REAL ESTATE

Saks Off 5th opens store in D.C. area
Saks Fifth Avenues’ value-luxury brand opened its fourth Virginia outlet this week in Springfield, just outside of Alexandria. The new store occupies a 30,000-sq.-ft. space on two levels in the PREIT-owned Springfield Town Center, its first mall location in the Washington, D.C., area.
Long-delayed American Dream mall moves closer to reality
The nearly 3 million-sq.-ft. American Dream retail and entertainment center in the New Jersey Meadowlands has moved one step closer to completion. On Thursday, the New Jersey Sports and Exposition Authority, which owns the site, voted for a second time to issue $1.15 billion in bonds to finance the completion of the long-delayed project after a non-profit group had threatened to file a law suit to block the sale, NorthJersey.com reported.

Unusual deal gives Aeropostale new lease on life — and it just got better

A first-of-its kind arrangement has saved Aeropostale. A consortium made up of Authentic Brands Group (ABG) and two of the nation’s largest real estate companies — General Growth Properties and Simon Property Group — announced it has finalized the acquisition of the teen apparel retailer. It is the first time that mall operators have participated in a deal to acquire a retail chain.
CSA to select ‘Top Redevelopers’ for 12th-annual listing

Chain Store Age magazine is accepting nominations for its 12th annual “Top Redevelopers” listing, which recognizes shopping center owners and developers’ retail redevelopment efforts over the last 12 months. Selections will be based on square footage redeveloped between June 30, 2015 and June 30, 2016, financial investment, and project significance.
Brookshire opens 25 smaller-format stores

Brookshire Grocery Co. is expanding its portfolio with a new, smaller-store store format.

The chain held three ribbon-cutting ceremonies on Sept. 13, completing the openings of 25 new Spring Market stores in Texas. The stores are located on former Walmart Express sites, which Brookshire acquired in July.

The stores bring Brookshire’s total store count to 177.
Extreme-value teen retailer enters new market

Five Below will open its first store in the state of Minnesota, Marketplace Shopping Center in St. Cloud, on Sept. 23. And more are in the works. The company will also be opening two other Minnesota locations, in Brooklyn Center and Osseo, on Oct. 7.
Target thinking small is best for store expansion

More smaller, “flex-format” stores are in Target’s future.

Target Corp. CEO Brian Cornell sees the chain eventually opening hundreds of smaller “flex-format” stores, he told reporters Wednesday prior to the company’s fall national meeting at its Minneapolis headquarters, Bloomberg reported.

Target has opened 23 smaller stores in major cities, with plans to add nine more this year, including one in the Tribeca section of downtown Manhattan.
Now Trending: Is it closing time?

I’ve been thinking quite a bit lately about an article I read earlier this summer, a piece by Krystina Gustafson that appeared on cnbc.com entitled, “For retailers, closing stores isn't as easy as it once was.”
Report: Digital dictates the majority of in-store purchases

Traditional retailers who think the digital tide can be turned back are deluding themselves, according to the consulting firm’s fourth annual “New Digital Divide” report. With Facebook and Google playing host to hours of commercial interactions with consumers on a daily basis, the classic retail brand’s ability to guide the path to purchase is waning.
Parrot heads will flock to this new Mall of America tropical oasis

Come this winter, shoppers in frigid Minnesota will be able to escape to a tropical paradise without leaving the state.

Jimmy Buffett’s Margaritaville restaurant will open a location at Mall of American, Bloomington, Minn., on Sept. 20. The 315-seat restaurant and bar will be Margaritaville’s first in the state of Minnesota.