REAL ESTATE

Ascena Retail completes purchase of Charming Shoppes; to shutter Fashion Bug

BY Marianne Wilson

Suffern, N.Y. — Ascena Retail Group on Friday said that it has completed its acquisition of Charming Shoppes. The company also announced that it plans to cease operating and close down Charming Shoppes’ Fashion Bug business by early 2013, and is exploring a potential sale of Charming Shoppes’ Figi’s business, which markets food and specialty gift products.

In 2011, Charming Shoppes closed 124 Fashion Bug stores. The chain had previously announced its intention to continue to close certain Fashion Bug stores.

Charming Shoppes, whose banners include Lane Bryant, Fashion Bug, and Catherines Plus Sizes, will operate as a separate subsidiary of Ascena. The combined company now operates approximately 3,800 locations and, on a trailing 12 month basis, generated over $4.4 billion of combined net sales.

“We believe that we have a significant opportunity to fully realize the significant potential of this business,” said David Jaffe, president and CEO of Ascena. “The Lane Bryant and Catherine’s businesses are extremely complementary to our other concepts and we expect them to integrate seamlessly. Though this process will take time, we believe there is an excellent opportunity to streamline the business, capture efficiencies and to share resources.”

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REAL ESTATE

Dick’s Sporting Goods to anchor Southpark Mall in former Dillard’s space

BY Katherine Boccaccio

Richmond, Va. — Chattanooga, Tenn.-based CBL & Associates Properties said Thursday that Dick’s Sporting Goods will open a new store at Southpark Mall in Richmond, Va.

The existing Dillard’s location will be redeveloped into the new 56,000-sq.-ft. Dick’s store as well as a selection of specialty stores and restaurants. Construction is scheduled to begin in October with a grand opening slated for summer 2013.

“The addition of Dick’s Sporting Goods to Southpark Mall will complete the first phase of our plans to redevelop the Dillard’s location,” said Stephen Lebovitz, president and CEO, CBL. “We are also working to add a new assortment of specialty stores and restaurants to the center.”

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REAL ESTATE

Costco to make Louisiana debut

BY Katherine Boccaccio

New Orleans — Costco Wholesale Corp. will enter the state of Louisiana with a 148,000-sq.-ft. store at Carrollton Plaza Shopping Center in New Orleans.

The new lease, announced by center owner The Feil Organization, will add Costco to a lineup of retailers that includes CVS, Firestone, Family Dollar and Subway.

Costco is slated to open spring 2013.

"We are very excited about helping to bring Costco to New Orleans and contributing to the area’s revitalization,” said Jeffrey Feil, CEO, Feil Organization. "This lease represents a giant step forward for the existing and future retail establishments in New Orleans and will further boost confidence in the local market since hurricane Katrina in 2005.”

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A.Smile says:
Jan-21-2013 10:52 am

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