REAL ESTATE

Target to debut urban format in Seattle

BY CSA STAFF

New York City Target Corp. will open its first store under its new small urban format in Seattle in 2012. The chain plans to launch the smaller-store concept in 10 additional urban markets in the next few years.

Target executives made the announcement on Friday at the company’s media conference in Minneapolis.

Target officials had said earlier in the year that it had planned to open smaller stores anywhere from 60,000 sq. ft. to 100,000 sq. ft. (its average stores range from 125,000 to 180,000 sq. ft.).

In addition, Troy Risch, executive VP stores, told the gathering that the chain expects to have its expanded grocery format in place in 450 general merchandise stores by end of the month. Risch added that Target plans to remodel 400 more stores in 2011.

Target also said at the conference that it will begin carrying six models of Apple’s iPad, starting at $499, beginning Oct. 3. The iPad will be covered under the retailer’s 5% discount for store credit-card holders, which rolls out Oct. 17. Target will be the largest retail chain to carry the iPad.

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REAL ESTATE

Pennsylvania Liquor Control Board opens new prototype

BY CSA STAFF

Harrisburg, Pa. The Pennsylvania Liquor Control Board today opened a redesigned Fine Wine & Good Spirits store in Harrisburg, Pa., as part of its effort to enhance the shopping experience for consumers.

The refurbished store features a central service point at which customers can find assistance, browse featured items and make purchases. It also offers a warm, welcoming atmosphere for customers to learn about and shop for wine and spirits.

It is the PLCB’s second prototype store. Since the first prototype location opened in New Hope, Bucks County in July, retail sales at that store have increased by more than 30%.

The PLCB began a re-branding initiative in 2008 as one aspect of its comprehensive effort to become a more consumer-focused retail business. The PLCB will also open a prototype store in Philadelphia in the coming months. The agency will collect and study sales data and consumer feedback from all three stores before expanding the initiative statewide.

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RCS Real Estate Advisors to serve as outsourced real estate department for Perfumania

BY CSA STAFF

New York City RCS Real Estate Advisors has expanded its previous portfolio optimization engagement with Perfumania, to now serve as the retailer’s outsourced real estate department.

Retained earlier this year to analyze Perfumania’s retail real estate portfolio and identify cost savings opportunities, RCS has extended their engagement to provide ongoing management of Perfumania’s real estate portfolio. In addition to seeking rent relief and lease terminations, where appropriate, new services include a focus on negotiating cost-effective renewals and seeking new store opportunities.

“RCS is working hard to increase the overall financial performance of the Perfumania brand,” said RCS Real Estate Advisors president and CEO Ivan L. Friedman. “Our retail real estate expertise, coupled with their ongoing success as the nation’s leading specialty perfume and fragrance retailer, has already proven to be a winning partnership.”

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