REAL ESTATE

DSW Opens Store in El Centro, Calif.

BY CSA STAFF

Columbus, Ohio DSW said it will be opening a new store at the Plaza Imperial Valley in El Centro, Calif. on Thursday. The store will be the first DSW location in the Yuma/El Centro area.

The 20,000-sq.-ft. location features hardwood floors, brick walls, and accent walls marked with DSW-signature phrases. The company said modern fixtures, sleek merchandise displays and comfortable seating create a remarkable shopping experience.

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REAL ESTATE

Zara to Open Second Atlanta Location

BY CSA STAFF

Atlanta Less than a year after entering the Atlanta market, Spanish retailer Zara plans to open its second store, at Perimeter Mall, according to the Atlantic Business Journal.

Zara wants to open in early November on the upper level of the Bloomingdale’s wing, taking the 10,000 sq. ft. recently vacated by Victoria’s Secret, which relocated.

Zara opened its first store at Lenox Square in Buckhead, Ga., in September.

Zara will likely look for one more site in metro Atlanta, the report said, citing a retail insider.

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Report: Virgin Megastore in Times Square to Close

BY CSA STAFF

New York City Vornado Realty Trust plans to close the Times Square Virgin Megastore in Manhattan’s Times Square in the first quarter of 2009, according to Reuters.

Vornado and the Related Cos., also a real estate company, formed a joint venture to acquire the 10-unit Virgin Entertainment Group North America in September 2007. Vornado owns 49% of Virgin, while Related owns 51%.

The Reuters report cited Sandeep Mathrani, Vornado’s executive VP and head of its Retail Real Estate Division.

“We bought the Virgin business to wind it down to get a hold of the real estate,” Mathrani said.

Virgin pays only a $54 per square foot when the market rent in there is about $700, according to Mathrani.

In May, Virgin Megastores reported having had one of its most successful years ever. The company said same-store sales had risen 11.5% nationally in fiscal 2007.  It attributed the growth to its shift to a lifestyle enteretainment shopping destination rather than solely a music retailer.

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