REAL ESTATE

Report: Lord & Taylor expanding

BY Katherine Boccaccio

New York City — Lord & Taylor plans to open three new department stores in the coming year, according to The New York Post.

Two locations are slated to open in March — an 80,000-sq-ft. store at a lifestyle center in Yonkers, N.Y., and a 120,000-sq.-ft. store in a mall in Rockingham, N.H.

In fall 2012, Lord & Taylor will open an 80,000-sq.-ft. location in Boca Raton, Fla., bringing the total number of full-priced Lord & Taylor stores to 50.

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REAL ESTATE

Fifteen J.C. Penney outlet stores acquired by SB Capital

BY Katherine Boccaccio

Columbus, Ohio — SB Capital Group, a Schottenstein affiliate, said Monday it has acquired 15 J.C. Penney Outlet Stores from J. C. Penney Co., and will rebrand the units as JC’s 5 Star Outlet.

According to SB Capital, the stores will operate for up to a 21-month transitional period as J.C. Penney Outlet Stores, as the stores are converted to JC’s 5 Star Outlet. J.C. Penney will continue to supply the stores with overstocks and end-of-season merchandise, and all existing store staffs and management have been retained.

Longtime J.C. Penney Outlet Store Division head Glen Gammons will serve as CEO of JC’s 5 Star Outlet.

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City Furniture launches expansion program

BY CSA STAFF

Miami – City Furniture has launched a $17.5 million expansion program to construct or renovate five stores from Miami to West Palm Beach, beginning with the major renovation of its Dadeland store in Pinecrest. The program calls for three store openings during 2012.

“We’re confident in South Florida’s future,” said Keith Koenig,president, City Furniture. “We’ve been acquiring properties for this expansion for the last few years, and while it may seem we’re going against the economic tide, the timing is right. We’re seeing increases in year-over-year sales, plus well-timed opportunities to dramatically increase sales at proven locations.”

Each store in the expansion is being designed to achieve LEED (Leadership in Energy and Environmental Design) certification from the U.S. Green Building Council.

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