REAL ESTATE

City Creek Center to open in March

BY Katherine Boccaccio

Salt Lake City — Bloomfield Hills, Mich.-based Taubman Co. said Tuesday that City Creek Center, a major shopping and dining destination, will open March 22 in Salt Lake City.

The 700,000-sq.-ft. regional attraction will feature Nordstrom, Macy’s and up to 80 stores and restaurants — one third that are new to the market. The center features a fully retractable skylight roof, a skybridge over Main Street and a host of water features.

City Creek Center is part of the 23-acre City Creek master plan developed by City Creek Reserve. The sustainably designed, walkable urban community of offices, residences and shops will be the centerpiece of downtown Salt Lake City.

Besides a sustainable design – the Center was built on the site of two former shopping malls and more than 80% of the material from the former malls has been recycled or reused – City Creek Center debuts the country’s first retractable skylight roof in a shopping center. The retractable roof can be opened during the warmer months, providing sunlight and airflow and reducing the demand for air conditioning. The roof also enables comfortable shopping during Utah’s winter months, shelter from inclement weather and year-round customer comfort.

A 140-ft. skybridge over Main Street connects the shopping center retail shops, and features an “Observation Deck” area at the center of the bridge. And heated walkways, which offer a snow-melt system within the outdoor surfaces, melt ice and snow on contact.

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REAL ESTATE

Wal-Mart to spend $753 million to expand Canada presence

BY Katherine Boccaccio

Mississauga, Ontario — Wal-Mart Stores isn’t about to let the grass grow under its feet in Canada. The discounter plans to spend about $753 million this fiscal year to expand its store presence in Canada, before rival Target Corp. begins its push in the country.

The plans call for at least 73 projects — including new store builds, store expansions, remodels, and relocations — during the fiscal year that ends Jan. 31, 2013. The program will add 4.6 million sq. ft. of retail space to Walmart Canada’s operations, and up its store count to more than 375. The company currently has 333 stores in the country.

The move will put Wal-Mart ahead of competitor Target, which has launched a Canadian debut that calls for 125 to 135 stores by early 2013.

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REAL ESTATE

Container Store to open six stores in 2012

BY Marianne Wilson

Dallas –The Container Store announced it will open six locations in 2012, making this the largest real estate growth year in the company’s history and bringing the company’s store count to 59 by year’s end.

The new stores will be located in Arlington, Texas; Las Vegas; El Segundo, Calif., Peabody, Mass., and Westbury, N.Y., with a sixth location still being finalized.

"As we round out our fiscal year that’s shaping up to be our most profitable in company history, we’re thrilled to have six glorious new store locations planned for 2012 that will help sustain the incredible growth our brand and company is experiencing," said Kip Tindell, chairman and CEO, The Container Store. "We’ve emerged from the recession as an even stronger company and our employees, customers and vendors are extremely proud of the way we conducted ourselves during that trying time not having resorted to layoffs or closing stores.”

In addition to store expansion, some of The Container Store’s other strategic initiatives for 2012 include a Dallas-area test of its new ATHome program, which will bring the retailer’s 34 years of organization expertise and product knowledge into its customers homes.

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