Wal-Mart Mexico cuts 2012 store openings as new procedures delay process
Mexico City — Wal-Mart Stores’ Mexico subsidiary said Wednesday that new store openings for 2012 will be cut from the originally planned 410 to 430 stores to 325 to 335, due in large part to added real estate documentation procedures.
Expansion plans for new stores will be delayed by 60 to 90 days, said Wal-Mart Mexico, as the retailer institutes reinforced documentation around real estate projects. Wal-Mart Mexico has been in the throes of a bribery scandal involving alleged payments to middlemen to accelerate the store-opening process.
The company said it will spend $17.5 billion – an 11% reduction from the initial plans – to open the downwardly revised 325 to 335 new stores in Mexico and Central America in 2012, representing an 8.1% annual expansion rate. The original 430 store count may still be reached, said the retailer, but it would be by the end of first quarter 2013, rather than end of 2012.
Saks Off 5th to open in Carousel Center, Syracuse, N.Y.
New York — Saks Fifth Avenue’s Off 5th plans to open its doors in Syracuse’s Carousel Center on June 21.
The 24,962-sq.-ft. store will be located in the center’s new expansion area called Destiny USA, which is the largest LEED certified commercial retail project in the country.
The new store will feature the company’s ‘luxury-in-a-loft’ store design, which maximizes efficiency and flexibility, enabling easy changes in the general layout. The store will be bright, uncluttered, with no hard aisles and one consistent hard-surface floor throughout. All fixtures will be on casters, ensuring ease in movement, and all hardware will be interchangeable between fixtures.
Starbucks names broker for sites in Northern New Jersey
Garden City, N.Y. — Starbucks Coffee Co. has appointed Sabre Real Estate Group LLC as its exclusive broker for northern New Jersey.
Sabre’s Scott Sher and Russel Helbling will spearhead the cafe chain’s site search in Bergen, Passaic, Essex, Union and Hudson Counties, where the chain currently has 52 locations.
“We have worked very closely with Starbucks for over a decade and are excited to expand our area of coverage into Northern New Jersey” said Sabre’s managing principal, Jayson Siano, who has represented the chain on Long Island. Siano found 50 sites for the chain.