REAL ESTATE

Lord & Taylor opens in Westchester, N.Y.

BY Staff Writer

New York — Lord & Taylor has opened an 80,000-sq.-ft. store in Ridge Hill center, Westchester, N.Y.

The store, which cost a reported $30 million to build, has a very contemporary look and spacious feel, with large Italian white tiles throughout.

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OPERATIONS

Walmart and Humana team up on prescription program

BY Staff Writer

Bentonville, Ark. — Walmart is partnering with health services company Humana Inc. to offer a new prescription drug plan for insured employers and employees. Humana’s pharmacy benefits management subsidiary, Humana Pharmacy Solutions, will now offer the Walmart Rx Network. The partnership will also offer a new formulary, or approved drug list, called Rx4Value.

Humana said the new formulary and the Walmart Rx Network guarantee up to 20% savings on employers’ average prescription price. The program is available to self-insured employers and will be available to fully insured employers later this year.

“At Walmart, we’re committed to providing low-cost prescriptions and ensuring that people have affordable access to the medications they need to help them live healthier lives,” said John Agwunobi, president of Walmart U.S. health and wellness. “We are proud to team with Humana on this innovative benefit.”

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REAL ESTATE

Report: Retailers’ growth plans running 5% ahead of last year

BY Marianne Wilson

New York — Retailers’ growth plans are running about 5% ahead of year-ago projections, according to ChainLinks Retail Advisors’ Spring 2012 Retailer and Restaurant Expansion Guide.

“Demand is being driven by discounters, grocery store chains, off-price apparel retailers, fast-food and fast-casual dining concepts,” said Garrick Brown, national retail research director, ChainLinks, one of the leading retail real estate advisory services organization in North America. “Growth from those players will help to lower vacancy for most shopping center types.”

According to the report, some of the most active retailers currently include:

  • Subway: Hoping to open as many as 2,500 stores worldwide this year.
  • Dollar General: Planning 650 new stores in 2012.
  • Family Dollar: Planning 500 new stores this year.
  • 7 Eleven: Planning on at least 300 new stores over the next 12 months.
  • Dollar Tree: Planning 300 units in 2012.

The comprehensive report details the current expansion plans for over 2,500 U.S. retail and restaurant chains can be downloaded here.

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