Cordish Cos. to develop upscale outlet center in Nebraska
La Vista, Neb. — Baltimore-based The Cordish Cos. said Monday that it will develop an upscale outlet center and entertainment district in La Vista’s Southport West Development. The burgeoning Omaha suburb is already home to a Cabela’s, La Vista Conference Center and several hotels.
Cordish said its vision is to create a regional shopping and entertainment destination to build on the success of Southport West’s existing businesses and hotels. The initial phase of the project will consist of an upscale outlet center and entertainment district, all of which will be linked through extensive public gathering spaces, pedestrian-friendly walkways and streetscapes.
The first phase of the development will total approximately 435,000 sq. ft., with a construction budget totaling approximately $114 million. The project has been master planned to include additional phases of retail and entertainment development in excess of 100,000 sq. ft.
“We are extremely excited to announce such a major development in La Vista.” said Blake Cordish VP.
Other notable Cordish projects include: The Power Plant in Baltimore; Charleston Place in Charleston, S.C.; Seminole Hard Rock Resorts in Florida; The Power & Light District in Kansas City, Mo.; Fourth Street Live!, Louisville, Ky.; and The Walk, Atlantic City, N.J.
DSW names head of leased business division
COLUMBUS, Ohio — DSW Inc. announced the appointment of Christopher Lanning as SVP general manager of the leased business division. Lanning will be responsible for managing DSW’s existing leased business client base and developing new account relationships.
"Chris is an innovative and customer-focused executive with a demonstrated record of success in multiple retail and consumer channels," said Michael MacDonald, CEO of DSW Inc. "We are excited to add Chris to our senior leadership team and confident he will further develop our leased business division."
Lanning succeeds Raymond Blanton, who announced in March 2010 that he would be retiring in early 2011.
Coach beats Street as profit soars 26%
New York City — Coach reported Tuesday that net income for the quarter ended Jan. 1 rose a better-than-expected 26% to $303.4 million on strong sales, compared with $240.1 million in the year-ago period.
The company credited a rebound in U.S. luxury spending, as well as soaring holiday sales in China for the strong performance.
Sales leaped 18.7% to $1.26 billion, boosted by a same-store sales increase of 12.6% in North America.
On average, Wall Street expected revenue of $1.21 billion.
In China, where Coach is still new to the market but now operates 52 stores, sales rose by double digits on a percentage basis. Revenue in Japan rose 8% in dollars, helped by a stronger yen.
Coach has positioned itself in the "affordable luxury" segment in the past two years as shoppers have cut back on the most expensive items. It has lowered average prices on its handbags by about 10% by introducing a lineup of handbags under $300 and by expanding its outlet stores.
Coach also said it will buy back up to $1.5 billion of its outstanding shares by June 30, 2013.
The company had 347l stores and 129 factory outlets at the end of the quarter in North America. In Japan, Coach had a total to 171 retail locations and in China, 52.