REAL ESTATE

Mrs. Fields to debut new store at Arista Place

BY Katherine Boccaccio

Broomfield, Colo. — Mrs. Fields Cookies said Tuesday it will open a new location at Arista Place, located in Broomfield, Colo.

The flagship store, which is slated to launch construction this month, will feature a new store design and branding. It is expected to open in March 2013.

The new design, said the company, will incorporate more soft seating and a retail area for ordering cookie gifts online. The corporate location will also serve as the company’s training university for new franchisees.

The enhanced design, completed by Fitch Design Services, will be utilized as the company’s new brand identity and store design moving forward.

“This new location will be a great addition to the emerging development taking place at Arista Place,” said Tim Casey, CEO of Mrs. Fields Cookies. “Mrs. Fields is an iconic brand and we feel that Arista is a great place to debut our new look, including the addition of innovative products, brand imagery focusing on the 35-year history and a unique retro design, all of which are key components included with the concept’s 2013 brand re-launch program.”

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REAL ESTATE

Report: Store opening plans for 2013 at a four-year high

BY Katherine Boccaccio

Chicago — Store opening plans for 2013 are at a four-year high even as positive retail trends tempered with uncertain fiscal policies signal a cautious start to the new year, according to a report released Monday by Jones Lang LaSalle.

According to Jones Lang LaSalle’s 2013 National Retail Real Estate Outlook, retailers will open as many as 78,325 stores in the next two years – up 11% from year-end plans in 2011. Construction will add 52 million sq. ft. of space in 2013, more than double the 20 million sq. ft. completed in 2012.

Also, relatively stable pricing and pent-up demand for non-durable goods will drive up consumer spending slightly in 2013, but retail real estate performance is unlikely to see dramatic improvements until employment growth accelerates.

“2013 will be a year to separate the wheat from the chaff,” said Greg Maloney, president and CEO, Jones Lang LaSalle’s Americas. “Property subtypes, markets and retailers that are doing well now will continue to strengthen their position, while those that are weak and struggling will stumble along or fail entirely.”

Jones Lang LaSalle’s forecast assumes that lawmakers will act to avert a fiscal and economic collapse, even if only by means of a temporary compromise. Lingering risks to retail sales in 2013 include a potential spike in energy prices, natural disasters, geopolitical instability abroad and structural shifts in buying patterns and online purchasing.

Retail real estate fundamentals, too, are in a tug of war between positive and negative trends that will largely cancel each other out in 2013, leaving overall occupancy and rental rates to stagnate. Some retailers will expand aggressively, but there is a concurrent trend toward smaller store footprints. And as some chains vacate big box spaces or close altogether, off-price department stores and other retailers will seize upon those opportunities to backfill the space, according to JLL.

Consumers will be slightly better off in 2013 and are expected to increase retail spending moderately, barring economic shocks. Households continue to deleverage, core inflation remains low, and another unseasonably mild winter may reduce consumers’ energy costs and boost spending at restaurants and on staple goods like apparel and footwear through mid-year. Weather and disaster-related preparation and repairs may drive some spending, and sales of existing and new homes will increase in 2013, driving purchases of furniture and other goods.

The report revealed the following 2013 retail real estate outlook highlights:

  • Non-durable purchases will outperform throughout 2013 with a marked improvement expected in the second half, reflecting stable core prices (excluding food and energy).
  • More retailers are opening stores-within-anchors: Target has added Apple displays and small shops; J.C. Penney operates mini-stores such as Mango and Sephora and plans hundreds of in-store shops; and Finish Line plans to open 450 stores inside Macy’s.
  • To better compete with online sellers, retailers including Wal-Mart are experimenting with same-day delivery in some markets.

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Apr-10-2013 07:35 pm

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REAL ESTATE

Chestnut Hill Shopping Center renamed ‘The Street’

BY Staff Writer

Chestnut Hill, Mass. – To better reflect its transformation into a walkable retail destination that seeks to be the new downtown in the heart of Chestnut Hill, Mass., the Chestnut Hill Shopping Center has been renamed "The Street," owner/manager WS Development announced today.

With nearly ½ mile of frontage along Route 9, The Street was one of New England’s first shopping centers when it opened in 1950. The Street’s redevelopment continues to place it at the forefront of retail destinations both locally and beyond.

“Chestnut Hill Shopping Center was part of a then-revolutionary wave of retail projects opening around the country just after World War II,” said Jeremy Sclar, president, WS Development. “Today, however, the project has a new, powerful, cutting-edge, configuration and mix of specialty shops and restaurants. Rebranding it as “The Street’ more accurately reflects the sophisticated offerings and urban experience our customers will experience.”

The Street features a mix of national, regional and local retailers that offer fashion, casual and fine dining options, a state-of-the-art fitness center, and the best boutique cinema in Greater Boston. Coming soon are Showcase Super Lux featuring Davio’s Cucina, The Sports Club/LA, Polarn O. Pyret, Pottery Barn, lululemon athletica, Shake Shack, Pinkberry, Del Frisco’s, Bernard’s, Treat Cupcake Bar, Styled, and many others soon to be announced. New tenants will join an already robust lineup including The Container Store, Legal Sea Foods, Aquitaine, The Cottage, Star Market, City Sports, Portobello Road, Urban Grape, EyeSpot, Comella’s, Angora Ice, and others.

The phased redevelopment, designed by Cambridge, Mass.-based Prellwitz/Chilinski Associates, is expanding and transforming the project into a town center complete with tree-shaded pedestrian walkways, outdoor dining, and new buildings with glass facades overlooking Hammond Pond. For the first time, storefronts will line both the south side facing Route 9 as well as the north side facing the Pond.

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