REAL ESTATE

RadioShack opens next generation store in Manhattan

BY Michael Fickes

New York — RadioShack Corporation has opened the first of the next generation of stores scheduled to roll out across the country and around the world over the next several months.

RadioShack plans to open a variety of store configuration prototypes in the New York metropolitan area and in New Jersey and Texas. Each store will feature configurations customized to local buying patterns and neighborhood needs. Key lessons from the newly configured stores will provide the foundation for future retrofits and remodeling of many of RadioShack’s 4,300 stores in the United States.

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REAL ESTATE

New general manager for Somerville, Mass., Assembly Row

BY Michael Fickes

Rockville, Md. — Federal Realty Investment Trust has announced that Russ Joyner has joined the company as VP-general manager of Assembly Row. Joyner’s responsibilities will include management and operations at the mixed-use development project in Somerville, Mass. Currently under construction, Assembly Row will open in mid-2014.

With 26 years of retail real estate management and operations experience, Joyner comes to Federal Realty from Miracle Mile Shops in Las Vegas where he served as President and General Manager. He has also served as VP and General Manager at Fashion Show Mall in Las Vegas and Hollywood & Highland, home to the Academy Awards.

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REAL ESTATE

Global Baristas acquires Tully’s Coffee Shops

BY Michael Fickes

Seattle — TC Global (dba Tully’s Coffee Shops) has announced the completion of the sale of substantially all of its assets to Global Baristas, an investment group led by Patrick Dempsey. Global Baristas bought the assets in an auction in bankruptcy court last January. The company plans to continue to operate Tully’s Coffee Shops and to retain all of the employees.

Tully’s filed for protection under Chapter 11 of the U.S. Bankruptcy Code in October of last year, closing 19 unprofitable locations while relocating almost all of the employees affected by closures to other stores. Since the filing and store closures, same store sales have increased and profitability has improved.

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