REAL ESTATE

Stirling announces exec promotion

BY Staff Writer

Covington, La. — Stirling Properties announced it has promoted Chris Abadie to VP and manager of the Commercial Brokerage Division after 11 years as a sales and leasing executive with the company.

In his new role, Abadie will oversee all aspects of commercial operations throughout each of Stirling Properties brokerage offices located in Louisiana and Mississippi.

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Out-of-stock drives customers out the store

BY CSA STAFF

CHICAGO — Heading into Black Friday weekend, retailers would be wise to make sure their shelves are fully stocked. According to a study by Harris Interactive on behalf of Galleria Retail Technology Solutions, a provider of retail and category optimization solutions, nearly 70% of U.S. adults would avoid shopping at a retail store if they encountered empty shelves.

The study, conducted between Nov. 3 and Nov. 6 2011, surveyed a random sample of 1,021 U.S. adults regarding retail store loyalty. The survey also found that women are more likely than men to avoid shopping at a particular retail store if they encounter empty shelves during their visit.

“As we approach Black Friday and the holiday shopping season, retailers need to note that making sure their shelves are fully stocked is critical when it comes to retaining loyal customers,” said Bryan Eckhoff, EVP sales and account management for North America for Galleria. "The cost of empty shelves can be extremely high. Out-of-stocks can force consumers to migrate from a particular store, risking the loss of the value of an entire shopper’s basket, not just one product. Consistent out-of-stocks may force the permanent loss of that customer.”

The survey also found that U.S. adults would avoid a store due to long check-out lines (64%), desired items being out of stock (63%) and difficulty finding desired items (62%).

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REAL ESTATE

Golden Triangle Mall acquired, to be redeveloped

BY Staff Writer

Dallas — GTM Development, a limited partnership created by The MGHerring Group and Cencor Realty Services, said it has completed the acquisition of Golden Triangle Mall in Denton, Texas.

MGHerring will be responsible for the redevelopment of the 765,000-sq.-ft. Golden Triangle Mall, which will begin in early 2012 with a grand reopening slated for next fall.

Cencor manages the mall while MGHerring and The Weitzman Group, Cencor’s brokerage affiliate, jointly lease the property.

Golden Triangle Mall is anchored by J.C. Penney, Macy’s, Dillard’s and Sears. Sub-anchors include Ross Dress for Less, Barnes & Noble Booksellers and DSW. Other national retailers and restaurants include Hollister, American Eagle, Aeropostale, Bath & Body Works, The Limited, Victoria’s Secret, Starbucks and more.

Merchandising plans call for new retail and full-service restaurants. Redevelopment will include a new exterior façade and redesigned mall entrances, updated tenant storefronts, a new food court, new flooring, materials and design elements in the common areas, new amenities throughout the mall including seating areas, interior and exterior landscaping, fixtures and directories, and new interior and exterior property signage, graphics and lighting. CMA has been selected as the architect for the redevelopment.

The redevelopment is supported by the City of Denton through a performance-based Economic Development Grant Agreement approved in August.

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