REAL ESTATE

Limited expanding footprint in California by 30%

BY Marianne Wilson

Columbus, Ohio — The Limited on Friday will open a 4,300-sq.-ft. store in Westfield Galleria Mall, Roseville, Calif., one of four new locations the chain will open this year in California. The women’s apparel retailer is also completely remodeling a fifth, representing 21,000 gross sq. ft. of new retail space in the Golden State.

"California is an important market for The Limited, ranking in the top 10 in the country," said Linda Heasley, CEO, The Limited. "With the opening of these new stores, we are expanding our footprint in the state by 30% and enhancing the shopping experience for our California consumer."

With more than 240 store locations nationwide, The Limited has recently undergone a significant brand overhaul that includes a revitalized in-store shopping experience. Each new or remodeled store will feature a modern motif with taupe walls, white shelving and red accents on the ceilings. Welcoming lounge areas await shopping companions and expanded fitting rooms facilitate one-on-one styling with customers.

"We really listened to consumer feedback to enhance The Limited experience in our stores, beginning with a focus on customer service, atmosphere, and striking aesthetics to inspire fashion," said Heasley.

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REAL ESTATE

Saks’ Off 5th reopening in new center

BY Staff Writer

New York — Saks Fifth Avenue Off 5th announced that it plans to reopen its Nashville, Tenn., store on March 29.

Located next to the Grand Ole Opry House, the approximate 27,500-sq.-ft. store will be located in the Opry Mills Shopping Center. Operated by Simon Malls, upon completion, the center will be the largest shopping outlet in Tennessee, with over 200 stores, multiple restaurants and an in-house movie theater.

The reopening marks Saks Fifth Avenue Off 5th’s return to Opry Mills after it was closed by floods in May 2010.

The store will be done in the ‘luxury in a loft’ store design, which maximizes efficiency and flexibility, enabling easy changes in the general layout. The store will be bright, uncluttered, with no hard aisles and one consistent hard-surface floor throughout. All fixtures will be on casters, ensuring ease in movement, and all hardware will be interchangeable between fixtures.

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REAL ESTATE

PREIT selects Joseph Coradino as next CEO

BY Marianne Wilson

Philadelphia — The trustees of Pennsylvania Real Estate Investment Trust (“PREIT”) announced that Joseph F. Coradino will become CEO of the company as of the company’s annual meeting on June 7, succeeding Ronald Rubin, who will serve as executive chairman.

Coradino has been with PREIT and a predecessor company for three decades, serving since 2004 as president of PREIT Services, LLC and PREIT-Rubin, Inc., and as a member of the office of the chairman. He has been a trustee of PREIT since 2006.

“Joe Coradino has been a highly valued member of our management team for more than 30 years and is one of the most talented and effective executives in the commercial real estate industry today,” Rubin said. “He has played an integral role in developing and executing PREIT’s strategic priorities, including driving ongoing improvement in the operating and sales performance of our mall portfolio. As we work to further build our leadership position in the shopping center industry, Joe is the ideal person to head PREIT.”

PREIT, founded in 1960 and one of the first equity REITs in the United States, has a primary investment focus on retail shopping malls. Currently, its portfolio consists of 49 properties, including 38 shopping malls, eight community and power centers, and three development properties. The company’s properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region.

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