REAL ESTATE

Miracle Mile Shops plans major redevelopment

BY Michael Fickes

Las Vegas — Miracle Mile Shops at Planet Hollywood Resort & Casino has begun planning efforts to convert a 60,000-sq.-ft. area on Harmon Avenue along the center’s south end into a dining and entertainment destination.

The area already draws heavy foot traffic from Las Vegas Boulevard into a restaurant and entertainment destination. Once completed, the area will feature a completely redesigned look and feel as well as a number of new concepts and a new pedestrian experience. The center is working with KGA Architecture on designs that will achieve these goals.

“Our goal is to create a walk-able, fun destination activated with day-life and nightlife including live music and restaurants with indoor and outdoor dining,” remarked Jerry Irwin, general manager of Miracle Mile Shops.

Plans currently call for construction to begin in 2015.

Miracle Mile Shops at Planet Hollywood Resort & Casino is a 1.2 mile retail/entertainment complex at the heart of the Las Vegas Strip featuring 170 specialty stores, 15 restaurants and live entertainment venues.

Several new stores have scheduled grand openings. Set to open this month is health and nutrition hotspot GNC; elite shoe and apparel retailer Shoe Palace; and the first freestanding Alex & Ani store in Las Vegas.

In addition, Chipotle will bring its Mexican cuisine to Miracle Mile Shops this fall. Comic and fandom online retailer Ink & Vector recently opened its first and only pop-up location.

Existing tenants include PBR Rock Bar & Grill, boasting a Strip-side location with excellent food, drinks and bull riding; H&M; Sugar Factory, the sweet shop adored by Hollywood’s hottest celebrities; American clothing line and complete lifestyle brand Original Penguin; Chicago popcorn legend Garrett Popcorn Shops’ only Las Vegas location; Guess; Urban Outfitters; True Religion Brand Jeans; 15,000-sq.-ft. bar and restaurant Cabo Wabo Cantina; Las Vegas’ very own Sin City Brewing Co.; Club Tattoo, featuring some of the best tattoo artists and body piercers in the nation; the first House of Hoops by Foot Locker in the city; as well as a multi-million dollar fountain show.


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Supervalu to acquire Rainbow Stores in the Twin Cities

BY CSA STAFF

Supervalu, the owner of Cub Foods, along with four Twin Cities-based independent grocery retailers, have each entered into definitive agreements to acquire select Rainbow Foods grocery stores. In total, they agreed to acquire 18 Rainbow grocery stores, including 13 Rainbow pharmacies and three Rainbow liquor stores in Minnesota.

Jerry’s Enterprises, Haug Enterprises, Lund Food Holdings and Radermacher Enterprises have joined Supervalu in executing these agreements. Once completed, the acquired stores are intended to be operated by Supervalu, a Cub franchisee or an independent retailer as 10 new CUB Foods locations, two new Byerly’s locations and six locations are expected to be operated under the Rainbow banner.

Of the 18 stores, Supervalu will have 100% ownership in three Cub stores, majority ownership in two Cub stores, minority ownership in three Cub stores and 100% ownership in two Rainbow stores as well as 100% ownership interest in eleven pharmacies. Roundy’s will be selling these 18 stores for approximately $65 million plus inventory. Supervalu’s aggregate purchase price across its multiple purchase agreements is approximately $35 million in cash plus the cost of inventory that will be purchased at the closing of the Rainbow store sale. In addition, as part of the transactions, Supervalu will assume certain lease obligations and certain multi-employer pension liabilities related to the stores being acquired by Supervalu.

“Supervalu is thrilled to participate in this consortium of retailers that is acquiring Rainbow stores,” said Sam Duncan, Supervalu’s president and CEO. “We’re especially pleased that highly respected independent retailers here in the Twin Cities are also acquiring Rainbow stores. These independent retailers are great customers to Supervalu who understand the importance of being a strong community grocer.”

Cub Foods consists of a combination of corporate-owned and franchised locations. Following the close of the transactions, Cub Foods will total 66 stores in the Twin Cities and 77 stores banner-wide (including 76 stores in Minnesota and one store in Illinois). As part of acquiring these stores and with seasonal employment needs, Cub Foods expects to make more than 1,000 job offers in the coming months.

“For nearly five decades, Cub Foods has been a trusted grocer and innovator in the Twin Cities,” said Mike Stigers, Cub Foods president. “This community has always been important to us and it is our continued desire to deliver great products, excellent service and an incredible overall value in the grocery store. With more stores under the Cub Foods brand and being serviced out of our distribution center in Hopkins, we will be better positioned to improve our efficiencies and explore ways to bring even stronger value and price competitiveness to our shoppers going forward.”

The transactions are subject to customary closing conditions and are expected to be completed by the end of the summer.

Supervalu serves customers across the United States through a network of 3,339 stores made up of 1,819 independent stores serviced primarily by the company’s food distribution business, 1,330 Save-A-Lot stores, of which 948 are operated by licensee owners; and 190 traditional retail grocery stores.

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Hudson’s Bay taps new financial chief

BY CSA STAFF

Hudson’s Bay Company has named Paul V. Beesley as CFO, effective June 2014.

Beesley is a senior executive with extensive experience in financial management and strategic development across a range of leading Canadian-based companies. From 2000 to 2014, he served in a number of executive roles with Empire Company Limited, a corporation with annual sales in excess of $19 billion and operations in retailing and related real estate, including chief corporate development officer of the Sobeys unit and EVP and CFO of Empire. While at Empire, Beesley developed strategies resulting in the acquisitions of Canada Safeway and the remaining stake in Sobeys, led the creation of an Empire-related REIT, and facilitated numerous financing transactions.

Prior to Empire, Beesley was VP and CFO of The Globe and Mail Company, and previously held finance, operational and strategic planning positions with Delrina Corporation, Suncor Energy and Varity Corporation. Beesley is a Certified Public Accountant and began his career at Peat, Marwick & Mitchell in Toronto. A native of Canada, he has a BSc degree from Dalhousie University, Halifax, Nova Scotia; and an MBA from St. Mary’s University, Nova Scotia, Canada.

Beesley will report to HBC’s office of the chairman, which consists of Richard Baker, governor and CEO, and Donald Watros, president. Watros also has been serving as HBC’s interim CFO and will relinquish that role when Beesley joins the company.

“Paul Beesley is an accomplished professional who has contributed to the financial, strategic and operational progress of several leading corporations,” said Richard Baker. “His broad range of capabilities includes expertise in finance, capital markets and REITs. We are pleased to have Paul join HBC to help provide world-class fiscal leadership as we continue our development as a premier North American fashion retailer.”

“My new position with Hudson’s Bay Company affords the opportunity to join one of the most exciting companies in the retail sector. I look forward to working with the HBC team to deliver on the company’s strategic goals and to help drive its performance and shareholder value,” said Beesley.

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