Expanded Pottery Barn to Open in Texas
San Francisco, ATexas Pottery Barn location at Prime Outlets-San Marcos will move from its 14,600-sq.-ft. space to a 65,000-sq.-ft. location, making it one of the largest Pottery Barn outlets in the country. The expanded outlet is expected to open in April 2005. The home furnishings retailer is owned by Williams-Sonoma.
“We have had such great success with our smaller store in the center that it only seems natural to expand our operations and move to a larger space. Because the center is situated in such an excellent geographic location, serving customers from both the residential and tourist markets, it is a great fit for Pottery Barn,” said Leigh Oshirak, director of Public Relations for Pottery Barn.
Toys “R” Us Sold for $5.7 Billion
Wayne, N.J., Add another billion-dollar retail transaction to the history books. Toys “R” Us, the original category killer, agreed to be bought by a consortium of two different private equity firms and Vornado Realty Trust. The trio, which will be equal partners in the deal, agreed to pay $5.7 billion for the toy chain. The investors, Vornado, Kohlberg Kravis Roberts, and Bain Capital Partners, agreed to pay $5.7 billion for the toy stores as well as the Babies “R” Us stores. The chain had originally hoped to split the two business, and focus on the faster-growing Babies.
The deal once again brings attention to the valuable real estate holdings at some struggling retailers. While Toys “R” Us has been steadily losing the market-share battle to Wal-Mart over the years, its leases are increasingly valuable. According to reports, the trio of new owners will continue to operate Toys “R” Us as a toy chain for the foreseeable future. Reports also indicate that Toys “R” Us president John Barbour will stay on board.