REAL ESTATE

Stage Stores to launch new off-price concept, open up to 35 stores in 2012

BY Katherine Boccaccio

Houston — Stage Stores said Wednesday it will launch a new off-price concept, called Steele’s, to be rolled out in small-town America.

The first three stores are slated to open on Nov. 1, in Beeville, Texas; Bastrop, La.; and Minden, La.; the company said it plans to open an additional 25 to 35 new Steele’s stores in 2012.

The 10,000-12,000-sq.-ft. Steele’s stores will sell apparel, accessories and home décor items at everyday values of 30% to 60% off department store prices, according to Stage. The new concept will be operated as a standalone buying division and will be headquartered in New York City. Chief merchandising officer Lisa Seigies, previously group VP of Ross Dress for Less, will head the division.

“Last year, we began developing our off-price concept with the goal to leverage our small market expertise with a complementary format to our department store model,” said Andy Hall, president and CEO, Stage Stores. “Our research indicates that there is significant growth potential in the under-served small market off-price niche.”

Hall added that the company’s expansion spurt isn’t limited to the Steele’s concept. He said that Stage plans to open 30 to 35 new department stores in 2012. The company currently operates 805 stores in 40 states under the Bealls, Goody’s, Palais Royal, Peebles and Stage names.

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REAL ESTATE

California Gov. Brown vetoes big-box legislation

BY Marianne Wilson

New York City — Gov. Jerry Brown of California vetoed a bill that would have required comprehensive economic-impact reports before big-box superstores could begin construction.

The bill, the Small and Neighborhood Business Protection Act, would have required supercenters to address more than a dozen possible economic side-effects, including job losses if competitors faltered.

“While I recognize that the merits of large-scale projects need to be carefully considered, plenty of laws are already on the books that enable and in some cases require cities and counties to carefully assess whether these projects are in a community’s best interests,” Brown said in a veto message Monday. “This bill would add yet another layer of review to an already cumbersome process.”

The bill would have covered superstores of more than 90,000 sq. ft. that dedicate 10% of that space to nontaxable items such as groceries and prescription drugs.

In a statement Monday, Walmart said the veto “helps restore confidence in our state’s economic future, especially during a time we should all be working together to create economic development opportunities for our communities.”

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REAL ESTATE

Save-A-Lot to anchor Cleveland redevelopment

BY Staff Writer

Cleveland — CenterMark Development LLC announced that Save-A-Lot Food Stores, along with the Ohio debut of discount apparel retailer Forman Mills, will anchor The Shops at Garrett Square. The 65,000-sq.-ft. project is the first phase of a neighborhood revitalization plan envisioned by city officials seven years ago, and plans call for subsequent development of up to two more retail outlots targeting much‐needed retail uses.

CenterMark said it expects to complete its $1.3 million rehabilitation and turn over the retail spaces to tenants in December in order for them to tailor their interior improvements. Grand opening is expected in spring 2012.

“As a value‐minded neighborhood grocer, Save‐A‐Lot is pleased to be part of this neighborhood revitalization project by bringing a new grocery store and more than 20 new jobs to this community,” said Chon Tomlin, external communications manager for Save‐A‐Lot.

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