REAL ESTATE

Taubman Asia in joint venture with department store retailer in China

BY Marianne Wilson

Hong Kong — Taubman Asia confirmed a joint venture agreement between Taubman TCBL and Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China’s largest department store chains.

The joint venture will own a controlling interest in and manage a shopping center to be located at Xi’an Saigao City Plaza, a large-scale mixed-use development in Xi’an, China, which is developed by Shaanxi Fuli Real Estate Development Co. Ltd. This is the first retail development by Taubman TCBL in China since the company was formed in late 2011.

The joint venture between Wangfujing and Taubman TCBL will have the majority ownership of the shopping center. The remaining ownership of the shopping center will be held by Shaanxi Fuli Real Estate Development Co. Ltd.

"This agreement is a major milestone for Taubman TCBL,” said. Rene Tremblay, president of Taubman Asia and chairman of Taubman TCBL. “It is the company’s first investment in the China market and we are proud to have formed a strategic partnership with Wangfujing, one of China’s most respected department stores."

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J.Johnss says:
Jan-02-2013 03:05 pm

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J.Johnss says:
Jan-02-2013 03:05 pm

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Walmart gets jump on Target in Canada

BY CSA STAFF

MISSISSAUGA, Ontario — The first of 39 former Zellers stores Walmart bought from Targetin Canada celebrated its grand opening as a Walmart store earlier this month.

According to Walmart Canada, the 69,000 sq. ft. store located in Newmarket, Ontario, will feature easy-to-navigate aisles with directional signage, and a bright interior color palette todefine the store’s merchandise areas along withlower shelving to improvesightlines. The store will also conain a pharmacy.

"This store has an atypical footprint for a Walmart and is much smaller than most of the stores in our network," said Ken Farrell, vp ofstore development at Walmart Canada. "We worked within the existing footprint to design the store to fit the space and look and feel like a typical Walmart."

The Newmarket East store is one of 73 projects planned for the company’s current fiscal year, which will add 4.6 million square feet of retail space to its operations by January 31, 2013. The 73 projects include building new stores and expanding, remodelling or relocating existing stores and represent an investment of more than $750 million in Canadian communities. Included in these projects are 39 former Zellers stores. The 73 projects are expected to generate more than 14,000 store, trade and construction jobs.

Meanwhile, Target is on track to open 125 stores next year in former Zeller’s location. The company is said to be in the assortment planning process and working to edit the merchandise mix to accommodate the slightly smaller footprint of the Canadian locations.

The first round of openings are due for the March or April time frame in the greater Toronto area.

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Supervalu moves ahead with turnaround plan

BY CSA STAFF

MINNEAPOLIS — Moving ahead with its previously announced turnaround strategy, Supervalu has overhauled its executive leadership team.

Led by chairman, president and CEO Wayne Sales, Supervalu announced that EVP retail operations Kevin Holt would take on an expanded role as president of Supervalu’s retail business. In this role, Holt will drive the overall strategy for the company’s traditional retail and pharmacy divisions, including overseeing the marketing and merchandising functions. Holt also will work closely with sales and his leadership team to clearly develop the company’s strategic platform, the company said.

As part of this change, EVP and chief marketing officer Michael Moore now will report to Holt, as will Tim Lowe, who has been promoted to EVP merchandising. Lowe previously served as SVP of Supervalu’s merchandising organization, a role he has held since May.

In addition, EVP merchandising and logistics Janel Haugarth has accepted the newly created position of EVP business optimization and process improvement at Supervalu. A 35-year company veteran, Haugarth will be responsible for identifying and executing strategies to make Supervalu a more streamlined, effective organization.

The executive moves follow the company’s less-than-favorable first-quarter results, reported in late July. Supervalu announced a number of dramatic measures to stabilize its business — reduction in capital spending, suspension of the company’s dividend, even the exploration of possible strategic alternatives — in conjunction with its declining first-quarter earnings results. One of the measures included the hiring of Wayne Sales to replace leader Craig Herkert.

"We are moving quickly to reinvigorate Supervalu, and that starts with leadership," Sales said. "The changes I have made to my executive team are designed to address two of our most immediate priorities: driving profitable sales in our retail stores and taking costs out of the business. These efforts are critical to our successful turnaround."

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