REAL ESTATE

First TargetExpress store to open Sunday

BY Marianne Wilson

New York — Target Corp. on Sunday, July 27, will unveil its small-store format, TargetExpress, in Minneapolis.

The 20,000-sq.-ft. store is located on the street level on an apartment building near the University of Minnesota campus and is also close to the retailer’s headquarters.

TargetExpress will carry roughly one-fifth the assortment of a regular Target, and will include school supplies, groceries, household items, home décor and a small electronics section. It will also sell cosmetics and health and pharmacy items, as well as some University apparel.

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REAL ESTATE

Crocs to shutter stores, cut workforce

BY Marianne Wilson

New York — Footwear maker Crocs Inc., best known for its colorful plastic clogs, announced a major restructuring that includes closing stores and job cutbacks.

The plan comes on the heels of the company’s disappointing second-quarter earnings results. Earlier this month, Crocs reported that second-quarter profit fell 44% to $19.7 million.

"We have identified the key strategic and structural improvements that we expect will allow the company to achieve its potential," Andrew Rees, Crocs’ president, said in a statement. "We have a clear, well-defined strategy for addressing these issues and improving performance. Work is underway already to drive significant change throughout our company in four key areas."

Crocs said it plans to streamline its global product and marketing portfolio, reduce direct investment in smaller geographic markets, create a more efficient organizational structure and close or convert (to third-party operators) 75 to 100 Crocs-branded retail stores. Crocs has 624 stores worldwide.

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REAL ESTATE

Levin Management brings Staples to New Jersey shopping center

BY Dan Berthiaume

North Brunswick, N.J. – Staples has leased a 14,000 sq. ft. space at North Village Shopping Center in North Brunswick, N.J. Levin Management, exclusive leasing and managing agent for the 132,000-sq.-ft. center, negotiated the lease.

The lease signing brings retail occupancy at the center to 100%. North Village Shopping Center is a dominant local shopping destination. Anchored by Bed Bath & Beyond (32,000 sq. ft.), Barnes & Noble (25,000 sq. ft.), Michael’s (24,000 sq. ft.) and Eastern Mountain Sports (13,000 sq. ft.), other retailers include Panera Bread, Smashburger, Chili’s, A & G Fine Foods and Rossopomodoro Ristorante.

The center serves a residential population of almost 250,000 people within a five-mile radius. The marketplace offers an average household income of more than $92,000 and the daily traffic count exceeds 99,500 vehicles.

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