REAL ESTATE

New Shopping Outlet Planned

BY CSA STAFF

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.

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Lampert, the Eli Manning of retail?

BY CSA STAFF

HOFFMAN ESTATES, Ill. The New York Giants triumph over the highly favored New England Patriots in the Super Bowl earlier this month, has become an example of coming from the bottom to win it all. Sears Holdings chairman Edward Lampert is one of the latest to use the Giants win, even going as far to compare himself, and the leaders of his company, to quarterback Eli Manning.

The Giants analogy, and Eli Manning comparison, is applied mainly to the company’s Kmart division. In a letter to investors, posted on the Sears Holdings investor relations Web site, Lampert said during Kmart’s bankruptcy in 2002, the unit was “like an undrafted free agent who nobody thought had a chance to play in the big leagues.” Lampert went on to say, “Like Eli Manning, we know what it’s like to be underestimated and questioned, but we intend to keep working on our game to achieve our full potential.”

Sears Holdings reported net income of $426 million, or $3.17 per diluted share, for the fourth quarter ended Feb. 2, compared with net income of $811 million, or $5.27 per diluted share, for the fourth quarter ended Feb. 3, 2007. For the fiscal year ended Feb. 2, 2008, net income was $826 million, or $5.70 per diluted share compared with net income of $1.5 billion, or $9.58 per diluted share, for the fiscal year ended Feb. 3, 2007.

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Circuit City investor seeks to replace board

BY CSA STAFF

RICHMOND, Va. Circuit City Stores today acknowledged that it has received two proposals from shareholder Wattles Capital Management regarding its board of directors. Wattles holds approximately 6.5% of the outstanding shares of the company’s common stock.

Circuit City reported that Wattles proposed the idea of replacing the company’s Circuit City 12-member board of directors with its own nominees. Circuit City said its board of directors will review carefully the shareholder’s proposals and the qualifications of the nominees in accordance with its fiduciary duties, mindful that the proposal would give the shareholder absolute control of the entire board, which would be disproportionate to its relative ownership of the company’s shares.

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