Chain Store Age names top redevelopers
New York City For the fifth year running, Chain Store Age has compiled redeveloped square footage data, along with financial investment information, to rank the country’s most prolific redevelopers for the year prior.
For the 2008 calendar year, the following 10 shopping center developers, listed alphabetically, make up the Top 10 Redevelopers list: CBL & Associates Properties; Centro Properties Group; General Growth Properties; Glimcher Realty Trust; Kite Realty Group; Macerich Co.; Phillips Edison; Regency Centers; Stirling Properties; and Westfield. Their top redevelopment projects will be featured in the upcoming November issue of Chain Store Age:
This year, two honorable mentions were named, based on the significance of their 2008 redeveloped projects. Cafaro Co. and The Sembler Co. both will be featured in the November issue as honorable mention placers.
Kohl’s eyes vacant real estate for expansion
Menomonee Falls, Wis. Kohl’s Corp. said it is accumulating cash to absorb locations abandoned by shrinking or defunct retailers, according to a report on Bloomberg.
Kohl’s chairman and CEO Kevin Mansell said any store takeovers would come on top of as many as 25 new locations Kohl’s already plans to build for next year at a cost of about $275 million.
“Nobody’s come to us and said they want to sell us 50 stores, but I suspect it’s going to happen,” Mansell said. “We want to be in a position to act.”
Gottschalks, Goody’s and Mervyn’s bankruptcies have left plenty of real estate from which to choose. Mansell said Kohl’s has taken over 30 former Mervyn’s sites in California, which staged grand openings on Wednesday.
The cost to convert each former Mervyn’s was about $7 million, while it takes about $11 million to build a store from scratch, Mansell said.
In related news, among Kohl’s store openings on Wednesday was the company’s 59th California solar location. The new Point West store in Sacramento is also the 79th solar location nationwide for Kohl’s.
“Energy efficiency and green power are key business and environmental strategies for Kohl’s, and we continue to work to make them an integral part of building and expansion efforts,” said Ken Bonning, Kohl’s executive VP store planning and logistics. “Our solar program is a hallmark of our green power efforts, and we’re continuing to expand it because it demonstrates our commitment to sustainability and improving the environment directly in the communities we serve.”
Get Personal Katy expands at LaCenterra
Katy, Texas LaCenterra at Cinco Ranch, in Katy, Texas, said Tuesday that retailer Get Personal Katy and Get Personal Memorial has expanded its boutique in LaCenterra from 1,000 sq. ft. to almost 2,000 sq. ft.
Get Personal Katy sells a large selection of Vera Bradley merchandise, as well as unique clothing and accessories.
A joint venture of Houston-based Vista Equities Group and Denver-based Amstar Group, LaCenterra at Cinco Ranch is a retail-oriented lifestyle center located within the 7,400-acre master-planned community of Cinco Ranch.
Phase 1 of LaCenterra opened March 1, 2007 with approximately 170,000 sq. ft. of retail space and 90,000 sq. ft. of Class A office space. Phase 2 is scheduled for completion in spring/summer 2011 and will include an additional 160,000 sq. ft. of retail space and 252 residential living units.