The Bon-Ton to Buy Parisian Stores
York, Pa., The Bon-Ton Stores Inc. said Wednesday it agreed to pay $22 million in cash for four Parisian department stores and the rights to build a fifth one from privately held department store retailer Belk Inc.
The four stores are located in Michigan, Ohio and Indiana, and generated sales of more than $90 million in fiscal 2005. The fifth store will be located in Michigan and is scheduled to open in October 2007. The deal is expected to close on Oct. 30 pending customary closing conditions.
Once the transaction is completed, The Bon-Ton will operate 282 stores in 23 states, with estimated annual sales of $3.4 billion.
Manhattan to Welcome First Target Store
New York City, Target is finally coming to Manhattan. The much-anticipated and long-delayed shopping center, East River Plaza, in East Harlem has changed its anchor store from Costco Wholesale Club to Target, according to a report by The New York Times. The publication said Target recently signed a lease for 135,000 sq. ft. and will serve as an anchor along with The Home Depot.
Target has six stores in the city boroughs, with two more under construction. The shopping center is scheduled to open in 2008.
IKEA Plans First Ohio Store
West Chester, Ohio, IKEA announced that it will build its first Ohio store in the Cincinnati suburb of West Chester. A 339,000-sq.-ft. store is planned on 56 acres about 25 miles north of Cincinnati. IKEA said it would be selling about six acres for retail and restaurant uses. The store will include three model homes, a children’s play area and a 300-seat restaurant, the company said. The store is expected to open in fall 2007.