REAL ESTATE

Mid-America Real Estate names new partners

BY Staff Writer

Oakbrook Terrace, Ill. — Mid-America Real Estate Corp. announced the promotions of two senior VPs to partners.

Andy Bulson is responsible for the management of Mid-America’s Suburban Tenant Representation Team, representing numerous national retailers throughout the Chicagoland area. Dan Tausk oversees Mid-America’s Urban Retail Team, representing both retail landlords and tenants in urban Chicago and its neighborhoods.

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Holiday promotions lead to lower outlook at Williams-Sonoma

BY CSA STAFF

SAN FRANCISCO — Williams-Sonoma Inc. said Thursday it has cut its fiscal Q4 earnings outlook below Wall Street expectations due to heavy holiday promotions levels.

The company said it had to offer discounts to entice shoppers this holiday season. Although earnings guidance has been reduced to below expectations, Williams-Sonoma’s revenue outlook remains in line with Wall Street, trimmed to a range of $1.24 billion to $1.26 billion. The company had previously expected revenue as high as $1.27 billion.

In the eight weeks that ended on Dec. 25, Williams-Sonoma’s revenue rose 4.2% to $901 million. Revenue from the company’s websites, catalogs and same-store sales rose 4.9%, compared with 11.3% growth in the prior year.

Laura Alber, president and CEO said, “Looking forward to fiscal 2012, we remain committed to the fundamental strategies that drove ourrecord earnings performance in fiscal 2011 and allowed us to gain market share, invest in future growth and improvecompany-wide profitability. These strategies include attracting new customers to our brands, filling ‘white space’ inthe marketplace by expanding our merchandise categories, and capitalizing on the world-class service thatdistinguishes our brands from the competition. These strategies also include continuing to drive efficiencies in ourglobal supply chain and expanding our initiatives in e-commerce."

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Walmart to face Target’s ‘Operation Ontario’ in 2012

BY CSA STAFF

The Germans didn’t know the precise landing point of the allied of invasion of Europe, but Walmart now knows where Target plans to launch its assault on the Canadian market.

Walmart stores in Ontario will be the first to face fresh competition from Target, as the company this week disclosed the Canadian province would be home to its first 24 stores, which are slated to open next March or April. Those familiar with the Canadian market weren’t surprised by Target’s choice of landing points as the company’s Canadian headquarters is near Toronto in the city of Mississauga – the same as Walmart – and Ontario is Canada’s most heavily populated province with about one third of the nation’s 36 million residents.

Target is entering the densest province first in a classic retail expansion strategy to establish a critical mass of stores as quickly as possible to leverage expenses and gain operational efficiency.

The Ontario opening are part of a larger strategy that calls for the eventual addition of between 125 and 135 units stemming from last year’s acquisition of 189 leases of former Zeller’s locations, a portion of which were actually sold to Walmart. The arrival of Target represents some serious, yet familiar, competition for Walmart and with Target planning to invest between $10 and $11 million in remodeling costs per unit it won’t be the pushover that Zeller’s was.

Meanwhile, in Western Canada, the Calgary Herald reported that Target plans to build a 1.3 million square foot distribution center just north of Calgary, one of three such facilities the company plans to operate nationwide.

The Ontario store locations disclosed by Target include the following:

  1. London Westmount, Westmount Shopping Centre

  2. Kawartha Lakes, Lindsay Square Mall

  3. Newmarket, Upper Canada Mall

  4. Milton, Milton Mall Shopping Centre

  5. Cambridge, Cambridge Centre

  6. Toronto, Centrepoint Mall

  7. Mississauga, Square One Shopping Centre

  8. Ajax, Durham Centre

  9. Orillia, Orillia Square Mall

  10. Brampton, Shoppers World Brampton

  11. London, Masonville Place

  12. Windsor, Devonshire Mall

  13. Toronto, Cloverdale Mall

  14. Toronto, Shoppers World Danforth

  15. Burlington, Burlington Mall

  16. Toronto, East York Town Centre

  17. Aurora, Aurora Shopping Centre

  18. Fergus, Gates of Fergus

  19. Hamilton, Centre Mall

  20. Guelph, Stone Road Mall

  21. Burlington, Millcroft Centre

  22. Waterdown, Flamborough Power Centre

  23. Whitby, Taunton Road Power Centre

  24. Brampton, Trinity Common

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