REAL ESTATE

RadioShack opens Penn Station pop-up

BY Dan Berthiaume

Fort Worth, Texas — RadioShack has opened its newest Manhattan location as a pop-up concept store at Penn Station. The limited-time-only location is the third RadioShack pop-up store to open in Manhattan.

In addition, RadioShack has opened a total of eight concept stores in the Manhattan area. The newest pop-up opened five days after construction began.

"New York is a critical market for us as we reinvigorate the RadioShack brand," said Joe Magnacca, CEO of RadioShack. "We debuted our new store format here in June at Broadway and 81st Street, and we continue to launch our new interactive concept stores in the city as a way to introduce not only New Yorkers, but visitors from across the country and around the world to the new RadioShack."

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REAL ESTATE

Nordstrom Rack announces two new stores for fall 2014

BY Dan Berthiaume

Seattle – Nordstrom plans to open two new Nordstrom Rack stores in fall 2014. The approximately 35,000-sq.-ft. stores will be located at Tempe Marketplace in Tempe, Ariz. and Plaza at Jordan Creek in West Des Moines, Iowa.

The Tempe property is owned and managed by Vestar and the Plaza at Jordan Creek is being co-developed by Hurd Real Estate Services, Inc. and Signature Real Estate Services, Inc.

Though Nordstrom has operated a 628,560-sq.-ft. fulfillment center in Cedar Rapids since 1997, Nordstrom Rack will be the company’s first retail location in Iowa. The new Nordstrom Rack will be the sixth Rack store in Arizona. The company operates two full-line Nordstrom stores at Scottsdale Fashion Square and Chandler Fashion Center.

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REAL ESTATE

Aldi plans 650 new U.S. stores in next five years

BY Dan Berthiaume

Batavia, Ill. – Discount grocer Aldi is launching a five-year strategic plan to open 650 new stores across the United States. The chain launched its expansion efforts with the decision to build its regional headquarters and distribution center in Moreno Valley, Calif.

To reach its aggressive five-year goal, Aldi plans to accelerate the pace of new store openings to an average of 130 per year, up from an average of 80 stores per year in recent years. Aldi also is planning to invest more than $3 billion to pay for land, facilities and equipment. When the expansion is complete, Aldi will have stores coast-to-coast and anticipates serving more than 45 million customers per month.

The expansion is expected to create more than 10,000 new jobs at Aldi stores, warehouses and division offices. Today, Aldi has nearly 1,300 stores across 32 states and employs more than 18,000 people

"We’re ramping up our expansion plans to meet growing demand for Aldi from customers across the country," said Jason Hart, president, Aldi. "Recently, we successfully entered new markets such as Houston, and expanded our presence in competitive markets like South Florida and New York City. At Aldi, we believe that great quality can be affordable, and we are eager to bring the Aldi difference to new markets like Southern California."

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