News

REI Receives Silver for Green DC

BY CSA STAFF

Outdoor outfitter REI’s commitment to green building is reflected in its new distribution center (DC). The 525,000-sq.-ft. facility, in Bedford, Pa., has received the U.S. Green Building Council’s LEED (Leadership in Energy and Environmental Design) Silver certification for new construction. The 43-acre DC center is one of the largest green buildings and properties in the country.

The facility complements REI’s other DC, in Sumner, Wash., which underwent a lighting retrofit in 2006 that resulted in the savings of some 1 million kilowatt-hours annually while improving lighting levels. The retrofit also saved REI approximately $100,000 per year.

REI’s new DC is positioned so that the building takes advantage of sun and wind direction. More than 360 windows and skylights allow natural light throughout the building, helping REI reduce its energy use by more than 33%. Construction carbon emissions were reduced through the use of heavy construction-equipment vehicles powered by bio-diesel and an on-site concrete and mixing plant that kept hundreds of trucks off local roads. Other green features include:

Operating half of the six miles of conveyor belts when boxes are on a given section;

Reducing water use by installing dual-flush toilets, low-flow sinks and showers, and waterless urinals, also through use of native landscaping that doesn’t require irrigation:

Providing preferred parking spaces for carpoolers and fuel-efficient vehicles, and bike stalls and employee showers to accommodate bike commuters;

Contracting with a private recycling vendor to recycle glass, office paper, cardboard, plastic bottles, packaging and shrink-wrap; and

The purchase of 12 additional acres to create a natural wetland to manage storm-water runoff and create a natural wetland for local wildlife.

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FINANCE

Sears borrows even more money from CEO

BY Deena M. Amato-McCoy

Beleaguered Sears Holdings got another lifeline from its owner.

The department store chain received a new $40 million loan from its CEO, Eddie Lampert’s hedge fund ESL Investments. The loan is currently secured by 66 retail properties owned by Sears, according a Securities and Exchange regulatory document filed late Thursday.

This is the second loan the retailer has gotten this month. On Oct. 4, Sears borrowed $100 million from Lampert.

Under the terms of the updated agreement, the aggregate principal amount outstanding is now $524.1 million. Up to an additional $60 million may be drawn by the company prior to Nov. 17, the filing said.

Sears plans to use the proceeds of the Incremental Loans for general corporate purposes.

The filing outlined that the loans carry an annual interest rate of 11%, with accrued interest payable monthly. All loans will mature on May 17, and 181 days following the date on which an additional incremental loan is made. The remainder of the loans under the Second Amended and Restated Loan Agreement continue to mature on July 20, 2020.

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STORE SPACES

First Look: Target, Herald Square

BY Marianne Wilson

Target Corp. had taken its small-format footprint to one of Manhattan’s busiest shopping neighborhoods: Herald Square.

The 43,000-sq.-ft. store, one of 11 small-format locations Target is opening this week, has entrances on 33rd and 34th Streets, and is just a block away from Macy’s. It is customized with products and services to appeal to the more than 42,000 locals and tourists expected to walk past it on a daily basis. It also will serve as a pick-up point for online orders.

The store will also feature Target’s same-day delivery service, which is currently being tested in Target’s store in downtown Manhattan. The service lets shoppers have their store purchases delivered later that day to anywhere in Manhattan and parts of Brooklyn and Queens in a two-hour timeframe, for a small fee. (Same-day delivery will also be introduced in the chain’s newly opened Brooklyn Bensonhurst and Brooklyn Fulton Street locations this month.)

Target Herald Square, which opens on Oct. 20, has a modern look, and features the retailer’s new exclusive brands, including Goodfellow & Co, A New Day and Project 62. Special features include:

• The Herald Square store exclusively features a Harry’s Lounge, adjacent to the men’s department.

• Artist Sean Kenney used Lego bricks to create the custom “NYC” installation inside the store. Kenney is well-known for his works using Lego bricks in exhibits, portraiture, children’s books, home décor and more.

• The beauty department has a specialty store feel with lower fixtures and an open floorplan.

• The store features one of Target’s most robust assortments of tourist products, including exclusives.

Herald Square store, guests will find a custom product collection by Print All Over Me (PAOM) in collaboration with five local New York designers, including apparel, bags, pillows, dog accessories and more.

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