GA Keen Realty Advisors to market Metropark sites
Woodland Hills, Calif. — GA Keen Realty Advisors, a division of Great American Group, has been retained to assist in the marketing and disposition of 70 leased properties across 21 states operated by Metropark, which filed for bankruptcy earlier this month. Metropark’s retail properties, which range in size from 2,000 sq. ft. to 3,500 sq. ft., are concentrated in the West (California, Arizona, Colorado, Nevada and Texas) and in the East (New York, New Jersey, Pennsylvania, Georgia and Florida).
“Metropark has locations in some of the best malls and centers in the country, with great locations within those malls with build-outs that are first class,” said Matthew Bordwin, co-president of GA Keen Realty Advisors. “This represents a great opportunity for another retailer to move right in with little up-front costs on build-out. Also, retailers have a unique chance to get “A” space in multiple locations at the same time.”
The bid deadline has been set for May 25 – with the auction set for May 26.
Urban Outfitters sees profits slide in Q1
PHILADELPHIA — Urban Outfitters announced net income of $39 million, or earnings per diluted share of 23 cents for the first quarter ended April 30, compared with net income of $53 million, or earnings per diluted share of 31 cents.
Total company net sales rose by 9% over the same quarter last year to $524 million. Comparable retail segment net sales, which includes direct-to-consumer channels, decreased 1% for the quarter while comparable store net sales decreased 5% for the quarter.
"I am confident that we are on the right course to bring our business back to its high standards," said CEO Glen Senk. "I am encouraged by the progress each of the brands have made and anticipate improvements to occur gradually during the balance of this fiscal year," finished Senk.
During the three months ended April 30, the company opened a total of 10 new stores including: 5 Free People stores, 2 Urban Outfitters stores and 3 Anthropologie stores.
Retail Rap: Downsizing may mean compromising brand
New York City — Retail real estate columnist Jeff Green has unveiled his newest opine on Chain Store Age’s real estate community website, discussing the impact – both positive and negative – that reducing a store footprint could have on a store’s brand.
In his latest column, “Big Names, Smaller(er) Stores,” Green suggested that big players such as Wal-Mart and Target are “clearly trying to shake things up in order to have a little bit more flexibility and, in some cases, get a foothold in urban areas, but it seems like they’re making some strong compromises to do it.”
To read Green’s column, click here.