Wal-Mart accelerating growth of Walmart Market
New York City — Wal-Mart Stores is ramping up the opening of its mid-sized Neighborhood Market format, which is being renamed Walmart Market, said Bill Simon, president and CEO, Walmart U.S., on Wednesday at the William Blair & Co. Growth Stock Conference in Chicago.
The Market stores, which average around 42,000 sq. ft., are delivering returns on the same level as supercenters, Simon said, and can be approved and built in less time.
The chain expects open 90 to 100 Walmart Market stores in its current fiscal year, with a total of 300 in operation by fiscal 2013. The stores average around 42,000 sq. ft.
In other remarks, Simon said sales at the company’s new Walmart Express format have been “very good.”
Walmart Express stores, at around 15,000 sq. ft., sell everything from fresh food to sheets and towels to toys.
To date, the chain has opened two Express locations, both in Arkansas. On Wednesday, Walmart is opening its third Walmart Express location, in Richfield, N.C. In July, it will open a Walmart Express store in Chicago.
Karlin Real Estate acquires two Phoenix-area centers
Phoenix — Karlin Real Estate has acquired through foreclosure two Phoenix, AZ-area shopping centers totaling nearly 220,000 sq. ft., following the firm’s purchase of a non performing loan portfolio with an aggregate unpaid principal of approximately $65.5 million.
The centers include The Boulevard at Surprise Pointe is a 201,223 sq.-ft. lifestyle center in Surprise, AZ. Anchored by a Walgreens and UltraStar Cinemas, the center also includes a partially completed 60,000-sq.-ft. bowling center and more than 125,000 square feet of in-line retail space and pads. Built in 2009, The Boulevard at Surprise Pointe is the retail component of Surprise Pointe, a 290-acre master planned commercial business park, in Surprise, Ariz., 45 miles northwest of downtown Phoenix.
The other center is Thunderbird Marketplace is an 18,711-sq.-ft. strip center located at West Thunderbird Road at Interstate 17. Karlin subsequently sold Thunderbird Marketplace to a buyer in an off-market transaction.
HSN to offer exclusive collection from award-winning interior designer
ST. PETERSBURG, Fla. — HSN announced that it will offer an exclusive collection of home decor from award-winning architectural and interior designer and design television host Vern Yip.
The HSN exclusive Vern Yip Home collection will feature his signature, unique design lotus and medallion (a symbol of his family’s history and design aesthetic) available on a bedding line, the company reported. The collection will also include furniture, window treatments, rugs, lighting and decor items.
"Balancing work and family life has inspired me to continue my quest to create easy solutions for everyday problems," said Vern Yip. "Together with HSN, my goal is to simplify the challenges of the home space while bringing to life its personality and embracing functionality."