REAL ESTATE

Express to enter South Africa

BY Dan Berthiaume

Columbus, Ohio – A subsidiary of Express Inc. has entered into a franchise agreement with Edcon Group, a retail franchise operator in South Africa, to bring the Express brand to South Africa. The Express brand is expected to launch as a store-in-store concept at select Edgars department stores by the end of 2014 with standalone Express store locations to open in 2015.

Express has identified international expansion as one of the company’s four pillars of growth and a significant long-term revenue opportunity for the company.

"We are thrilled that the Express brand is going to be in South Africa, representing an exciting next step in our international expansion strategy,” said Michael Weiss, chairman and CEO of Express. “It’s a terrific market in terms of having a customer base our brand should resonate with. We are grateful to be working with Edcon to make it happen."

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REAL ESTATE

Macy’s to anchor new mall in Hawaii

BY Marianne Wilson

Cincinnati — Macy’s announced an agreement for Macy’s to anchor the new Ka Makana Ali‘i in Kapolei in West O‘ahu, Hawaii. Current plans call for the 103,000-sq.-ft., one-level store to open in mid-2016.

Ka Makana Ali‘i, a major mixed-use project with more than 100 retail, hotel, dining, entertainment and office components, is a project of DeBartolo Development in partnership with the Department of Hawaiian Home Lands. With 1.4 million sq. ft. on 67 acres, it will be the first all-new regional shopping center to be built in Hawaii in more than 30 years. Macy’s is planned to be the largest single retail tenant in the center. When completed, Ka Makana Ali‘i will be among the largest shopping centers in Hawaii.

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REAL ESTATE

DDR launches effort to recapture anchor stores

BY Dan Berthiaume

Beachwood, Ohio – Shopping center operator DDR Corp. is commencing a multi-year proactive lease termination initiative aimed at recapturing high-quality anchor store locations across its portfolio. Through this initiative, DDR is collaborating with retailers in the books, electronics, toys, office and traditional department store categories to right-size their real estate footprints by regaining control of locations in advance of natural lease expiration.

DDR seeks to remerchandise its prime assets with market-share-winning tenants while realizing mark-to-market rental upside of 30%-40%. During the first phase of this initiative, DDR has identified 90 anchor locations, representing 3.3 million sq.-ft. of prime retail space. Of these leases, DDR has finalized terms to recapture 21 locations, representing 550,000 sq.-ft. primarily located in Boston; Cleveland; Denver; Orlando, Florida; Phoenix; Raleigh, North Carolina; and San Antonio.

"This initiative demonstrates our ability to create organic growth opportunities for our best-in-class retail partners regardless of current portfolio leased rate,” said Paul Freddo, senior executive VP of leasing and development for DDR. “Recapturing below-market leases represents an incremental growth opportunity to upgrade asset-level merchandise mix and NOI growth profiles, while simultaneously expanding redevelopment opportunities that will further enhance the quality of our portfolio.”

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