America’s Top Redevelopers
Ground-up developments have all but come to a screeching halt, compliments of a nasty economic downturn. Redevelopment, on the other hand, has emerged as the new black, with shopping center owners pouring their efforts—and their resources—into maximizing existing assets.
So it wasn’t a huge surprise that the response to this year’s “Top Redevelopers” survey—which measured 2008 redeveloped square footage (including renovated and expanded space), investment figures as available and total number of projects completed by year’s end—was particularly hearty.
In our fifth annual ranking of the country’s top redevelopers,Chain Store Age once again tried to make the selection process as objective as possible. It was not easy. As has been the case over the last four years, not enough information is available to formulate a totally foolproof ranking system. Only a handful of developers report financial investments in redeveloped projects, and many tally redevelopment square footage in differing ways.
To be fair, we have listed our top 10 in alphabetical order, sending a message to the retail community that these developers share an active, and admirable, commitment to redevelopment—and no one company can really be objectively ranked higher than the next.
Editor’s note: For the first time, we have added two “honorable mentions,” based solely on the significance of the restored projects. Both are described on the next page.
Marketside site gets new branding
BENTONVILLE, Ark. Walmart’s Marketside Web site has been made over to promote the retailer’s line of prepared food.
The site, www.marketside.com, once devoted to Walmart’s pilot chain of Marketside food stores that opened in Phoenix around this time last year, is now being used to inform visitors about its Marketside-branded line of products and to solicit feedback from them.
Though there is no indication of whether the Web site change had anything to do with the performance of the Marketside stores, the site does feature a new Marketside logo, implying that some sort of re-branding is underway.
Target.com expands free shipping offering
MINNEAPOLIS Target.com announced that it is offering free shipping on more than 100,000 select items across the Target.com site when guests spend $50 or more online.
In addition to expanding the number of items available for free site-to-home shipping by 50% this holiday season, Target.com is also kicking off its holiday free-shipping promotion two weeks earlier than it did last year. This year’s holiday free-shipping event will begin Sunday, Nov. 1.
Target.com will also offer guests a 15% discount on all furniture orders of $125 or more from Nov. 1 to Dec. 20.
“At Target.com, we are committed to being the go-to, budget-friendly, convenient shopping destination for our guests,” said Steve Eastman, president of Target.com. “By lengthening the duration of this year’s direct-to-home free-shipping event and expanding the number of items available for free shipping, we’re able to provide our guests with outstanding value while making the holiday shopping experience more convenient and affordable than ever.”