Retailers Eye World Trade Center Site
New York City, With designs for the new buildings already in motion, the next step in reconstructing the World Trade Center will be the entrance of retailers along Church Street.
Port Authority executive director Kenneth Ringler said that over the next several weeks, prospective developers would be able to pitch their plans. The Port Authority, owners of the 16-acre WTC area, will develop 200,000 sq. ft. of retail space on its own, and the Church Street side of the site will allow for another 300,000 sq. ft. of retail property.
The original World Trade Center included a 600,000-sq.-ft. shopping area.
OfficeMax Chooses New HQ
Shaker Heights, Ohio, OfficeMax has selected Naperville, Ill., as the site of its new corporate headquarters, thanks to a $20 million incentive by Gov. Rod Blagojevich. OfficeMax will bring 700 jobs to Illinois as a result of the move.
The move from the retail headquarters in Shaker Heights to Naperville will take place late next spring.
Wal-Mart Takes Controlling Stake in Seiyu
Tokyo, Japanese supermarket retailer Seiyu has announced that Wal-Mart Stores is raising its stake in Seiyu from 42% to more than 50% by December. The move will turn Seiyu into a Wal-Mart subsidiary and expand Wal-Mart’s foothold in the world’s second largest retail market.
Wal-Mart will purchase up to $597 million worth of $1 billion in new shares issued by Seiyu. The remaining shares will be acquired by a Japanese bank and other investors, according to Seiyu.
Wal-Mart, since arriving in Japan in 2002, has been gradually raising its stake in Seiyu, which operates more than 400 stores.