REAL ESTATE

New GM named for Town Center at Boca Raton

BY Staff Writer

Boca Raton, Fla. — Indianapolis-based Simon Property Group said that Brian Nelson has been named general manager of Town Center at Boca Raton, located in Boca Raton, Fla.

Nelson will be responsible for mall operations, tenant relations, leasing, marketing, business development, security and customer service.

Nelson was previously the Indianapolis-based area manager for Greenwood Park Mall, Washington Square Mall and four community centers operated by Simon Property Group.

He has been with Simon Property Group since 2000.

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REAL ESTATE

Sears to shutter 100 to 120 Kmart, full-line Sears stores

BY Katherine Boccaccio

Hoffman Estates, Ill. — Sears Holdings Corp. said Tuesday that it will close between 100 and 120 underperforming Sears and Kmart stores, following dismal holiday sales results for the brands.

The company said it has not yet identified which stores will be shuttered, but said that the closures are part of an overall plan to shift its focus from shoring up underperformers to concentrating its efforts on stronger stores.

"Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce ongoing expenses, adjust our asset base, and accelerate the transformation of our business model," said Louis D’Ambrosio, CEO. "These actions will better enable us to focus our investments on serving our customers."

Sears said that the store closings will generate $140 to $170 million in cash from inventory sales. It anticipates additional proceeds from the sale or sublease of real estate holdings.

The retailer had announced numerous closings this year, but this is the largest group of closings to date.

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REAL ESTATE

Exclusive: An evolving retail landscape shows signs of life

BY CSA STAFF

New York CityChain Store Age columnist Jeff Green, in his latest piece “On the Upswing?”, observes that there are three broad categories of retail driving the current expansion buzz.

Want to know more? Click here.

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