Developers Diversified Realty, along with joint-venture partners Coventry Real Estate Advisors and The Harbor Cos., has launched construction of Bloomfield Park, a mixeduse lifestyle center in Bloomfield Hills, Mich., a suburb of Detroit. Office and residential uses will join retail that includes BCBG, Bebe, Chico’s and Coldwater Creek Spa, all slated to open in 2008. … As part of its master development that will encompass 3 million sq. ft. of retail space by 2015, THF Realty will introduce the first SuperTarget to Brighton, Colo., and northeastern suburban Denver. SuperTarget is part of the first phase of Prairie Center, which will contain 758,507 sq. ft. of retail. … Forest City has received approvals to move forward on four joint-venture mixed-use developments: Echo Bay in New Rochelle, N.Y., The Shops at White Oak Village in Richmond, Va., the South Stadium District project in Fresno, Calif., and The Shops at Broad Street in Mansfield, Texas.
L&S Realty Group has acquired Northern Village Shopping Center in Fresno, Calif., for $8.6 million from Passco Real Estate Enterprises. The sale of the 31,990-sq.-ft. retail center was handled by Colliers International. … The Stafford Business Park site in Stafford Township, N.J., has been acquired by The Walters Group, which plans to build Stafford Park, a master-planned mixed-use redevelopment project. The Walters Group came to an agreement with the township to undertake the $31 million landfill cleanup before construction can begin on the commercial and residential buildings. Target will anchor the development, and will begin its construction in June 2007 with plans to open in summer 2008.
Victoria’s Secret Names New CEO
Columbus, Ohio, Limited Brands Inc. on Monday announced that Lori Greeley will replace Grace Nichols as CEO of Victoria’s Secret Stores. Greeley is currently executive VP and general merchandising manager of intimates for Victoria’s Secret.
The retirement of Nichols, a 20-year Limited veteran, from the CEO post was announced in May 2006. She will take a new role supporting initiatives within Victoria’s Secret, including the growth of its Intimissimi brand.
Additionally, Mark Weikel, COO of Victoria’s Secret Stores, will add the title of president.
Wal-Mart to Focus on Expanding Seiyu
New York City, Wal-Mart Stores is open to acquisition opportunities in Japan, but the retailer is more focused on expanding business at its 53%-owned Seiyu chain, according to a report by Reuters. Shares of Seiyu jumped Monday after Wal-Mart vice chairman Michael Duke told the Nikkei business daily that the company might look for more acquisition opportunities in Japan.
The paper reported that Duke welcomed planned changes in corporate laws in May that will enable foreign companies to buy Japanese firms through share swaps.
Wal-Mart last year tried to invest in superstore operator Daiei Inc., aiming to boost its presence in the country, but it lost the chance to Aeon Co., Japan’s second-biggest retail group.
Wal-Mart entered the Japanese market in 2002 by taking a small stake in Seiyu. It has since invested more than $1 billion in the chain, but has yet to return the retailer to profitability.
Wal-Mart spokeswoman Amy Wyatt said Wal-Mart’s focus in Japan is on Seiyu.
“It’s a very sizable business today, so we still think that there are a lot of growth opportunities in the existing business,” she said.
In terms of acquisitions, she said: “I wouldn’t go as far as to say we’re shopping for them.”