REAL ESTATE

Neiman Marcus confirms shuttering of Minneapolis store

BY Katherine Boccaccio

Dallas — Neiman Marcus Group on Monday confirmed earlier reports that it would close its Nicollet Mall store in Minneapolis.

The 118,000-sq.-ft. store, open since 1991, has not achieved minimum company objectives and will be closed in July 2013, said Neiman Marcus.

The company said it doesn’t plan to relocate the store in Minneapolis.

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REAL ESTATE

J.C. Penney sells real estate stake in Simon, unveils in-store shops

BY Katherine Boccaccio

Dallas — J.C. Penney Co. said Monday it has raised $248 million and taken its first step toward shedding non-core assets by selling off part of its stake in a Simon Property Group unit.

Following the transaction, the real estate unit for Penney – JCP Realty – will hold about 205,000 limited partnership units in Simon’s operating partnership.

Also on Monday, J.C. Penney CEO Ron Johnson unveiled a trio of in-store shops, slated to open at 683 J.C. Penney stores across the United States starting on Aug. 1.

The three in-store concepts all feature denim offerings. Another lineup of shops is slated to open on Sept. 1.

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REAL ESTATE

Dunkin’ Donuts to expand presence in Germany

BY Katherine Boccaccio

Canton, Mass. — Dunkin’ Donuts announced Monday that it has signed a franchisee agreement to expand the brand’s presence in Germany.

The new franchisee group, consisting of local businessmen Sadi Sanlav and Mo Rahimi, plans to develop at least 15 new Dunkin’ Donuts restaurants in the Frankfurt, Rhine-Main area of Germany over the next five years.

Dunkin’ Donuts currently has more than 30 locations across Germany, concentrated in the Berlin and Nordrhein-Westfalen metropolitan areas. With the new franchisee agreement, the total number of Dunkin’ Donuts restaurants in Germany will rise to nearly 50 locations in the coming years.

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