REAL ESTATE

Gap details growth strategy; will test Piperlime store

BY Marianne Wilson

New York City — Gap reaffirmed the company’s commitment to reducing square footage at home while aggressively growing its online revenue and international presence during a presentation to investors in New York City. Gap also revealed that it will explore a brick-and-mortar store for its online-only Piperlime division next year.

Gap said it is on track to its goal of a 10% reduction in overall store square footage (as compared with 2007) in North America by the end of fiscal 2012. Gap’s namesake brand will cut its square footage 34% overall (compared with 2007 levels), resulting in 700 U.S. and Canada Gap stores and 250 Gap Outlet stores at the end of 2013.

The plan for Old Navy is to have roughly the same number of stores in North America, but with a smaller footprint, The chain expects to potentially remove another 1 million sq. ft. by fiscal year end 2013.

The company is growing its new athletic apparel brand, Athleta. The division is on target to have opened 10 stores in North America by the end of fiscal year 2011, and 50 locations by the end of fiscal 2013,

Gap’s e-commerce sales were up 19% in the first half of the year. The retailer expects the direct division to hit $1.5 billion in revenue by yearend, and to reach $2 billion in revenue and operating income of $500 million by the end of fiscal 2014.

On the international front, Gap will debut Old Navy abroad within 18 months, opening in Japan. It plans to nearly triple the number of Gap stores in greater China from roughly 15 by yearend to about 45 by the end of 2012. The first Gap flagship in Hong Kong is set to open in a matter of weeks on Queen’s Road, as is the company’s first Banana Republic flagship in Paris later this year.

Gap International president Stephen Sunnucks said the company’s new stores are performing well in China and Italy, and the franchise business experienced 48% revenue growth in the first half of fiscal 2011. The company expects to double its franchise stores to about 400, by the end of fiscal 2014.

The company reaffirmed its fiscal 2011 full year earnings per share guidance of $1.40 to $1.50.

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REAL ESTATE

JLL to manage Heritage Mall

BY Staff Writer

Albany, Ore. — Atlanta-based Jones Lang LaSalle said Tuesday it has been named as the property and leasing manager for Heritage Mall, a 407,354-sq.-ft. regional shopping center located in Albany, Ore.

Located at the heart of Albany’s retail district, Heritage Mall is the dominant regional center in its primary trade area. The shopping center houses more than 60 retailers and restaurants and is anchored by Target (whose regional distribution center is also in Albany), Sears, Ross Dress for Less and Old Navy. The property’s 2006 remerchandising operation modernized and expanded the space to attract apparel, home furnishing and food tenants, such as Carinos Italian Grill, rue21, Kay Jewelers, Maurices, GameStop and Sally Beauty Supply.

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Multiple stores to open at Stirling Bossier

BY Staff Writer

Bossier City, La. — Covington, La.-based Stirling Properties, developer and property manager of Stirling Bossier Shopping Center, in Bossier City, La., announced the addition of Old Navy, Ulta Beauty, Maurices, Mattress Firm, The Joint and GNC to the center’s tenant lineup.

The phased opening of these new locations over the next six months completes phase four of the center’s six planned phases. Old Navy is anticipated to open in early November within 15,000 sq. ft. of retail space. Ulta will celebrate its grand opening on Oct. 21 in its 10,000-sq.-ft. new store, Maurices is slated to open Oct. 22 in a 5,000-sq.-ft. space, Mattress Firm’s 5,000-sq.-ft. store is planned for a mid-to-late November opening, The Joint chiropractic center will open a 1,200-sq.-ft. center in early 2012, and GNC will also open early 2012 adjacent to The Joint in 1,200 sq. ft. of space.

To date, 28 retail, service and restaurant tenants are already in operation at Stirling Bossier which officially opened in July 2007 with Target as the anchor.

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