Report: Wal-Mart eyes Manhattan location
Bentonville, Ark. Wal-Mart has its eye on a Brooklyn shopping center for its first Manhattan location, according to a Crain’s New York report.
The retailer is scoping out the Gateway II shopping center near Jamaica Bay, as well as other unidentified sites in the city, the report said.
Wal-Mart does not have “a project to announce anywhere within the five boroughs of New York City,” Steven Restivo, the retailer’s director of community affairs, told Crain’s New York.
“However, we know that New Yorkers want to shop and work at Wal-Mart and as a result, we continue to evaluate potential opportunities here,” he said.
Wal-Mart feels there is a potential fit because “New Yorkers want quality jobs and affordable groceries and it remains our goal to be part of the solution,” Restivo said.
Wal-Mart has already tried twice to secure a location in the New York City area, in Queens and Staten Island, the Dow Jones reported. Efforts were unsuccessful because of union and community opposition. Concerns ranged from low wages to traffic congestion.
Dow Jones noted, however, that this time may be different for Wal-Mart, which has indicated that its expansion plans may include smaller stores, which might be more palatable to crowded New York City neighborhoods.
Wal-Mart could also face stiff opposition from unions and smaller shops that don’t want to see their locations hurt by a store that carries lower costing produce, the report said.
Sears Holdings acquires additional shares of Sears Canada
HOFFMAN ESTATES, Ill. Sears Holdings announced that it has entered into agreements to purchase or cause a wholly-owned subsidiary to purchase a total of 18,660,880 common shares of Sears Canada Inc. at a price of C$30.00 per share from Pershing Square, L.P., Pershing Square II, L.P. and Pershing Square International, Ltd. The acquisition is scheduled to close on April 27.
The common shares to be acquired represent approximately 17.3% of the outstanding shares of Sears Canada. As a result of these agreements, Sears beneficially owns an additional 18,660,880 common shares and now beneficially own 97,341,670 common shares, representing approximately 90.4% of the outstanding shares of Sears Canada. Sears said it considers the purchases an attractive investment.
Sports Authority names SVP real estate
ENGLEWOOD, Colo. Sports Authority announced the promotion of Lon Novatt to SVP real estate, effective immediately. In this role, Novatt will continue to oversee all activities related to the company’s real estate initiatives.
“Lon has been overseeing our real estate function since October 2009 and has been doing an exceptional job of identifying new growth opportunities and managing our current store portfolio,” said Greg Waters, COO for Sports Authority. “This is a well-deserved promotion and we are looking forward to capitalizing on the knowledge and experience that Lon continues to bring in this role.”
Novatt joined Sports Authority in April 2007. Prior to that, he served as the senior real estate executive for National Stores of Gardena, Calif., and CSK Auto of Phoenix, Ariz.