DEVELOPMENT/REDEVELOPMENT

Final anchor to open in Port Arthur redevelopment project

BY Melonie Messina

Baker Katz announced that the 90,000 sq. ft. multi-tenant center redevelopment project in Port Arthur, Texas is complete with the opening of PetSmart.

The former Sutherlands Hardware was transformed into a multi-tenant retail center with the addition of national anchor tenants, including Hobby Lobby, PetSmart and Party City. Chipotle, Firehouse Subs and Gulfside Dental, are scheduled to open by early 2016, will occupy a 7,000 sq. ft. building in the foreground of the project.

“Prior to our purchasing this property in 2012, it had been vacant for many years,” stated Kenneth Katz, Principal for Baker Katz. “The new layout maximizes retail space and visibility, which resulted in attracting a number of prominent national retailers to the project. It is rewarding to see our work on this redevelopment come to a successful conclusion just in time for the holiday shopping season.”

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REAL ESTATE

Mid-America Real Estate arranges three new leases

BY Melonie Messina

Mid-America Real Estate announced three new retail leases recently signed.

New Bohemi signed a lease for 4,209 sq. ft. at Eagan Towne Centre located in Eagan, Minnesota off of Interstate 35. The 153,781 sq. ft. center is anchored by Cub Foods, Big Lots and Dollar Tree.

Title Boxing Club signed a lease for 3,495 sq. ft. at 55th and Lyndale located in Minneapolis. The 4,736 sq. ft. center is shadow-anchored by Walgreens, Midas, Enterprise and Kowalski’s.

Starbucks 2,025 sq. ft. at Southbridge Crossings located in Shakopee, Minnesota. The center is located at the corner of Crossings Boulevard and Stagecoach Road. Mid-America Tenant

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OPERATIONS

Strong dollar crushes Tiffany

BY Mike Troy

Millions of people worldwide will be surprised and delighted to receive a little blue box this holiday season, but a strong U.S. dollar means Tiffany’s spirits won’t be quite as bright.

As the dollar has strengthened throughout 2015 it has been a blessing for American who travel overseas and a curse for international tourists coming to the U.S. Likewise, U.S. retailers who derive a significant portion of their sales and profits from international markets and also count on sale from foreign tourists have been hard hit. For example, Tiffany & Co. said its sales for the third quarter ended Oct. 31 declined to $938 million from $960 million while net income dropped 8% (excluding a prior-year charge) to $91 million from $99 million.

“As expected, the strong U.S. dollar continued to put pressure on our financial results, specifically from the translation of non-U.S. sales into dollars and on foreign tourist spending in the U.S.,” said Tiffany CEO Frederic Cumenal. “In addition, we believe that volatile, uncertain economic and market conditions in the U.S. and other regions are affecting consumer spending, causing us to maintain a cautious near-term outlook.”

The company said it expects full year profits to decline between 5% and 10% from last year’s earnings per share of $4.20 while it focused on those things it can control.

“We’re pleased with our progress this year in expanding our store base and introducing and communicating compelling new product designs,” Cumenal said. “And we are focused on efforts to manage our operations and inventories more efficiently to enhance cash flow. We are well prepared to delight our customers as they celebrate this holiday season, and our management team’s longer-term strategy continues to call for further strengthening Tiffany’s solid position among global luxury brands, which we believe will ultimately drive improved financial results.”

So far this year, Tiffany has opened 10 stores and ended the third quarter with 305 locations, of which 105 are located in the Americas. Tiffany also operates 79 stores in Asia-Pacific, 56 in Japan, 39 in Europe, and five stores in the United Arab Emirates and one in Russia.

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