REAL ESTATE

Slate Retail REIT buys North Carolina shopping center

BY Dan Berthiaume

Toronto – Slate Retail REIT has entered into a binding agreement to purchase North Summit Square, a 99% occupied, 224,530-sq.-ft. grocery-anchored shopping center in Winston-Salem, North Carolina, for $15.8 million. The property is anchored by Sam’s Club.

"We are very excited to announce our first acquisition since listing on the TSX," said Blair Welch, CEO of Slate Retail. "We see several further opportunities to make accretive acquisitions of grocery-anchored centers in attractive markets."

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REAL ESTATE

Rite Aid brings wellness to Beverly Hills

BY Staff Writer

Camp Hill, Pa. – Rite Aid is bringing some glitz, as well as health consciousness, to its newly reopened Beverly Hills store. On June 23, Rite Aid re-opened its Beverly Hills store with a major remodel that features its new wellness store design, as well as dining options.

"Since first introducing our wellness store design in 2011, we’ve worked tirelessly to ensure our stores provide the products and clinical pharmacy services to deliver on our mission of helping our customers achieve their individual wellness goals," said Ken Martindale, president and CEO of Rite Aid Corp. "Our North Canon Drive store is the latest example our ever-evolving Wellness Store format, featuring our most successful merchandising concepts, as well as new innovations, resulting in a one-of-a-kind shopping experience to the Beverly Hills community."

The scope of the Beverly Hills project included a total remodel and enlargement of the pharmacy; a reconfigured check-out area; the redesign of several key departments, including beauty and over-the-counter medicines and first aid; and the addition of a Fresh Day Café and patio area, where customers can enjoy Coffee Bean & Tea Leaf beverages, fresh baked goods, sandwiches and Rite Aid’s Thrifty ice cream.

The expanded beauty department now offers several new prestige cosmetic and skin care lines. Also new to the store is a Rite Aid Beauty Advisor who is specially trained to assist shoppers with all beauty brands Rite Aid carries through demonstrations and education.

While developing the design, significant consideration was given to the pharmacy department, the core of the company’s business. Upon entering the store, there is a direct path to the pharmacy, which has been cleared of merchandise and has an eye-catching design. Additionally, there is a private consultation room adjacent to the pharmacy, where Rite Aid pharmacists can have conversations with patients, administer immunizations and offer other clinical pharmacy services. Nearby, the Wellness Ambassador station; Wellness Ambassadors work closely with Rite Aid pharmacists to provide customers with access to information about over-the-counter medications, vitamins and supplements and Rite Aid programs and services.

"The Beverly Hills store is a great example of how we are aggressively evolving the Wellness store format to identify concepts that perform and can be broadly applied to future remodels and test new concepts, like our Fresh Day Café," Martindale said. "Going forward, we will continue to push the envelope in leveraging our Wellness stores to launch and expand innovative merchandising concepts, with the ultimate goal of delivering a more personal and engaging customer experience."

First introduced in 2011, Rite Aid’s wellness store format provides products, resources and information to help its customers and their families live healthier lives. To date, Rite Aid has continuously modified and enhanced the design of more than 1,300 stores nationwide. The company anticipates remodeling another 450 stores to feature its Wellness store format by the end of fiscal 2015.

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REAL ESTATE

Sam’s Club opens new Kansas City store June 26

BY Dan Berthiaume

Bentonville Ark. – Sam’s Club will open a new Kansas City, Missouri store on June 26. Measuring approximately 136,000-sq.-ft., the new store will feature a variety of members-only amenities, including a fresh bakery, a tire and battery center, a café and a fuel station.

To staff the new Kansas City store, Sam’s Club has hired more than 180 new associates.

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