Regency Centers purchases Preston Oaks
Dallas — Regency Centers Corp. has closed on an off-market acquisition of Preston Oaks, a 103,503-sq.-ft. infill neighborhood center anchored by H-E-B Central Market. National retailers include Gap, Pier 1 Imports and White House Black Market.
Located in the Preston Hollow neighborhood of Dallas, Preston Oaks serves a market of 109,000 within a three-mile radius. Average household income is $144,000. The market’s population swells to 118,000 during the day.
“Preston Oaks fits Regency’s standards for a dominant shopping center, including infill location, market-leading anchors and population density,” said Stuart Brackenridge, VP acquisitions and dispositions for Regency Centers.
With the Preston Oaks acquisition, Regency Centers owns 12 centers in the Dallas market.
Tucker Development is bringing ShopRite to Springfield Avenue Marketplace
Newark, N.J. — Tucker Development Corp. has signed a deal with Wakefern Food Corp. retail cooperative to bring a 67,000-sq.-ft. ShopRite grocery store to Springfield Avenue Marketplace in Newark, N.J.
Wakefern is the merchandising and distribution arm for ShopRite stores.
The new ShopRite will anchor the 125,000-sq.-ft. center set to break ground this fall. When complete, the center will serve approximately 280,000 Newark residents, 180,000 employees and 60,000 college students and faculty.
The development will also feature approximately 150 residential apartments and create approximately 240 construction jobs and almost 400 full and part-time jobs.
The shopping center and residences will form part of a Newark Urban Enterprise Zone, where customers will receive a 50 % reduction of sales tax on most purchases along with the full exemption of taxes on grocery and clothing purchases in New Jersey.
“ShopRite and other retailers at Springfield Avenue Marketplace will help recapture a large portion of the $575 million in retail sales that Newark loses every year, as residents have been forced to make 38 % of their purchases outside the city,” said Richard Tuck, president and CEO of Tucker Development Corp. “It will also provide a necessary resource to neighborhood residents, create employment opportunities and help to increase the city’s tax revenue base.”
“The site where the ShopRite will be built has been vacant for over 20 years, and this store along with the other developments slated to go on that 11-acre parcel, will be a game-changer for that part of Springfield Avenue,” said Darrin Sharif, Central Ward Councilman for the City of Newark.
Recent acquisitions bolster Ascena’s Q3 results
SUFFERN, N.Y. — Lower-than-expected foot traffic driven in part by unseasonably cold weather was not enough to negatively impact Ascena Retail Group’s net sales for the third quarter ended April 27, which were bolstered by the recently acquired Lane Bryant and Catherines businesses.
The company reported net sales for the quarter of $1.1 billion, an increase of 46% from $783 million in the prior year’s third quarter. The growth was driven by the inclusion of the company’s recently acquired Lane Bryant and Catherines businesses, slightly offset by a total comparable stores and e-commerce sales decrease of 1% for the quarter versus the prior year. Consolidated comparable store sales, excluding e-commerce, fell 4% for the period. E-commerce sales rose 171% to $98 million on a consolidated basis and 37% on a comparable basis.
“Our soft third quarter top line performance reflects lower than expected traffic driven by continued economic challenges for our customers and unseasonably cold weather as well as merchandising misses at Lane Bryant and Dressbarn,” said president and CEO David Jaffe. “Sales trends improved somewhat across all brands in Q4 to date compared to Q3, and we are adjusting our promotional plans to ensure that spring inventory balances are at appropriate levels by the end of our Fiscal 2013 fourth quarter.”
Unseasonably cold weather and economic pressure on middle-income consumers drove decreased traffic and spending, which contributed to negative comparable store sales of 4% at Justice, 6% at Lane Bryant, 3% at Maurices and 7% at Dressbarn, whereas Catherines realized an 8% increase in comparable store sales.
Ascena Retail Group is a leading specialty retailer offering clothing, shoes and accessories for missy and plus-size women, under the Lane Bryant, Cacique, Maurices, Dressbarn and Catherines brands, and for tween girls and boys, under the Justice and Brothers brands. Ascena Retail Group operates through its subsidiaries approximately 3,800 stores throughout the United States, Puerto Rico and Canada.