REAL ESTATE

Forum Shops at Caesars announces more retailers, expansions

BY CSA STAFF

Las Vegas — The Forum Shops at Caesars, in Las Vegas, announced that six new stores will be opening soon, joining the 11 new stores and restaurants that have come to The Forum Shops in the past year.

The new stores include Christian Louboutin, Rimowa, Panerai, Hublot and Coach Mens – a first in Las Vegas.

“We continue to demonstrate strong sales revenue performance at The Forum Shops with an increase of 17% year to date in 2011,” said Vicki Hanor, executive VP leasing, Simon Property Group, Indianapolis. “Without question, The Forum Shops continues to effectively navigate the dynamic economic climate to create a desirable shopping landscape for consumers as well as retailers.”

Christian Louboutin, Hublot and Rimowa are all slated to open this summer. Another new store, Sephora, will open this fall.

Nike recently opened with an expansion. The new Nike Las Vegas will open in its full capacity in mid-July with a complete multi-category offering and brand experience. The store is open in a limited capacity until July.

“We are excited to be expanding Nike Las Vegas at The Forum Shops,” said Tim Hershey, VP/GM for Nike North America Retail. “Our expanded Vegas location will be an expression of Nike’s newest retail concept, delivering new and innovative consumer experiences, market tailored product offerings, community resources and the introduction of team customization services. It will be the fifth of its kind in the U.S.”

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News

Small format plot thickens with exec departure

BY CSA STAFF

Santiago Roces left Walmart with little fanfare or the issuance of a press release last month, which isn’t uncommon for executives at the SVP level at the company the size of Walmart. Nevertheless, the timing of the departure certainly seems curious given that Roces was the guy with the words “small format” in his title and Walmart is about to open the first of its Walmart Express stores and rebrand Neighborhood Market as Walmart Market.

Even more curious is the fact that just yesterday Supervalu, where former Walmart Americas president and CEO Craig Herkert serves as president and CEO, announced that Roces would serves as CEO of Supervalu’s small format, low-price Sav-A-Lot division.

Doubling the size of the 1,200-unit division by the end of 2015 is a key growth initiative at Supervalu.

What makes the hiring of Roces intriguing is that he is assuming a role at a direct competitor who has ambitious growth plans for an already established small format. When former Walmart operations executive Hank Mullaney left Walmart to join CVS in a senior leadership capacity Walmart sued and successfully blocked the hiring by arguing that Mullaney possessed knowledge of Walmart’s small-format plans. Roces would appear to be in a similar position, although Walmart has told financial analysts that he did not oversee the Express format despite having the title of SVP small formats.

Roces spent 13 years at Walmart where he held a wide variety of roles internationally and domestically. Before serving as SVP of Walmart’s small format division, he was SVP new business development and store experience and prior to that he was president and CEO of Walmart Koreo before Walmart divested the operation. He also served as chief merchandising officer of Walmart Argentina and held leadership positions at PepsiCo and Carrefour.

“[Roces] is a very talented leader with a wonderfully diverse business background,” Herkert said. “His leadership, energy, and enthusiasm will be critical as we continue our journey to open more than a 1,000 Save-A-Lot stores in the next several years.”

Walmart is looking to achieve a similar objective of its own in the coming years in part because of operators such as Sav-A-Lot, Aldi, Dollar General and Family Dollar. All are expanding aggressively and with their no-frills, low price value proposition and convenient locations they have been siphoning trips and sales away from Walmart’s supercenters.

The addition of Roces was made possible by the departure of 27 year Supervalu veteran Bill Shaner who led the division the past few years.

“We wish Bill well in all his future endeavors and appreciate his commitment to Supervalu for the past 27 years and more recently his leadership and guidance as we laid out an aggressive growth strategy for Save-A-Lot,” Herkert said.

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REAL ESTATE

Whole Foods to open in Minnetonka

BY CSA STAFF

St. Paul, Minn. — Paster Enterprises announced that Whole Foods Market is opening a 32,000-sq.-ft. standalone location at the company’s Minnetonka property.

Construction on the project, a joint venture between Paster Enterprises and Shiner Capital Partners, a Chicago-based real estate investment firm, officially began on April 20.

Under general contractor Novak Construction, the exterior of the current building, a former Circuit City location, will receive minor modifications, while the interior of the building will undergo a complete overhaul. Whole Foods Market is slated for a fall 2011 opening.

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