Report: Coach to close 70 stores
New York — Coach plans to shutter about 70 underperforming stores in fiscal 2015, Crain’s New York reported. The retailer, which has been under heavy competitive pressure from Michael Kors and other upscale companies, also gave a disappointing revenue forecast for its current fiscal year.
Coach CEO Victor Luis told investors and analysts Thursday that the company is at a crossroads and will undertake a number of major initiatives during the next 12 to 18 months, including reducing promotional levels, introducing new advertising, shuttering stores and changing its product offerings, the report said.
Sleepy’s leases DeKalb, Ill., store
Chicago — Mattress retailer Sleepy’s has leased a 7,017-sq.-ft. store in DeKalb, Ill., from Arthur Goldner & Associates. The new location is part of the company’s expansion in Illinois.
CBRE represented Arthur Goldner & Associates in the transaction. Mid-America represented the tenant.
Three retailers to centers in NW Chicago’s suburbs
Oakbrook Terrace, Ill. — Mid-America Asset Management Inc. has announced that the firm recently secured new retail leases on behalf of three shopping centers in Chicago’s northwest suburbs.
Fruitful Yield has taken 6,630 sq. ft. in North Tower Plaza in Elmwood Park, Illinois. The 26,088-sq.-ft. center features Super Cuts, Great American Bagel and Subway. Mid-America represented the landlord, while JLL represented the tenant.
At Poplar Creek Crossing in Hoffman Estates, Illinois, Maurices signed a 4,980-sq. ft. lease. Target, TJ Maxx and Cost Plus World Market anchor the 450,000-sq.-ft. center. Mid-America represented the landlord in the transaction, and CBRE represented Maurices.
Taj Mahal Restaurant signed a lease for 4,000 sq. ft. at Bloomingdale Square in Bloomingdale, Illinois. Michaels, Pier 1 Imports, Pearl Vision and The Avenue Plus anchor the 76,601-sq.-ft. center. Mid-America represented the landlord. The tenant handled its own representation.