The Grand Strand Gets Grander
In an area known as Myrtle Beach’s Grand Strand, an established regional mall will be repositioned through renovation, expansion and a re-merchandising effort to better meet a fast-growing residential population and a 13.7 million-person annual tourism market. F+F Development will launch the redevelopment of Inlet Square in Murrells Inlet, S.C., this spring, beginning with an interior renovation and following with an expansion that will increase the center’s size from 433,345 sq. ft. to 550,000 sq. ft.
The current food court will be demolished to allow for the creation of a new outdoor courtyard and the addition of two new anchor stores and added small-shop space.
As part of the repositioning and new leasing program for the property, Jones Lang LaSalle has been retained as leasing and management agent.
Bringing in the Colorado Outdoors
An already breathtaking Denver-area shopping mall will add the beauty of the Colorado outdoors to its offerings, as General Growth Properties and Park Meadows announce the start of construction of a 154,000-sq.-ft. open-air expansion to the 10-year-old center. As part of the redevelopment of a former Lord & Taylor building footprint, the Park Meadows mall project will blend the existing indoor retail venue with an outdoor park and street common area with new stores and four new restaurants. “When the May Department Stores Co. closed the Lord & Taylor stores in Colorado,” said Pam Schenck, senior general manager of Park Meadows, “we were given an opportunity to transform the area into a space that would reflect the changing shopping needs, tastes and lifestyles of the local and regional market.”
The open-air plaza setting, slated for completion in spring 2008, will incorporate landscaping, sculpture and gathering-place amenities such as fire pits and water features into a year-round destination for shopping and dining. Construction will begin this year.
ALittle Village in Las Vegas
An urban village—a midrise, mixed-use development— in southwest Las Vegas will add 72,389 sq. ft. of upscale retail and restaurant space, as well as residential units, to one of the fastest-growing areas of Las Vegas.
Designed by SCA Design and developed by Rainbow Rain, LLC, The Realm is slated for completion in 2008. Carmine’s Little Italy—developed by Las Vegas restaurateurs, the Vento family—will open at the end of 2007, with the first wave of residential units and retail shops following shortly thereafter.
A new 330,000-sq.-ft. shopping center has broken ground in West Covina, Calif., providing area shoppers with a soon-to-be-built Target and Home Depot as anchors. The Eclipse Development Group-developed center, named The Heights at West Covina, will offer a collection of sit-down and quick-service restaurants, soft goods and specialty retailers, and personal-service tenants. Designer is the Orange County, Calif., office of Carter Burgess. The center is slated to open in October.
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.”