When developer Glimcher Ventures Southwest, Scottsdale, Ariz., completes its new development on the northeast corner of Chandler Heights and Arizona Avenue, the 19.5-acre project will combine more than 100,000 sq. ft. of retail and restaurants designed to complement the new Fulton Ranch development nearby, as well as surrounding residential communities.
“Shoppes at Chandler Heights will help satisfy the demand for new retail locations and restaurants in the community,” said David Glimcher, president of Glimcher Ventures Southwest.
Construction is scheduled to begin in November 2007, with expected completion in October 2008.
ASweeping Redevelopment in Salt Lake City
In a move that is described as “one of the most sweeping redevelopments” in General Growth Properties’ 53-year history, Cottonwood Mall near Salt Lake City will be transformed from a conventional enclosed mall into a mixed-use development of fashionable shops, residences, offices, streets, riverside trails and a public plaza.
“This project is a great example of how existing properties in our company portfolio can represent major new business opportunities through reinvention,” said John Bucksbaum, CEO of Chicago-based General Growth. “By 2010, Cottonwood will look nothing like its present form.”
Using environmentally friendly building, design and engineering strategies and materials, General Growth will incorporate such uses and amenities as distinctive housing types, shops, a specialty grocery, cinema, cafes and upscale office space.
Retail Scores In Dubai
The world’s first integrated sports city, opening in Dubai, United Arab Emirates, will unveil more than 1.7 million sq. ft. of retail space across three distinctive destinations. Dubai Sports City, a $3 billion, 50 million-sq.-ft. development centered around four sports stadiums, will feature the Arena Mall, North Point and South Point retail and commercial hubs—all of which are expected to open in fourth quarter 2009.
Developed by Dubai Sports City as the cornerstone of Dubailand, the project in total will feature residences, retail, dining, entertainment and amenities such as a waterfront promenade, outdoor seating and a Riviera-style atmosphere.
In addition to the four major sports stadiums, Dubai Sports City will offer the first purpose-built Manchester United Soccer Schools in the world, a tennis academy, golf school, a global cricket academy, the WorldHockey Academy and an 18-hole championship golf course.
Goes Uptown in Dallas
A large-scale mixed-use project in Uptown Dallas will feature vertical retail and restaurant space layered with residential and office uses. Developed by Dallas-based Granite Properties and Gables Residential, the $200 million, two-tower project located on 2.145 acres in Uptown Dallas will launch construction in January 2008, and is eyeing a completion date of fourth quarter 2009.
Sears Holdings ceo unhappy with 2Q
HOFFMAN ESTATES, Ill. Sears Holdings today reported net income of $176 million, or $1.17 per diluted share, for the second quarter ended Aug. 4, compared with net income of $294 million, or $1.88 per diluted share, for the second quarter ended July 29, 2006. The company attributed the decline in its second quarter results from the same quarter last year to lower operating results at both Sears Domestic and Kmart, which were partially offset by improved operating results at Sears Canada.
“We are disappointed with our second quarter results. Our gross margins came under pressure from sales declines and increased promotional activity, and as a result, our net income was significantly below last year and our expectations,” said Aylwin Lewis, Sears Holdings’ ceo and president.
Sears Domestic’s comparable-store sales declined 4.3% for the quarter, while Kmart’s comparable-store sales declined 3.8%. Total domestic comparable-store sales declined 4.1%. The company reported lower sales across most merchandise categories at both Kmart and Sears Domestic, partially offset by increased sales of women’s apparel at both Kmart and Sears Domestic, as well as within consumer electronics and footwear at Sears Domestic. For the quarter, total revenues declined $0.6 billion to $12.2 billion in fiscal 2007, as compared to $12.8 billion for the second quarter of fiscal 2006.
Lane Bryant pres. joins Christopher & Banks
MINNEAPOLIS Former Lane Bryant president Lorna Nagler will join Christopher & Banks as president and ceo effective Aug. 31. She will replace Matthew Dillon, who resigned from his position as president and ceo and as a member of the board of directors today. Nagler has also been elected as a member of Christopher & Banks’ board of directors effective Aug. 31.
Nagler most recently served as president of Lane Bryant, a division of Charming Shoppes. Before joining Charming Shoppes in April, 2002, Nagler served as a senior vp and general merchandising manager for apparel and jewelry at Kmart Corp.