New Shopping Outlet Planned
Grand Prairie, Texas Outlet developer Prime Retail announced Tuesday that it will begin construction on a new shopping destination this fall in the City of Grand Prairie, Texas.
The new outlet shopping center, called Prime Outlets – Grand Prairie, will feature 485,000 sq. ft. of gross leasable area, along with more than 2,700 parking spaces. The outlet is slated to open to shoppers in time for the 2009 holiday season.
The development agreement, which also includes off-site improvements, such as roadway configuration and revamped traffic patterns for the new 64-acre site, was signed on Feb. 20, 2008.
“When construction is complete, Prime Outlets – Grand Prairie will not only bring nearly 2,000 jobs to the Dallas/Fort Worth area, but a mix of designer and name brands available to shoppers at everyday savings of 25% to 65% off retail prices,” said CEO Nicholas King, Prime Retail.
Designed in an open-air architectural style environment, Prime Outlets – Grand Prairie will feature 120 outlet stores, an on-site food court, and restaurant sites surrounding the outlet center.
Fresh & Easy to Expand in Calif.
Sacramento Tesco has named 17 locations for its Fresh & Easy Neighborhood Market stores in the Sacramento area starting next year.
After debuting in Southern California in November, Fresh & Easy has opened 55 stores combined in Southern California, Las Vegas and Phoenix.
Limited Brands Cuts Real Estate Projects
Columbus, Ohio Limited Brands Inc. said Thursday that it is cutting the number of real estate projects planned for this year as it tries to improve results in its stores.
The retailer, which operates the Victoria’s Secret and Bath & Body Works chains, made the comments during a conference call. It said the reduction in real estate projects should lower its planned capital expenditures by $85 million.
On Wednesday, Limited Brands said its fourth-quarter profit fell 12% on a substantial decline in sales following last summer’s decision to get out of the apparel business. Weak store traffic and scaled-back circulation of its Victoria’s Secret catalog also contributed to the decline.
Limited Brands said it made $388.6 million compared with $439.8 million in the same quarter a year ago. Sales totaled $3.28 billion for the quarter, down from $4.02 billion a year earlier.
In July, the company transferred 75% ownership of its Limited Stores chain to buyout firm Sun Capital Partners Inc. and sold a 75% interest in its Express brand to affiliates of private equity firm Golden Gate Capital.