REAL ESTATE

J.C. Penney to close 33 stores by May

BY Marianne Wilson

Dallas — J. C. Penney Company announced that as part of its turnaround efforts it will close 33 underperforming stores across the country. The shutterings, which will result in the elimination of about 2,000 positions, are expected to result in an annual cost savings of approximately $65 million, beginning in 2014.

Penney said it expects to incur estimated pre-tax charges of approximately $26 million in the fourth quarter of fiscal 2013 and approximately $17 million in future periods. The retailer noted it is continuing with plans to open a new store location later this year at the Gateway II development in Brooklyn, N.Y.

"As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly," said Myron E. (Mike) Ullman, III, CEO of Penney. "While it’s always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position J.C. Penney for future success."

The remaining inventory in the affected stores will be sold over the next several months, with final closings expected to be complete by early May.

Penney has approximately 1,100 stores in the United States.

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REAL ESTATE

Nordstrom to open at Toronto Eaton Centre

BY Staff Writer

Seattle — Nordstrom plans to open a full-line store in the heart of downtown Toronto, at Toronto Eaton Centre.

Construction of the approximately 213,000-sq.-ft., three-level store is set to begin in March 2014, with the store opening slated for fall 2016. Toronto Eaton Centre is owned and managed by The Cadillac Fairview Corp. Ltd.

We are excited to welcome Nordstrom to Toronto Eaton Centre," said Wayne Barwise, executive VP Development, Cadillac Fairview. "Over the past three years we’ve spent $120 million in enhancements to Toronto Eaton Centre. This second phase of redevelopment will include an additional $400 million. We are delighted to have Nordstrom be part of this exciting venture as we continue to bring a premier urban retail shopping experience to the city."

Nordstrom Toronto Eaton Centre joins the five Canadian stores Nordstrom has previously announced as part of its first expansion into Canada. Nordstrom plans to open additional full-line stores and Nordstrom Rack stores as the company continues to grow in Canada.

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REAL ESTATE

Easton’s Northampton Crossings now 100% leased

BY Michael Fickes

Purchase, N.Y. — Visionworks has taken 3,100 sq. ft. at Northampton Crossings in Easton, Pa., bringing the property up to 100% leased, according to National Realty & Development Corp., the center’s owner.

NRDC also noted that existing tenants Regis Hair Salon and Chrin’s Cleaners have extended their Northampton Crossings leases.

A Wal-Mart Supercenter, Regal Cinemas, Sam’s Club and Hobby Lobby anchor the 622,000-sq.-ft. power-center.

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