REAL ESTATE

Kmart to close two Philadelphia stores

BY Marianne Wilson

New York — Kmart will shutter two locations in the Philadelphia area this spring, Philadelphia Business Journal said. The locations, at The Gallery and at 900 Orthodox St., will close in late April.

“Store closures are part of a series of actions we’re taking to reduce on-going expenses, adjust our asset base, and accelerate the transformation of our business model. These actions will better enable us to focus our investments on serving our customers and members through integrated retail — at the store, online and in the home,” said Kmart spokesman Howard Riefs in an email to the Philadelphia Business Journal.

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REAL ESTATE

Dunkin’ Donuts plans 13 stores in Oklahoma City

BY Dan Berthiaume

Canton. Mass. – Dunkin’ Donuts has signed a multi-unit store development agreement with existing franchise group, OKD Holdings, to develop 13 new restaurants throughout Oklahoma City. The first of the planned restaurants will open in 2015.

Together, this team led by second generation Dunkin’ Donuts franchisee Misha Goli and his partners will manage and oversee the company’s daily operations for each restaurant. Goli currently owns four restaurants throughout Oklahoma City.

Dunkin’ Donuts’ new look includes four distinct restaurant design options for franchisees, each featuring variations in layout, color schemes, graphics, textures, furniture and/or lighting, and allows franchisees to select individual elements from any of the four options, creating a restaurant design that reflects their personal tastes and preferences, and best serves their specific restaurant size and location. Dunkin’ Donuts also offers flexible concepts for any real estate format including free-standing restaurants, end caps, in-line sites, gas and convenience, travel plazas and universities, as well as other retail environments.

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Tanger Outlets to develop Savannah, Ga., center

BY Dan Berthiaume

Greensboro, N.C. – Tanger Factory Outlet Centers Inc. plans to develop Tanger Outlets Savannah, in partnership with Georgia development firm Ben Carter Enterprises. Phase One will deliver approximately 400,000 sq. ft. of gross leasable space to the market and the center is expected to house more than 90 upscale brand name and designer outlet stores, with additional outparcel development opportunities.

The site is located on I-95, just north of I-16 and adjacent to the city of Savannah in Pooler, Ga. Also located at this exit is the Savannah International Airport.

"We are very pleased to add Tanger Outlets Savannah to our existing portfolio of successful resort and destination properties," said Steven B. Tanger, president and CEO of Tanger Factory Outlets. "Our joint venture with Ben Carter Enterprises in the Savannah market is a strategic move to help us deliver a world class outlet experience to this thriving Southern market."

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