REAL ESTATE

Saks Off 5th to close in Morrisville, N.C.

BY Staff Writer

New York City — Saks plans to close its 20,000-sq.-ft. Saks Fifth Avenue Off 5th store in Triangle Factory Outlets in Morrisville, N.C., (metropolitan Raleigh) by Jan. 1.

The company opened a 30,000-sq.-ft. Off 5th location in Tanger Outlet Center of the Piedmont in nearby Mebane, N.C., in 2010, which will serve as a replacement store for the closing location. The new Mebane store was designed in the chain’s loft” format that debuted in 2008 and which redefined and elevated the outlet shopping experience.

All affected associates either will be offered transfer opportunities or will receive appropriate employment separation packages, Saks said.

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REAL ESTATE

Tiffany to make Eastern European debut in Prague

BY Staff Writer

New York City — Tiffany & Co. announced plans to open a store in Prague, marking the luxury retailer’s first location in Eastern Europe. The 2,600-sq.-ft. store is scheduled to open in the summer of 2012.

“The opening of our first store in Eastern Europe marks a significant strategic move for Tiffany, as we further develop and grow our business throughout Europe,” said Melvyn Kirtley, group VP Europe.

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REAL ESTATE

Canadian Tire rolls out new auto store

BY Staff Writer

Montreal — A Thursday report in the Montreal Gazette said that Canadian Tire Corp. unveiled a new prototype on Wednesday in Bowmanville, Ontario, east of Toronto.

The new store is 40% larger than a typical in-store automotive department and features a service area with a drive-in reception, a new auto detailing bay and a sound booth for customers to test in-car audio entertainment systems, GPS and car safety electronics.

The test store is one of three opening in Ontario this year.

Canadian Tire, which recently closed its purchase acquired sporting goods chain Forzani Group Ltd., is prepping for Target’s arrival into Canada in 2013, which stands to give competition in categories such as small appliances, home decor and accessories, according to the report.

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