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Up and Coming

BY Katherine Boccaccio

In May of each year, about 50,000 retailers and shopping center developers descend upon Las Vegas to embark on a three-day-long deal-making expedition that sends them walking miles of convention-hall space and enduring grueling schedules. But that’s the bad news. The good news is that, for retailers seeking tenanting opportunities, the possibilities are almost endless.

On the following pages are six shopping-center projects that will be on display in the Las Vegas Convention Center May 18-21 at the 2008 International Council of Shopping Centers’ annual RECon show. These six represent just a sampling of what lies in wait for you later this month.

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OfficeMax 1Q sales fall on weak economy

BY CSA STAFF

NAPERVILLE, Ill. OfficeMax announced that for its first quarter ended March 29, total sales decreased 5.5% to $2.3 billion compared to the first quarter of 2007. Net income increased in the first quarter of 2008 to $63.3 million, or 81 cents per diluted share, from $58.5 million, or 76 cents per diluted share, in the first quarter of 2007.

OfficeMax Retail segment sales decreased 5.5% to $1.11 billion in the first quarter of 2008 compared to the first quarter of 2007, reflecting a same-store sales decrease of 8.7% partially offset by sales from new stores. Retail same-store sales for the first quarter of 2008 declined across all major product categories due to weaker U.S. consumer and small business spending and the negative impact of the Easter holiday occurring in the first quarter of 2008.

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IKEA to open first U.S. manufacturing facility

BY CSA STAFF

DANVILLE, Va. IKEA, through its subsidiary Swedwood, announced that it will open its first U.S. furniture manufacturing facility on May 21 in Danville, Va. The 930,000 square-foot Swedwood factory will produce a variety of wood-based IKEA products, the company reported.

We made excellent progress on construction last year and our installation of equipment and machinery has gone very smoothly, said Bengt Danielsson, North American president of Swedwood. Now our primary objective is to complete appropriate operational training for 175 coworkers as well as to ensure a seamless production and packaging process. 

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