REAL ESTATE

David’s Bridal to open new store at Great Northeast Plaza

BY Staff Writer

Philadelphia — Metro Commercial Real Estate said that David’s Bridal will open an 8,164-sq.-ft. store at Great Northeast Plaza, located in the northeastern part of Philadelphia.

The new store is slated to open by spring 2013.

Great Northeast Plaza, owned and managed by Kimco Realty, is part of an 883,000-sq.-ft. retail mecca that includes Target, Sears, PetSmart, Pathmark and many other national and local retailers. David’s Bridal is relocating this store from its longtime home at Roosevelt Boulevard and Harbison Avenue in Northeast Philadelphia.

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REAL ESTATE

Simon acquires 100% ownership of two upscale outlet centers

BY Katherine Boccaccio

Indianapolis — Simon Property Group said Wednesday it has acquired Paragon Outlets Grand Prairie in Grand Prairie, Texas, and Paragon Outlets Livermore Valley in Livermore, Calif.

Simon now owns 100% of each asset.

The 417,000-sq.-ft. Grand Prairie center is tenanted by Saks Fifth Avenue Off 5th, Bloomingdale’s The Outlet Store, Coach, Cole Haan, DKNY, Hugo Boss, Kate Spade New York, J.Crew, Michael Kors, Nike and Tommy Hilfiger. The center opened in August 2012 and is 100% leased.

The 512,000-sq.-ft. Livermore center features Saks Fifth Avenue Off 5th, Bloomingdale’s The Outlet Store, Last Call by Neiman Marcus, Armani, Barneys New York, Coach, DKNY, Elie Tahari, Kate Spade New York, J.Crew, Lacoste, Michael Kors, Prada and Tommy Hilfiger. The center opened in November 2012 and is 100% leased.

The centers will be renamed Grand Prairie Premium Outlets and Livermore Valley Premium Outlets.

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REAL ESTATE

Tesco set to sell or close all Fresh & Easy stores

BY Katherine Boccaccio

London — Tesco CEO Philip Clarke announced Wednesday that the British supermarket retailer will likely sell or close its entire U.S. presence, which means that 199 Fresh & Easy stores could be shuttered or sold off.

According to multiple reports, Tesco is close to making the decision after five unprofitable years in the U.S. The retailer launched the concept in 2007, confident there was a niche for a grocery store with fresh food offerings formatted in a unique footprint that was smaller than a typical supermarket but larger than a c-store.

"It’s likely, but not certain, that our presence in America will come to an end," Philip Clarke, CEO, said. "This is a very major change for the business." Clarke said the U.S. exit would allow the company to refocus on its global portfolio.

Fresh & Easy CEO Tim Mason has resigned the company after 30 years; Mason is the son-in-law of former Tesco CEO Ian MacLaurin.

Tesco – the world’s No. 3 retailer – said it has appointed investment bank Greenhill & Co. to conduct a strategic review of the Fresh & Easy chain that could lead to the sale or closure of the near-200 stores.

Tesco, which trails France’s Carrefour and U.S. leader Wal-Mart by annual sales, said it had had a number of approaches from parties interested in acquiring either all or part of Fresh & Easy, or in partnering with the firm.

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