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Project Profiles

BY CSA STAFF

Plymouth Meeting Mall’s $96.6 million redevelopment brings a new level of excitement and energy through the addition of entertainment uses, dining and a destination grocery store. The project includes the Philadelphia region’s largest Whole Foods Market and Cafe with rooftop seating, adjoining a beautifully landscaped open-air plaza of shops featuring stylish new retailers, which connects the anchor to the mall. The plaza will have a lifestyle feel, created through textured concrete, large decorative planter boxes with seating areas, and dramatic lighting elements that help guide guests through the area into the mall. A 350-car parking garage is situated under the entire plaza area and includes a state-of-the-art people-moving system to bring guests from the garage into Whole Foods and the plaza shops.

On the other side of the mall, an eclectic mix of dining and entertainment destinations include P.F. Chang’s China Bistro, California Pizza Kitchen (CPK), Redstone American Grill and Dave & Busters. The restaurants are connected by a new landscaped plaza, which mimics the feel of the retail plaza area. One special feature of the new restaurants is the addition of outside seating venues, set within lush landscaping, which provide a relaxed atmosphere to enjoy time with family, friends and co-workers. The restaurant plaza is located within a few feet of the mall’s entrance.

Upland Square is ideally situated in one of the fastest-growing regions in the suburban metropolitan area surrounding Philadelphia. Solid residential growth and improved and expanded roadways help draw 33,000 cars per day to the site.

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Dillard’s 3Q loss widens

BY CSA STAFF

LITTLE ROCK, Ark. Dillard’s reported a third quarter net loss of $56 million, or 76 cents per share, compared to a net loss of $11.3 million, or 15 cents per share, for the same period last year.

Dillard’s ceo, William Dillard, II, stated, “The oppressive economic environment clearly weighed heavily on our results during the third quarter. We continue to take aggressive action to navigate these challenging times. We announced the closure of 21 under-performing stores during 2008, dramatically reduced capital spending for 2008 and 2009 and are executing appropriate operating expense reduction measures throughout the Company. These efforts are not only designed to position ourselves to weather near-term economic uncertainty but also to position Dillard’s well for the long term.”

Net sales for the quarter were $1.508 billion compared to net sales of $1.633 billion last year. Sales in comparable stores declined 9%.

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Fred’s sees 3Q income growth

BY CSA STAFF

MEMPHIS, Tenn. Fred’s reported net income of $6.1 million, or 15 cents per diluted share for the third quarter 2008, an increase of 32% from net income of $4.6 million or 12 cents per diluted share in the year-earlier quarter.

Fred’s total sales for the third quarter of fiscal 2008 were $418.0 million compared with $419.9 million for the same period last year, with the year-over-year decline of 0.4% reflecting the company’s store-closing program. Excluding stores closed in 2008, total sales from ongoing stores increased 4% over the third quarter of last year. On a comparable-store basis, third quarter sales increased 1.4% versus 1.1% in the year-earlier period.

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