Village at the Peaks, Longmont, Colo.
A huge redevelopment in Longmont, Colo., now has big new tenant names to promote. NewMark Merrill Mountain States has just named three new anchors for the redeveloped Twin Peaks Mall: Longmont’s first Whole Foods Market; a new, state-of-the-art Regal Cinemas; and Sam’s Club. The project, which is slated to open in 2014, also unveiled its new name – Village at the Peaks.
The new Whole Foods Market at Village at the Peaks will be approximately 30,000 sq. ft., and the new Sam’s Club, the only one in Longmont, will be approximately 136,000 sq. ft. Regal Entertainment Group is bringing Northern Colorado its first Regal Cinema’s RPX concept – a 12-screen theater named Regal Premium Experience – to the property.
“With commitments from Sam’s Club, Whole Foods and the new Regal Cinemas RPX, the redevelopment now has three major anchors, and has fulfilled its initial commitments to the City regarding the strength and spectrum of the merchandise mix,” said Allen Ginsborg, managing director and principal of NewMark Merrill Mountain States. "Now that the experience is truly taking shape, the time is right to introduce our new name, Village at the Peaks, which incorporates the best of the current identity and conveys how fresh and inviting the new ‘village’ aspect of the open-air project will be."
The new Whole Foods Market will provide a series of welcome amenities for Longmont shoppers, including potentially a coffee and juice bar, prepared foods bar, florist, as well as its full-service market.
“Our research showed that bringing a top-quality natural grocer to the new project was a high priority for Longmont residents, and it was for us, too," said Ginsborg. “Whole Foods selected Village at the Peaks for its first store in Longmont because this well-situated property will be the dominant center in the greater Longmont trade area and will serve as the true retail hub for this community over the long-term.”
A new, high-quality theatre experience also topped the community’s wish list for the project. The Regal Premium Experience is described by Regal Cinemas as “a custom-built premium environment featuring elegant and luxurious seats with high-back headrests, a giant immersive screen illuminated by high-quality digital projectors and completed with a state-of-the-art surround sound system.” Regal introduced the RPX design and technology in 2010 to compete with IMAX theatres across the country. The new Longmont theatre will feature approximately 2,500 seats and 12 floor-to-ceiling screens to show both traditional and 3D films.
Wal-Mart Stores’ Sam’s Club banner is, said Ginsborg, a key part of the tax increment financing package agreed to by the City.
NewMark Merrill Mountain States is transforming the formerly enclosed mall into an all-new, open-air super-regional destination for shopping, dining and state-of-the-art entertainment. NewMark Merrill, which purchased the property in 2012, is working with the City of Longmont in a public-private partnership to reinvent the cornerstone property into a vibrant, modern retail project that will take advantage of the location’s mountain views and become a center for community life in the Northern Colorado city in Boulder County.
For leasing information, contact Allen Ginsborg (for anchor tenants) 970-377-1135; Ross Carpenter (for shops and pads), 970-377-3230; and Robb Brown (for village leasing), 216-496-6152.
Another big loss for J.C. Penney as sales plunge 16.4%
Plano, Texas — J.C. Penney Co. reported a deeper-than-expected loss of $348 million for its first quarter, compared to $163 million in the year-ago period, amid a 16.4% decline in revenue. The results came as the company seeks to undo the damage caused by former CEO Ron Johnson’s costly and largely failed makeover.
Excluding restructuring and management transition charges and noncash pension plan expense, Penney’s adjusted net loss for the first quarter, ended May4, was $289 million. Revenue dropped 16.4% to $2.64 billion. Same-store sales fell 16.6%, worse than the 15% decrease analysts predicted.
Penney blamed the revenue declines on Johnson’s failed pricing and marketing strategies. The retailer also said that construction to revamp its home departments had put a dent in sales.
In a conference call with analysts on Thursday, Penney’s new chief executive, Mike Ullman, said that reconnecting with its customers will take time. He said that the retailer recognized “the magnitude of the challenges that we face, and we believe we can put J.C. Penney back on a pathway to profitable growth."
He pledged reemphasize the Penney private brands — the shelved St. John’s Bay for women’s is coming back — and improve the performance of its online store.
"Over the last year, jcp.com functioned as a completely separate entity inside the company, with little synergy between stores and online," Ullman said.
Online retailer launches womenswear line
SAN FRANCISCO, Calif. — American Giant, a California-based apparel brand for men which operates through a direct-to-consumer e-commerce model, has launched a womenswear line.
The first women’s offerings will consist of both heavyweight and mid-weight sweatshirts and a jersey knit line, all made in America and sold exclusively online. Women will be able to pick from seven styles, all made from 100% pre-washed cotton and shrunk to fit and priced from $19.50 to $89.
Women’s silhouettes include racerback tanks, crew neck tees and V-neck tees, available in 11 colors; French terry sweatshirts, available as full zip in five colors and pullovers in four colors; and heavyweight sweatshirts, available as full-zip in four colors as well as pullovers and full zip mock neck in three colors.
American Giant has also launched a new men’s French Terry sweatshirt line, including the classic silhouettes from the original American Giant line: the full-zip hoodie, pullover hoodie and full-zip track jacket. The French terry fabric is a lighter weight, making ideal for spring and summer.
"We launched in February 2012 with our heavyweight sweatshirt line for men, and today, as we launch our women’s line, our mission remains the same — offer the highest quality products at a fair price to consumers," said American Giant CEO Bayard Winthrop. "At American Giant, we believe strongly that it’s possible to deliver the finest premium basics on the market today while staying 100% made in the USA and keeping prices reasonable. Our women’s line isn’t about adhering to trends or fast fashion, but rather making something that will look great, feel great and last a lifetime."