REAL ESTATE

DDR and Anna’s Linens partner to open three Puerto Rico stores

BY Katherine Boccaccio

Beachwood, Ohio — Shopping center developer DDR Corp. said Monday that Anna’s Linens will open three of its first Puerto Rico stores at DDR shopping centers.

These new locations represent the most recent example of DDR’s efforts to strategically reduce and reconfigure small shop space at attractive market rents with high-quality tenants.

Anna’s Linens will open in 2012 at Plaza Rio Hondo, a 538,000-sq.-ft. enclosed mall in Bayamon, where Anna’s Linens will occupy a formerly vacant 5,600-sq.-ft. unit. The second store, also slated to open in 2012, will open at Plaza del Atlantico, a 225,000-sq.-ft. enclosed mall in Arecibo, where Anna’s Linens will occupy three consolidated small shop units. At Rexville Plaza, a 132,000-sq.-ft. shopping center in Bayamon, Anna’s Linens will occupy two consolidated small shop units. The new 6,800-sq.-ft. store is expected to open in early 2013.

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OPERATIONS

Bon-Ton names former Lord & Taylor chief as new president and CEO

BY Katherine Boccaccio

York, Pa. — The Bon-Ton Stores said Tuesday it has appointed Brendan L. Hoffman as president and CEO, effective Feb. 7.

Hoffman replaces Bud Bergren, who is a current member of the board of directors and who will transition to the role of the chairman.

Hoffman was the president and CEO of Lord & Taylor since October 2008. Prior to that, he served six years as president and CEO of Neiman Marcus Direct, a subsidiary of The Neiman Marcus Group, where he oversaw the growth of neimanmarcus.com and the launch and growth of bergdorfgoodman.com.

“I am excited to lead the Bon-Ton team as it embarks on a new phase of growth,” said Hoffman.

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FINANCE

Macy’s sues Martha Stewart Living for breach of contract

BY Katherine Boccaccio

New York City — A New York state Supreme Court filing on Monday disclosed that Macy’s Inc. is suing Martha Stewart Living Omnimedia Inc. for breach of contract after Martha Stewart set up a new deal last December with J.C. Penney to sell products at its stores.

According to Macy’s, Martha Stewart Living granted it product exclusivity under a 2006 agreement. J.C. Penney, which acquired a 16.6% stake in the company in December, plans to open Martha Stewart Living in-store shops, beginning in 2013, which violates that exclusivity, said Macy’s.

Macy’s is seeking a preliminary injunction stopping Martha Stewart from violating the contract. It claims that a renewed contract with Martha Stewart extended its exclusivity until January 2018.

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