Tri-Land announces new leases
Westchester, Ill. — Tri-Land Properties announced Thursday that Marshalls and Qdoba Mexican Grill have joined the company’s projects in Indiana and Minnesota.
At Southern Plaza, a 335,000-sq.-ft. Indianapolis shopping center anchored by Kroger and Office Depot, Marshalls has opened a 24,084-sq.-ft. store.
At Century Plaza, a 300,592-sq.-ft. shopping center located in Merrillville, Ind. anchored by Staples and Old Time Pottery, Qdoba Mexican Grill has opened a 2,700-sq. ft. Mexican fast-casual restaurant.
Also, in related news, Blaine Oriental Market has expanded to 4,280 sq. ft. at Oak Park Plaza, a 95,340-sq. ft. shopping center in Blaine, Minn.
How to say “site-to-store” in Chinese
It’s only been two months since Walmart acquired an undisclosed minority interest in Chinese online supermarket operator Yihaodian, but now the company is indicating it may conduct an initial public stock offering in the United States, according to Bloomberg.
The new agency said the Shanghai-based company is looking to expand aggressively and quoted Yihaodian chairman Yu Gang as saying the company will most likely sell shares to the public in the United States but offered no timetable.
Yu expects to conclude the Walmart investment agreement this month as Yihaodian aims for a larger slice of China’s online commerce market, according to Bloomberg.
“We’ll do whatever it costs to secure a bigger slice of the market,” Yu said in a July 1 interview. “Market share is our top priority.”
To take on Taobao Mall, a unit of China’s biggest online commerce company, Yihaodian is expanding its work force to about 3,000 employees by the end of this year from 2,000 now and adding a fifth warehouse this year, Yu said. Sales at Yihaodian are expected to almost more than triple this year to as much as 3 billion yuan from 805 million yuan in 2010, Yu said, which places the company 10th among China’s online retailer, according to a Beijing-based research company IResearch Inc.
If Yihaodian does pursue a U.S. stock offer it won’t be breaking new ground. In fact, Chinese IPO’s have become quite common and such notable names as Baidu, Sina and Ctrip.com are popular with U.S. investors.
Brooks Brothers to open at Renaissance at Colony Park
Ridgeland, Miss. — Renaissance at Colony Park announced that Brooks Brothers is joining its tenant lineup and is scheduled to open a 7,500+-sq.-ft. store in Ridgeland, Miss., in November. Currently, the nearest Brooks Brothers stores to the Jackson (Miss.) metropolitan area are in New Orleans and Memphis.
Other recent openings at Renaissance at Colony Park include Another Broken Egg Café and Apricot Lane Boutique. Opening soon are SOMA Intimates and Altar’d State Christian Stores.
The open-air Main Street-style center is in the midst of leasing Phase two, which is slated for a fall 2012 opening. Upon completion of the second phase, Renaissance at Colony Park will consist of approximately 500,000 sq. ft. of building space on 57 acres and 50,000 sq. ft. of office space above the retail shops.