DDR to facilitate opening of five new Five Below stores in Atlanta
Beachwood, Ohio — DDR Corp. announced Friday new Five Below stores in consolidated small shop and downsized junior anchor locations at five Atlanta-area shopping centers.
DDR said the new locations represent the continuation of efforts to strategically reduce small-shop space as well as rightsize junior anchors and re-lease the residual space at attractive market rents. At the locations where Five Below will be occupying downsized space, DDR will realize rental increases of nearly 50%.
The new Five Below stores, slated to open in 2012, will be located at the following shopping centers: Perimeter Pointe, a 353,000-sq.-ft. power center in Atlanta where Five Below will occupy all of the residual space of a downsized Office Depot; Town Center Commons, a 160,000-sq.-ft. community center in Kennesaw, where Five Below will occupy two combined historically vacant small shop units; Marketplace at Millcreek, a 403,000-sq.-ft. power center in Buford, where Five Below will occupy two combined previously vacant small shop units; Woodstock Square, a 393,000-sq.-ft. power center in Woodstock, where Five Below will occupy all of the residual space of a downsized Old Navy; and Presidential Commons, a 371,000-sq.-ft. power center in Snellville, where Five Below will occupy all of the residual space of a downsized Jo-Ann Fabric and Crafts store.
Target announces first 24 stores in Ontario
Minneapolis — Target Corp.’s plan to open 125-135 stores in Canada is rapidly taking shape, as the retailer has released the locations of its first 24 stores in the country.
As previously announced, Target purchased the leasehold interests of 189 sites currently operated by Zellers Inc.
The majority of Target’s initial two dozen stores will open in early 2013, and include four locations in Toronto (Centrepoint Mall, Cloverdale Mall, Shoppers World Danforth and East York Town Centre).
“Target looks forward to continuing our strong reputation of being a good neighbor in the Canadian communities in which we will do business,” said Tony Fisher, president, Target Canada.
Approximately $10 million to $11 million will be invested to remodel each facility. Staffing per store will number 150 to 200.
Target said it will announce additional store locations in the coming months.
Von Maur to replace Bloomingdale’s at Perimeter Mall, Atlanta
Chicago — General Growth Properties announced the addition of Von Maur department store as an anchor to Perimeter Mall, Atlanta, which has sales of more than $550 per square foot.
The department store is projected to open in fall 2012. Von Maur will replace the soon to be vacant Bloomingdale’s location. Von Maur joins a retailer line-up that also includes Apple, Nordstrom, Michael Kors, Sur La Table, and Forever 21 among many others. Perimeter Mall is a 1.6 million-sq.-ft. two-level center north of downtown Atlanta.
"Our shoppers expect only the best in retail, dining, and above all, unparalleled customer service," said Richard Pesin, executive vice president of anchors and development for General Growth Properties, Inc. "Von Maur combines exceptional customer service with brand-name and high-quality merchandise in an aesthetically pleasing environment to create a shopping experience like no other. Adding Von Maur to the retail line-up of Perimeter Mall further solidifies Perimeter Mall as a premier shopping destination for all of Atlanta."