REAL ESTATE

Dollar General opens 12,000th store

BY Marianne Wilson

GOODLETTSVILLE, Tenn. — Dollar General on Saturday hit another milestone, opening its 12,000th store in the small town of Juliette, Georgia.

"It is exciting to open our 12,000th store and move into new communities where we can serve customers with everyday low prices, convenience and great service,” said Rick Dreiling, Dollar General’s chairman and CEO. “I want to thank our more than 109,000 employees for their dedication to our customers. That focus on service remains the backbone of our success and we expect to continue to expand our business, create new career opportunities and make a difference in the communities we serve.”

Dollar General anticipates opening 730 new stores in 2015 and plans to remodel or relocate an additional 875 stores.

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REAL ESTATE

Westfield San Francisco enlists RetailNext for analytics

BY Dan Berthiaume

San Francisco – Westfield San Francisco Centre has enlisted RetailNext Inc., a provider of retail analytics for brick-and-mortar stores, to provide in-store retail analytics technologies and services for Bespoke, its new retail-technology hub. Bespoke is made up of tech demonstration, coworking and event spaces.

RetailNext's SaaS analytics platform will power Bespoke's 3,000-sq.-ft. "white box" retail space, providing analytics and shopper insights for various pop-up tenants. The first tenants of the White Box space will be the five designers of the Fashion Incubator of San Francisco: Jeff Ladra, Jessie Liu, Kanjana "Cake" Carlos, Peter Papas and Stephanie Bodnar. The space will showcase their new fashion lines and test brick-and-mortar retail concepts,

The White Box space will also include OMsignal, a biometric smartwear provider that will be launching its first pop-up store.

In addition to providing retail analytics to the Bespoke ecosystem, RetailNext has also opened its new San Francisco office in the Bespoke Coworking space, housing a team of platform engineers and retail analysts.

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REAL ESTATE

Inventrust Properties acquires Virginia shopping center

BY Dan Berthiaume

Richmond, Va. – InvenTrust Properties Corp. has acquired Westpark Shopping Center, a 176,935-sq.-ft., 95% leased shopping center located in Glen Allen, Virginia, for $33.75 million.

Westpark is anchored by tenants such as Martin’s, Christmas Tree Shops, The Tile Shop, and Victory Lady Fitness Centers, and the four largest tenants have an average remaining term of 6.9 years, providing for long-term cash flow stability. Capital improvements totaling $1.4 million have been completed since 2011, including new roofs over the majority of the property.

“We are pleased to enhance our portfolio with the acquisition of Westpark Shopping Center,” said Michael E. Podboy, executive VP and CIO of InvenTrust. “Westpark is a grocery-anchored asset located in a heavily trafficked retail corridor that will allow us to gain entry into the Richmond market. Further, Westpark provides us the opportunity to improve InvenTrust’s portfolio population demographic and diversify our grocery-anchored portfolio.”

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