REAL ESTATE

Second Time Around adding new locations

BY CSA STAFF

NEWYORK — Consignment chain Second Time Around (STA) announced it is opening three more stores in Manhattan this October, all on the city’s Upper East Side.

The new locations will bring the company to 36 stores nationwide, with the figure expected to grow to 40 by year end.

STA has also recently partnered with Stacy London’s styling agency, Style for Hire, to offer an in-home consignment concierge service for premium high-end items. Clients with at least 50 premium high-end designer pieces to consign can request an STA or Style for Hire stylist to travel to the client’s home to take the consignment to an STA location.

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FINANCE

Hudson’s Bay files prospectus for IPO

BY Marianne Wilson

New York — Hudson’s Bay Co. announced that it has filed a preliminary prospectus with securities regulators in Canada for a proposed initial public offering of common shares. The company, which has been owned by NRDC Equity Partners since 2008, operates U.S. department store chain Lord & Taylor, along with The Bay and Home Outfitters chains in Canada.

The proposed offering is being made through a syndicate led by RBC Capital Markets, BMO Capital Markets, CIBC and BofA Merrill Lynch, who will act as joint bookrunners. The offering has yet to be priced.

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REAL ESTATE

Simon Property and Paragon Outlet in joint venture to open outlet center

BY Staff Writer

INDIANAPOLIS — Simon Property Group and Paragon Outlet Partners, Baltimore, have signed a letter of intent to jointly develop Charlotte Premium Outlets, in Stallings, N.C.

Projected to open in 2014, the outlet center will be 400,000 sq. ft. and will house approximately 100 designer and name brand stores.

The project, which is expected to break ground during spring 2013, is a 50/50 joint venture between Simon Property Group and Paragon Outlet Partners.
"We’re pleased to be partnering with Paragon Outlet Partners to develop this project in a market that Simon knows so well and in which we’ve had so much success," said John R. Klein, president of Simon’s Premium Outlets division, alluding to SouthPark and Concord Mills, both located in Greater Charlotte. "We look forward to bringing an outstanding collection of many of the finest designers and name brands, offering value, quality and selection in one high-quality outlet center to the marketplace."

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