Aloha, Ala Moana Expansion
This month, March 3-9, the world’s largest outdoor shopping center, Honolulu’s Ala Moana Center, is debuting a spring shopping festival, Shop a Le’a, in conjunction with the grand opening of the center’s 300,000-sq.-ft. expansion, which features 30 new stores located in a two-level concourse. The General Growth Properties development also is unveiling a new, full-line Nordstrom anchor store as part of the expansion, which in total will bring the center’s size to just over 2.1 million sq. ft. of retail space.
A five-story, 800-stall parking structure will be built adjacent to Nordstrom, and additional retail space fronting Kapiolani Blvd. will also be constructed.
Fresh & Easy to Expand in Calif.
Sacramento Tesco has named 17 locations for its Fresh & Easy Neighborhood Market stores in the Sacramento area starting next year.
After debuting in Southern California in November, Fresh & Easy has opened 55 stores combined in Southern California, Las Vegas and Phoenix.
Limited Brands Cuts Real Estate Projects
Columbus, Ohio Limited Brands Inc. said Thursday that it is cutting the number of real estate projects planned for this year as it tries to improve results in its stores.
The retailer, which operates the Victoria’s Secret and Bath & Body Works chains, made the comments during a conference call. It said the reduction in real estate projects should lower its planned capital expenditures by $85 million.
On Wednesday, Limited Brands said its fourth-quarter profit fell 12% on a substantial decline in sales following last summer’s decision to get out of the apparel business. Weak store traffic and scaled-back circulation of its Victoria’s Secret catalog also contributed to the decline.
Limited Brands said it made $388.6 million compared with $439.8 million in the same quarter a year ago. Sales totaled $3.28 billion for the quarter, down from $4.02 billion a year earlier.
In July, the company transferred 75% ownership of its Limited Stores chain to buyout firm Sun Capital Partners Inc. and sold a 75% interest in its Express brand to affiliates of private equity firm Golden Gate Capital.