DEVELOPMENT/REDEVELOPMENT

Tulsa: Farewell Miss Jackson, hello new era

BY Al Urbanski

The recent demolition of the Miss Jackson’s anchor store at Utica Square in Tulsa, a fixture in that town’s retail scene for more than 100 years, was a stark Heartland example of the changing face of retail. But mall owners and managers in Oklahoma’s second-largest city feel poised to enter the new era, according to a report in Tulsa World.

New women’s clothing arrivals at Utica Square, which is owned by Helmerich & Payne, include Madewell, Evereve, and Athleta. At Simon Property Group’s Woodland Hills Mall in Tulsa, the Texas De Brazil steakhouse and The Fix — which repairs smartphones and tablets — present new options to upscale shoppers.

Woodland Hills Manager Scott Budge said additions such as Texas de Brazil are aimed at enhancing the value of the property for shoppers, but he by no means envisioned the end of department stores.

“Although we cannot predict the future, what we can tell you is that our department stores continue to see full parking lots and steady foot traffic,“ Budge told Tulsa World.

Miss Jackson’s lingerie was opened by Pennsylvania native Nelle Shields Jackson in 1910. The store filled a need in the community among an upscale clientele and prospered by moving into jewelry, furs, and apparel.


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DEALS

CBL sells two Michigan malls for $66.5 million

BY Al Urbanski

CBL & Associates announced it has completed a $66.5 million sale of two malls in Michigan — The Lakes in Muskegon and the Fashion Square Mall in Saginaw. The identity of the buyer was not disclosed.

CBL president and CEO Stephen Lebovitz said the Michigan sales were part of a long-term plan to move to a portfolio of higher quality, higher-growth portfolios.

“Over the past two years we have completed more than $765 million in transactions, including approximately $460 million from regional malls and more than $305 million from selling community centers and other non–core assets,” Lebovitz said.


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FINANCE

Done deal for merger of two supermarket giants

BY Marianne Wilson

The Federal Trade Commission has given its blessing to a deal that creates the fourth largest supermarket company in the United States.

Delhaize Group, based in Belgium, is the owner of Food Lion. Ahold, based in the Netherlands, is the parent company of Stop & Shop. The combined company, called Ahold Delhaize, will generate about 61% of its revenue in the U.S. It operate some 6,500 stores under a portfolio of banners.

Delhaize Group, based in Belgium, is the owner of Stop & Shop. Ahold, based in the Netherlands, is the parent company of Food Lion. The combined company, called Ahold Delhaize, will generate about 61% of its revenue in the U.S. It operate some 6,500 stores under a portfolio of banners.

"Today marks the successful completion of this cross-border merger, bringing together two great food retail companies," said Jan Hommen, Ahold supervisory board chairman. "Ahold Delhaize is ready for a strong start, building on its strong foundation, heritage and complementary businesses."

The companies first announced the deal in June 2015. Last week, the two retailers reached agreements to divest 86 U.S. stores. The stores are in a limited number of locations in which the companies' U.S. subsidiaries both operate.

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