Landau Jewelers Expands in Manhattan
New York City, Landau Jewelers leased 280 sq. ft. at 794 Madison Ave. for its sixth Manhattan location. Cushman & Wakefield Retail Brokerage professionals Joanne Podell and Mark Price represented the landlord, Williamsburg Assets, in marketing the available retail space and in lease negotiations. Landau was represented by Judson Realty.
Macy’s Banner to Fly Over May
Cincinnati, Federated Department Stores Inc. will convert 330 stores owned by May Department Stores Co. to Macy’s after Federated’s takeover of May is complete. Famous-Barr, Filene’s, Hecht’s and Kaufmann’s are among the banners to be converted to Macy’s as of fall 2006, according to Jim Sluzewski, Federated spokesman. Federated will also sell 68 stores, 27 of which are Federated stores, in 2006. The company said that after the conversions take place, there will be 730 Macy’s nationwide.
Federated will keep the Lord & Taylor name, which represents 58 stores. It is still studying the Marshall Field’s name, which represents 60 stores. The company says it will not eliminate any jobs before March 1, and all May stores will keep their current names until after this year’s holiday season.
Metro Buys A&P Canada in $1.48 Billion Deal
Montvale, N.J., The Great Atlantic & Pacific Tea Co. agreed to sell its Canadian business to Canadian super market chain Metro. The $1.48 billion deal will almost double the size of Metro Inc., which will become a 579-store chain. As part of the deal, A&P will take a 15.8% ownership stake in Metro.
“This is a unique opportunity to transform Metro’s strong regional base into a significantly larger platform with increased scale and geographic diversification. The strategic and geographic fit between our two companies is compelling and I am confident that together, we will continue to innovate, grow and deliver value to our customers and shareholders,” said Pierre H. Lessard, Metro’s president and CEO, in a prepared statement.