REAL ESTATE

General Growth Exits Pabst Farms Development

BY CSA STAFF

Milwaukee, General Growth Properties confirmed Friday that it will not build a regional shopping center at the Pabst Farms development in Oconomowoc, Wis., the Business Journal of Milwaukee reported.

Pabst Farms Development Inc. said Thursday it is recruiting companies to replace General Growth as the exclusive developer for the Pabst Farms Town Centre regional shopping mall.

General Growth’s decision to walk away from the Pabst Farms project was not based on financial reasons, according to Peter Bell, president of Pabst Farms Development, the report said. The company recently shifted its business strategy and decided to reduce its number of projects under development. General Growth will continue to work on a $450 million hotel, condominium and retail development in downtown St. Louis.

In June 2006, General Growth announced a partnership agreement with Pabst Farms.

Located on a 1,500-acre parcel. Pabst Farms is a master-planned community. The largest component is a residential community with 1,200 single-family homes and condominiums.

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REAL ESTATE

Report: True Religion President Details Rapid Expansion Plans

BY CSA STAFF

Vernon, Calif., True Religion Apparel Inc. plans to expand its store base from 15 locations to 30 by the end of 2008, according to a report by GlobeSt.com. It plans to reach a store count total of 50 in 2009.

President Michael Buckley outlined the company’s store-expansion plans and other elements of its growth strategy in a presentation at the Thomas Weisel Partners 2007 Consumer Conference in New York City, the report said.

Buckley said that the company’s sales climbed from $2 million in 2003 to $139 million in 2006 and is on track to top the 2006 number this year despite the economic downturn that has some retailers lagging, according to the report.

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Report: Timberland Closing 40 Stores Internationally

BY CSA STAFF

Stratham, N.H., Timberland Co. is closing 40 of its large-format specialty stores in the United States, Europe and Asia, according to GlobeSt.com.

Management is also closing “several” of its outlet stores, and did not give specific locations of the units it is shutting, though most of them are in the United States, the report said.

Executives said that the “action is consistent with the company’s strategy to transition to smaller, footwear-focused stores in the United States and in certain international markets.”

The closures are scheduled to take place in the first few months of next year, the report said.

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