REAL ESTATE

Rubin steps down as chairman of PREIT
Ron Rubin resigned his post as chairman of the board of PREIT and will be succeeded in that role by CEO Joseph Coradino. His departure was expected, having been announced last month.
Pret to add wine bar and four new locations in NYC
Pret a Manger has signed leases for four new stores in Manhattan and renewed leases on three others, reported RKF, which handled the lease agreements. In its third location at Penn Station, Pret will debut its wine bar concept for the first time in the U.S. This shop will be located near the station entrance on 34th Street and 7th Avenue. The fast-casual chain’s other new locations in the Big Apple will be on West 27th Street in Chelsea, Park Avenue and 39th Street, and in Midtown at 53rd and Broadway.

Off-price giant to launch another new retail format

TJX Cos. is preparing to debut a new retail banner. Speaking on the chain’s quarterly call with analysts, TJX CEO Ernie Herrman said the company will open four home goods stores in the United States under a new nameplate this year, CNBC reported. The new concept will allow TJX to enter new markets and sell products that it hasn't currently penetrated with its HomeGoods footprint, Herrman said, according to the report.
Restaurants at retail: What’s the recipe for success?

Restaurants are the current darlings of the shopping center developers. It was reported last year that Americans spent more money at bars and restaurants (a total of nearly $55 billion) than they did on groceries. In case you were wondering how big a deal that is, consider this: It was the first time in recorded history that that was the case. But that’s not the only reason that shopping center owners are mad for restaurants. They are also hubs of social activity that contribute to that all-important and often elusive experiential energy.
Richmond-area center to be sold at auction

The Shops at Stonehenge in Chesterfield County, Virginia, south of Richmond, will be sold in a foreclosure auction this week, according to a report in the Richmond Times-Dispatch.
Nordstrom Rack location set for Baltimore center

Nordstrom Rack announced it would open its first Baltimore store at The Shops at Canton Crossing in spring 2019. It will be part of the center’s 90,000-sq.-ft. Phase II addition, which is expected to begin construction in November.
Sporting goods retailer gears up for new store openings

Dick’s Sporting Goods is expanding its breadth. The chain is preparing to open five stores during the second week of March, a move totaling approximately 180,000 sq. ft. of retail space. Specifically, a new Dick’s Sporting Goods will open in the Glendale area of Queens, New York, in one of the former Sports Authority locations that the company took over late last year. Another Dick’s store will open in Hinesville, Georgia.
Quick-service chain sees big expansion push

The Wendy’s Co. is bullish on expansion. The chain wants to add approximately 1,000 locations by 2020, reported Nation’s Restaurant News.
Another sporting goods retailer calling it quits

It’s closing time for MC Sports. The chain, which filed for Chapter 11 bankruptcy protection on Feb. 14, is closing all 66 of its stores across the Midwest. A joint venture between Tiger Capital Group and Great American Group is conducting the going-out-of-business sales, which are now underway.
Glimcher veteran joins Steiner as executive VP

Thomas “TJ” Drought, who spent nearly 20 years in the employ of WP Glimcher, has joined Steiner + Associates as an executive VP.