REAL ESTATE

Century 21 to unveil expanded Manhattan flagship

BY Marianne Wilson

New York — Century 21 Department Store will unveil its expanded flagship location in downtown Manhattan on April 9. The retailer has added three new selling floors, for a total of six floors and over 225,000 sq. ft. of shopping.

The newly expanded location will feature The Coffee Bean & Tea Leaf café, and a new M.A.C Cosmetics store on the ground floor. Additional updates include renovating store fixtures and decor, creating extra fitting rooms and widening aisles to create a more spacious shopping atmosphere. Revamps will continue through spring as the retailer finishes renovations on its shoe department, making it even easier for guests to navigate.

"The redesign is all part of our commitment to deliver the best possible shopping experience," said Raymond Gindi, CEO of Century 21 Department Store.

The company also operates several stores in the New York City metro area and New Jersey.

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REAL ESTATE

Best Buy to open in-store Samsung shops

BY Marianne Wilson

Richardson, Texas — Samsung Electronics and Best Buy Co. have entered into a partnership to install Samsung in-store shops in more than 1,400 Best Buy and Best Buy Mobile stores across the U.S. beginning this month.

By early May, 900 Best Buy and Best Buy Mobile specialty stores will feature the “Samsung Experience Shop,” with the remainder launching by early summer.

The shops, which will feature Samsung’s full range of mobile products including smartphones, tablets, laptops, connected cameras and accessories, will vary in size, with the largest being approximately 460 square feet. Within the larger shops, the Samsung Connected Solutions area will offer a place for customers to see how easily Samsung devices connect and share content across multiple screens. 


“We look forward to showcasing Samsung products in the Samsung Experience Shop in all Best Buy and Best Buy Mobile locations. This is part of our Renew Blue transformation strategy – working closely with vendor partners to innovate and drive value, while also updating our stores to focus on growing and profitable categories,” said Shawn Score, head of U.S. retail for Best Buy.

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REAL ESTATE

Jamestown acquires San Luis Obispo retail, office portfolio

BY Katherine Boccaccio

San Francisco — Jamestown said Wednesday it has acquired a real estate portfolio in downtown San Luis Obispo, Calif., comprised of 86% retail and 14% office space in open-air, multi-story settings.

The retail component, purchased from Copeland Properties, consists of seven assets, the most notable being Court Street Centre and Downtown Centre, and totals approximately 195,000 sq. ft. The portfolio also includes 28,000 sq. ft. of office space in three separate properties.

“This acquisition is part of Jamestown’s strategy to acquire street-level retail in vibrant markets with a strong sense of community,” said Jamestown COO Michael Phillips. “Downtown San Luis Obispo is a pedestrian friendly, desirable shopping and recreational destination with a unique small-town feel.”

The portfolio is occupied by Barnes & Noble, Urban Outfitters, Pottery Barn, Abercrombie & Fitch, Express, Gap, Banana Republic, Victoria’ Secret and Apple. Currently, there is 25,000 sq. ft. of space available for lease.

Jamestown acquired the properties in exchange for a $50.5 million investment in its Premier Property Fund, which includes New York’s Chelsea Market, 22 Fourth in San Francisco and 733 10th Street in Washington, D.C. Copeland will continue to be engaged in ongoing management of the properties.

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