REAL ESTATE

Macy’s announces store openings, closings

BY Katherine Boccaccio

New York City — Macy’s Inc. announced a strategic plan on Wednesday to open new stores in select markets as well as to close a series of underperforming units. As part of the plan, five Macy’s department stores will be shuttered in spring 2012 – in Topeka, Kan.; Laurel, Md.; Parma, Ohio; Antioch, Tenn.; and Texas City, Texas. Five new Macy’s stores will open in 2012 and 2013.

“We continue to be committed to maintaining a healthy portfolio of stores that allows us to focus on growth from our best and most productive locations,” said Terry J. Lundgren, Macy’s chairman, president and CEO. “This requires us to make some difficult decisions to close stores that no longer meet our performance requirements, as well as to open stores where we see opportunity.”

The company said that Bloomingdale’s will close four stores in early spring 2012: at Perimeter Mall in Atlanta; in Oak Brook, Ill.; in North Bethesda, Md.; and at Mall of America in Bloomington, Minn.

As previously announced, a new Bloomingdale’s will open in Glendale Galleria in Glendale, Calif., as well as in Stanford Shopping Center in Palo Alto, Calif., which is slated to open spring 2014.

The new Stanford Shopping Center store will be built in a smaller format similar to Bloomingdale’s stores opened in recent years in SoHo (New York), Chevy Chase, Md., and Santa Monica, Calif.

Five new Bloomingdale’s Outlet stores will open in 2012, each with about 25,000 sq. ft.

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REAL ESTATE

Subway to add 2,500 locations in 2012

BY Staff Writer

New York City — Subway Restaurants plans to add 2,500 restaurants in 2012, according to a report on QSRweb.com.

In 2011, Subway opened more than 2,100 locations, including 1,000 new units in the United States and Canada. A big part of the chain’s growth came from nontraditional spaces such as convenience stores, department stores, train stations, museums, hotel lobbies and movie theaters, the report said.

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REAL ESTATE

Panda Express debuts Panda Dry Cleaning format

BY Marianne Wilson

New York City — The owners of the Panda Express fast-food chain, Andrew and Peggy Cherng, have partnered with Procter & Gamble, whose products include Tide laundry detergent, to open a dry cleaning chain, Panda Dry Cleaning, according to the Los Angeles Times.

The new concept made its debut under the Tide Dry Cleaners banner in Henderson, Nev., and as many as 200 franchised locations nationwide are planned for the next five years.

Panda is set to open at least five more Tide cleaners in 2012. Many of the future locations could be planned for California, where they have exclusive rights to develop the facilities, the report said.

"There isn’t any consolidation in this particular industry," Andrew Cherng told the Times. "There is no McDonald’s of dry cleaners. We see this as an opportunity."

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