FINANCE

Safeway spins off trio of Genuardi’s stores to Weis

BY Katherine Boccaccio

Pleasanton, Calif. — Safeway Inc. said Monday that it has agreed to sell three of its Genuardi’s stores in Pennsylvania to grocery chain Weis Markets. The deal follows on the heels of Safeway’s sale of 16 Genuardi’s stores to Giant Food Stores.

The three stores are located in Doylestown, Norristown, and Conshohocken. Safeway said it will continue to operate the group until the transaction closes. No firm date has been announced.

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FINANCE

Weis Markets profit rises 11% in 2011

BY Katherine Boccaccio

Sunbury, Pa. — Weis Markets reported Monday that net income for the year ended Dec. 31 increased 10.7% to $75.6 million. Sales for the period rose 5% to $2.8 billion, and same-store sales increased 4.2%.

In the fourth quarter, the grocer saw an even stronger performance, as net income surged 37%, sales rose 11.4% and comps increased 4.8%.

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REAL ESTATE

Updates planned for Northridge Fashion Center

BY Katherine Boccaccio

Northridge, Calif. — Chicago-based General Growth Properties said Monday it will update its Northridge Fashion Center property, in Northridge, Calif., by modernizing and enhancing both the interior and exterior of the shopping center.

Renovations to the property launch in February and include new flooring, new interior and exterior dining areas, revamped color palette and lighting, a re-invented Macy’s Court with a Cyberlounge, a new Children’s Play Area, and updated entrance façade, way-finding signage and lighting.

Northridge Fashion Center is anchored by Macy’s, Macy’s Men’s & Home Furnishings, J.C. Penney and Sears. Other tenants include H&M, Apple, Disney Store, Coach, and Love Culture.

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