Target finalizes its real estate in Canada; signs deal with Sobeys
Minneapolis — Target Corp. said Friday that it has finalized its real estate transaction with Canadian retailer Zellers with the selection of 84 additional Zellers leases. Target Canada will open between 125 and 135 stores, most by 2013. The discounter also entered into a deal with Sobey’s, Canada’s second largest supermarket chain, to supply its stores with food.
The latest lease acquisition brings the total number of leases selected to 189. From the 84 latest leases, Target said it has acquired the leasehold interests for 29 locations, the vast majority of which will open as Target stores beginning in 2013. The remaining leases have been or will be sold to other Canadian retailers or back to landlords.
Target announced in January that it would purchase, for $1.84 billion, the leasehold interests of up to 220 sites currently operated by Zellers, a subsidiary of Hudson’s Bay Co. In May, Target selected an initial group of 105 leases, with most rebranding to Target stores beginning in 2013.
The 84 leases announced Friday are part of Target’s second and final selection, and include the 39 leases for which Target transferred the rights to Walmart, as announced in June. As part of its transaction with Walmart, Target acquired the lease for one of Walmart’s vacant properties, which will open as a Target store.
Target also said Friday it had signed a long-term wholesale supply agreement with Sobeys to supply its stores with select food and grocery products.
Food associations get “Up Front” about nutrition
WASHINGTON, D.C. — The Grocery Manufacturers Association and the Food Marketing Institute have launched a new consumer education campaign around the front-of-pack nutrition labeling system launched in January by the food and beverage industry.
The Facts Up Front consumer education campaign will launch in early 2012, as consumers will see the new icons on a majority of products in the marketplace, the associations announced. The campaign will also be supported by a new website, www.factsupfront.org.
According to the associations, "Facts Up Front" is a nutrient-based labeling system that summarizes important nutrition information from the nutrition facts panel located on the back of food and beverage products in a simple and easy to use format on the front of food and beverage packages.
“The food and beverage industry is committed to providing consumers with the products, tools and information they need to achieve and maintain a healthy diet and active lifestyle,” said Pamela Bailey, president and CEO of the Grocery Manufacturers Association. “Through our $50 million comprehensive, multi-faceted consumer education campaign, we will bring the Facts Up Front program alive for consumers and help them understand and use this important new tool.”
Icons located on the front of packaging will highlight such key nutritional information as calories, saturated fat, sodium and sugar per serving.
“The food retail industry is committed to feeding families and enriching lives by providing customers with the information they need to make healthy choices,” said Leslie Sarasin, president and CEO of the Food Marketing Institute. “The Facts Up Front icons move key nutritional information into full view, helping busy shoppers more easily make the most informed dietary decision they can for their families.”
Burying Borders: An historic funeral home site re-tenants after the book store’s death
In the December 2007 issue of Chain Store Age, I wrote about an historic structure on St. Charles Avenue in New Orleans, long-occupied by House of Bultman Funeral Home that was undergoing an extensive redevelopment to accommodate the first Borders bookstore in Orleans Parish.
The Stirling Properties’ owned building was retooled to the tune of $9 million, which involved teaming with the Preservation Resource Center and the Historic Districts and Landmark Commission in order to properly redevelop within historic guidelines, and the 24,000-sq.-ft. Borders opened in November 2008.
Fast forward three years. Borders is bankrupt, and Stirling – like so many of its real estate firm counterparts – was faced with filling the vacancy. It has done so in Stirling style – with another market debut.
This month, Stirling announced that The Fresh Market would open its fourth Louisiana store – a first in New Orleans – in the two-story former funeral-home-turned-Borders.
The store, according to Stirling, will utilize the location’s two stories to provide customers with a distinctive shopping experience, including a bakery, a full-service meat counter, ready-to-serve entrée items, fresh delivered seafood, more than 200 imported and domestic cheeses, a large wine and spirits selection, as well as an expansive produce department with more than 400 items and a large organic selection.
“St. Charles is the perfect location for The Fresh Market,” said Lewis Stirling, executive VP and partner for Stirling Properties, based in nearby Covington, La. “The area’s demographics support this type of retailer and given the current economic climate where retail spaces tend to sit vacant longer, it’s a testament to our team’s ability and the strength of the region that this location was able to get back into commerce so quickly.”
I concur. Because I live in Baton Rouge – just an hour from New Orleans – I can attest to the strength of the region, and to the proclivities of a south Louisiana customer base that will flock to Fresh Market. Good move, Stirling.