REAL ESTATE

Save-A-Lot to open five Chicagoland stores

BY CSA STAFF

St. Louis — Discount grocer Save-A-Lot said Monday it will open five new stores in Chicago’s South Side neighborhoods, nearly doubling its store counts in the area.

The subsidiary of Supervalu said the new stores will open on Feb. 24. The additions will give Save-A-Lot 13 Chicagoland stores. The grocer said it expects to open five more locations in the greater Chicago area by February 2012.

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REAL ESTATE

Cityline Partners plans 40-acre Tysons Corner transformation

BY CSA STAFF

McLean, Va. — McLean, Va.-based Cityline Partners said Monday it has introduced a plan for the long-term transformation of about 40 acres of land in Tysons Corner, Va., into an integrated mix of office, residential, hotel, retail, and civic uses surrounding an improved Scotts Run Stream Valley Park.

Cityline Partners, a subsidiary of New York City-based DLJ Real Estate Capital Partners, said it has filed an application with Fairfax County, Va., to rezone the property, currently referred to as Scotts Run Station, to fulfill the vision of the county’s recently adopted Comprehensive Plan for the Tysons Corner Urban Center.

Cityline is proposing a mix of uses totaling approximately 8.5 million sq. ft.

“This signature gateway site, with extensive high-visibility road frontage and all located within walking distance of Metro, provides a unique opportunity to create a place for people to live, work, shop, play, and stay,” said Donna Shafer, executive VP, Cityline Partners. “The redevelopment will take many years to complete, and will respond to evolving market conditions.”

The proposed development includes 120,000 sq. ft. of ground-floor retail space, 11 office buildings, nine multi-family residential buildings and a hotel.

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FINANCE

Wal-Mart de Mexico Q4 profit increases 14%

BY CSA STAFF

Mexico City — Wal-Mart de Mexico SA reported Tuesday that profit for the fourth quarter increased 14%, citing newly acquired stores in Central America for the improved performance.

The Mexican unit of Wal-Mart Stores said that net income rose to $539 million in the fourth quarter, up from $474 million in the year-ago period.

Revenue rose 25% to $8.3 billion.

Walmex recently acquired stores in Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica.

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