Regency Centers purchases Willow Festival for $64 million
Jacksonville, Fla. — Shopping center owner and operator Regency Centers said Thursday it has acquired Willow Festival shopping center in what is the second largest retail real estate transaction in metro Chicago in 2010.
The 405,227-sq.-ft. Northbrook, Ill., shopping center is anchored by Lowe’s, Whole Foods Market and Best Buy. The property was purchased on Dec. 15 for $64 million as an off-market transaction with the center’s original developer Hamilton Partners, a privately owned real estate development firm.
This is the second grocery-anchored shopping center acquisition by Regency in just four months, following the purchase of Glen Oak Plaza, a 62,443-sq.-ft. neighborhood center anchored by Trader Joes, in Glenview, Ill., two miles south of Willow Festival.
Toys”R”Us announces 88-hour Christmas sale
WAYNE, N.J. – Toys"R"Us announced that, for the first time ever, its stores nationwide will remain open for 88 consecutive hours beginning at 6 a.m. on Dec. 21 and continuing through 10 p.m. on Christmas Eve.
"We are committed to keeping our stores open continuously during the days leading up to Christmas to ensure shoppers have all the time they need to cross off everything on their little ones’ wish lists," said Greg Ahearn, SVP marketing and e-commerce for Toys"R"Us Inc. "Each day, from now through Christmas Eve, our stores continue to receive shipments of the hot products to help parents find that ‘must-have’ toy to put under the tree."
Toys"R"Us said it also will offer special "Midnight Madness" deals valid in-store from midnight through 6 a.m. each day, beginning at midnight Dec. 22. These offers will be sent to customers each day via e-mail.
The Toys"R"Us in Times Square will take the marathon shopping concept even further by remaining open for 184 continuous hours beginning 6 a.m. Dec. 17.
Economy hits Stater Bros.’ fiscal-year results
SAN BERNARDINO, Calif. — Stater Bros. on Wednesday disclosed a more than 4% decrease in sales for fiscal year 2010.
The California supermarket chain said sales for the fiscal year ended Sept. 26 were $3.61 billion, down from $3.77 billion in fiscal year 2009. Sales for the fourth quarter also experience a decline, dropping to $897.4 million, or 3.15%, since the year-ago period.
Net income for Stater Bros. totaled $24.6 million for the 2010 fiscal year, compared with $34.8 million in the 2009 fiscal year. The results for the fourth quarters of fiscal 2010 and fiscal 2009 were net income of $5.9 million and $5 million, respectively.
Stater Bros. leader Jack Brown said that while the chain is facing tough economic and competitive pressures, the retailer is "committed to controlling costs as [we] weather the effect of these economic times."