REAL ESTATE

The Pantry Acquires 16 Angler’s Convenience Stores

BY CSA STAFF

Sanford, N.C., The Pantry, Inc. has completed the acquisition of 16 Angler’s Mini-Mart convenience stores in the Charleston, S.C., market. The stores generated revenues of approximately $73 million in 2005.

Separately, the company has also completed the previously announced acquisition of a convenience store in Sanford, N.C. The Pantry has also entered into definitive agreements to acquire single stores in the Myrtle Beach, S.C., and Naples, Fla., markets. The Naples store will be the company’s second in that market.

All of these transactions have been or will be financed with a combination of cash on hand and lease financing. Terms were not disclosed.

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REAL ESTATE

Circuit City to Open New Prototype

BY CSA STAFF

New York City, Circuit City Stores Inc. will be rolling out a new prototype store in June, according to a report by Reuters. John Mulleady, VP for real estate and construction at Circuit City, announced the prototype at the National Retail Federation’s (NRF) annual conference in New York City on Sunday.

Although he did not give many details, Mulleady said the prototype would build on the consumer electronics retailer’s efforts to continually test new store types to better appeal to today’s shoppers. Mulleady said Circuit City is working on building 300 new stores in the next two years.

While Circuit City has stores in Canada, Mulleady said “not today” when asked if the retailer was looking at additional international expansion.

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REAL ESTATE

Nordstrom Rack to Open Another Washington Location

BY CSA STAFF

Seattle, Nordstrom Inc. will open a Nordstrom Rack discount store in Tukwila, Wash., this fall, according to the Puget Sound Business Journal. The 35,000-sq.-ft. store will open in Southcenter Square, a 231,000-sq.-ft. shopping center on Southcenter Parkway.

Filled with merchandise from Nordstrom.com and its full-line stores, Nordstrom Rack sells these goods at discounts ranging between 30% and 75%. The Rack stores also feature special-purchase items.

The retailer operates five Nordstrom Racks in Washington, including Lynnwood, downtown Seattle, Auburn, Bellevue and Spokane.

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