Burger 21 to open at Lakeside Village
Lakeland, Fla. — Columbus, Ohio-based Casto announced that Burger 21, headquartered in Tampa, will open a fast-casual burger and shake restaurant at Casto’s Lakeside Village property, in Lakeland, Fla.
The 2,559-sq.-ft. restaurant, which is slated to open spring 2012, will feature outdoor patio seating plus interior space for 70-80 customers. It will be located across from GrillSmith Lakeland and next to Cobb Theatres – Lakeside Village 18.
DDR to facilitate opening of five new Five Below stores in Atlanta
Beachwood, Ohio — DDR Corp. announced Friday new Five Below stores in consolidated small shop and downsized junior anchor locations at five Atlanta-area shopping centers.
DDR said the new locations represent the continuation of efforts to strategically reduce small-shop space as well as rightsize junior anchors and re-lease the residual space at attractive market rents. At the locations where Five Below will be occupying downsized space, DDR will realize rental increases of nearly 50%.
The new Five Below stores, slated to open in 2012, will be located at the following shopping centers: Perimeter Pointe, a 353,000-sq.-ft. power center in Atlanta where Five Below will occupy all of the residual space of a downsized Office Depot; Town Center Commons, a 160,000-sq.-ft. community center in Kennesaw, where Five Below will occupy two combined historically vacant small shop units; Marketplace at Millcreek, a 403,000-sq.-ft. power center in Buford, where Five Below will occupy two combined previously vacant small shop units; Woodstock Square, a 393,000-sq.-ft. power center in Woodstock, where Five Below will occupy all of the residual space of a downsized Old Navy; and Presidential Commons, a 371,000-sq.-ft. power center in Snellville, where Five Below will occupy all of the residual space of a downsized Jo-Ann Fabric and Crafts store.
CEO of Claire’s Stores steps down
Chicago — Claire’s Stores announced that Eugene S. Kahn has resigned. Kahn has served in the position since the company went private in 2007 in a $3.1 billion takeover by private-equity firm Apollo Management LP.
While the board will conduct a search for internal and external candidates, Claire’s Stores President James G. Conroy and Jay Friedman, president of Claire’s North American Division, will immediately form an interim office of the CEO.
"We thank Gene for his tireless efforts as CEO," chairman Peter P. Copses said in a statement. "Under Gene’s leadership, the Company has improved its merchandising, more clearly defined its target customers, embarked on a new store program in Europe, and launched its e-commerce site. We are fortunate to have a strong and deep team at Claire’s, and are confident in Jim and Jay’s ability to lead the company as the board conducts a search for a new CEO."
Claire’s also reported a 1.5% increase in consolidated same-store sales for November and December, with a 3.9% increase in North America and a 3% decline in Europe. The company operates operated 3,047 stores in North America and Europe, and also has franchised or licensed 381 stores in Japan, the Middle East, Turkey, Russia, Greece, Guatemala, Malta, Ukraine and Mexico.