REAL ESTATE

Juanita Tate Marketplace brings diverse food options to South L.A.

BY Katherine Boccaccio

Los Angeles — Juanita Tate Marketplace is now open, bringing 77,096 sq. ft. of outdoor retail space with a full-service grocery to the highly underserved surrounding community. Located at 944 East Slauson Avenue in South Los Angeles, the $21-million development is situated on a 6.5-acre site, which was formerly used as a scrap-metal plant.

Construction began in May 2013 and completed in April 2014. The center is owned by Regency Centers and was designed by Nadel.

“In these urban areas, walkability is key,” said Greg Palaski, principal and project director with Nadel, Inc. “This project provides a much needed retail center and offers jobs and diverse food options to the surrounding community.”

Developed by Regency Centers, in conjunction with Concerned Citizens of South Central Los Angeles, the center is comprised of four different buildings that include Northgate Market, which occupies a 42,500-sq.-ft. building, a 14,576-sq.-ft. CVS/pharmacy and two additional free-standing shop buildings totaling 20,000 sq. ft. with space for up to 12 small shops. Additional tenants include Chase Bank, Little Caesar’s Pizza, Panda Express, Starbucks, Wabu Grill Teriyaki House, Wing Stop and Yogurtland. The site will also include an educational community center run by CCSCLA.

“We spent a great deal of time working with Nadel to design a center that looks great and will function well long term,” said John Mehigan, regional officer and VP of investments with Regency Centers.

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News

American Eagle narrows loss in second quarter

BY CSA STAFF

Despite a net income drop of 70% in the second quarter ended Aug. 2, American Eagle’s results were still better than analysts’ expectations.

The retailer earned $5.8 million, down from $19.6 million a year earlier. Revenue decreased 2% to $710.6 million from $727.3 million. Analysts expected revenue of $689.5 million in the quarter. Same-store sales decreased 7%.

"Although the second quarter results were slightly ahead of our expectations, they do not reflect our potential," interim CEO Jan Schottenstein said. “We did, however make significant progress on our priorities to build a sustainable path to higher profitability. We successfully cleared through spring and summer merchandise and entered the second half of the year in a good inventory position.”

Following disappointing results during this year’s first quarter, which were consistent with the company’s expectations, American Eagle Outfitters decided to close 150 stores in North America during the next three years, including nearly 100 AE stores.

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FINANCE

American Eagle Q2 income slides 70% but still tops estimates

BY Marianne Wilson

Pittsburgh — American Eagle’s second-quarter net income was down 70% amid weak sales. But its results were better than analysts estimates.

For the period ended Aug. 2, American Eagle Outfitters Inc. earned $5.8 million, down from $19.6 million a year earlier.

Revenue decreased 2% to $710.6 million from $727.3 million, topping estimates of $689.5 million. Same-store sales fell 7%.

"Although the second quarter results were slightly ahead of our expectations, they do not reflect our potential," interim CEO Jan Schottenstein said in a statement. “We did, however make significant progress on our priorities to build a sustainable path to higher profitability. We successfully cleared through spring and summer merchandise and entered the second half of the year in a good inventory position.”

Selling, general and administrative expenses increased to $190.1 million from $186.3 million. Depreciation and amortization expense climbed to $35.4 million from $29.7 million.

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