REAL ESTATE

7-Eleven to make Middle East debut, in Dubai

BY Marianne Wilson

Dallas — 7-Eleven has signed a master franchise Agreement with Seven Emirates Investment LLC to develop and operate 7-Eleven stores in the United Arab Emirates (UAE). The expansion marks the company’s first entry into the Middle East region.

The first 7-Eleven-branded convenience store in the UAE is expected to open in Dubai next summer. The new master franchisee plans to construct 7-Eleven stores as well as convert existing locations to the 7-Eleven brand. 7-Eleven’s entry into the country provides a solution to the UAE government’s strategic initiative to modernize the small-retail environment and bring greater convenience to shoppers.

"The UAE is a growing and dynamic part of the world and is attracting investment from around the globe," said 7-Eleven, Inc. president and CEO Joe DePinto. "It is the business gateway to the Middle East and offers an excellent environment for 7-Eleven’s first retail venture in the region."

The UAE will be the 17th country or region where 7-Eleven stores exist. Besides the United States, other countries include Canada, Mexico, Japan, Thailand, South Korea, Taiwan, China (including Hong Kong), The Philippines, Australia, Singapore, Malaysia, Indonesia, Norway, Sweden and Denmark.

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REAL ESTATE

Divaris announces leases for Richmond shopping centers

BY Michael Fickes

Richmond, Va. — Divaris Real Estate has leased shopping center space in Richmond to two retailers and a restaurant: Family Dollar, Wilson Lee Interiors and Hanako.

Family Dollar renewed its lease for 7,150 sq. ft. in the Divaris-leased and –managed Midlothian Crossing. Divaris represented the landlord, Midlothian Associates, in the transaction.

Hanako, a Japanese steak house, renewed its lease for 4,625 sq. ft. in the Divaris-leased and –managed Parc Place at Short Pump. Divaris represented Gibraltar Virginia S, the landlord, in the transaction.

Wilson Lee Interiors signed a lease for 1,599 sq. ft. in The Shoppes at Belvedere. Divaris represented the landlord, The Bogese Cos.

Divaris Real Estate
is a member of Realty Resources, a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S.

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REAL ESTATE

H&M opening big on Fifth Avenue; 57,000-sq.-ft. store is its largest to date

BY Marianne Wilson

New York — H&M will open its largest store to date, a 57,000-sq.-ft. flagship on Manhattan’s Fifth Avenue, on July 17. The massive, museum-inspired store will carry the fast-fashion’s entire product line-up, including maternity, newborn, special sizes along with childrenswear, men’s and women’s apparel, and cosmetics. It will also feature a home department and in-shop stores for accessories and lingerie.

To celebrate the opening, the fast-fashion retailer is partnering with iconic American artist Jeff Koons and the Whitney Museum of Art. Koons’ famed Balloon Dog sculpture will cover the entire storefront, with the phrase "Fashion Loves Art” printed over it.

In addition, Koons has designed a limited-edition Balloon Dog handbag for H&M. The H&M partnership with the artist comes as the Whitney Museum prepares for the June 27th opening of a Koons’ retrospective, which the Swedish retail chain is sponsoring.

In a nod to its Fifth Avenue locale, the flagship will have a more upscale feel than traditional H&M stores. Materials will include marble tiles and herringbone wood work.

"The partnership with H&M was really exciting for me and the chance to showcase one of my most popular works to a new generation of people was inspiring. H&M delivers great fashion season after season and it’s nice to see my work at their new store," said Koons.

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