In the Mohave Valley of Arizona, a town has punched a hole through a hill to unite a challenged shopping center with the local mall to improve traffic. Kmart will close its store in the City Square shopping center in Bullhead City, across the Colorado River from Laughlin, Nevada, leaving it without the anchor that was its prime draw. In fact, few locals even knew the name of the center, referring to it just as Kmart, according to the Mohave Valley Daily News.
West Elm to make Phoenix debut

West Elm is adding to its growing retail footprint. The home furnishings and decor brand, a division of Williams-Sonoma, will open its first location in Phoenix, in the revitalized Uptown Plaza shopping center, on June 29. The 11,000-sq.-ft. store will include a curated assortment of local products highlighting 10 Arizona-based makers and designers.
Lidl opens its first round of U.S. stores

German discount grocery retailer Lidl made its hotly-awaited debut in the United States on Thursday, opening the first nine of 20 locations it plan to open over the summer. The chain expects to have 100 stores up and running within a year.