REAL ESTATE

Wal-Mart plans to add hundreds of smaller stores in next three years

BY CSA STAFF

Bentonville, Ark. — Wal-Mart Stores, in a presentation at a Bank of America Merrill Lynch conference on Thursday, announced that it would open “hundreds” of smaller-format stores over the next three years.

According to Bill Simon, president and CEO of Wal-Mart U.S., the ramped-up development could be augmented by some acquisition activity, although he didn’t elaborate on specifics.

The retailer had said it planned to open 30 to 40 smaller units this year in rural and urban areas and that there were “thousands” of potential sites in the U.S. Earlier, Wal-Mart announced it would build its first three smaller-format Express stores, the first of which is slated to open on Chicago’s South Side this summer.

The new stores will include mid-sized Neighborhood Market locations of 30,000-60,000 sq. ft. and the rest will be smaller, Simon said at the investor conference. The Neighborhood Market concept will be renamed “Walmart Market.”

Simon said the retailer will introduce more stores on university campuses, and that there are “there are hundreds, if not thousands of opportunities in the U.S.” for the smaller-format stores.

Simon also announced at the conference that he saw business trends improving in the United States for the retailer, but that it was too early to revise its forecasts upward.

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REAL ESTATE

McAlister’s Deli to open at Cochran Commons

BY CSA STAFF

Charlotte, N.C. — Jacksonville, Fla.-based Regency Centers said McAlister’s Deli has leased restaurant space at Cochran Commons in Charlotte, N.C.

McAlister’s Deli has leased 3,600 sq. ft. and is slated to open this summer.

Cochran Commons is a 66,020-sq.-ft. Harris Teeter-anchored shopping center that also features Great Clips, Caribou Coffee and Walgreens.

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REAL ESTATE

New tenants to open at Darby Town Center

BY CSA STAFF

Darby, Pa. — Metro Commercial Real Estate announced it has negotiated new new leases totaling 33,113 sq. ft. at the new Darby Town Center, located in Darby, Pa.

The 142,000-sq.-ft., Save-A-Lot-anchored center, which had its grand opening on December 9, 2010, will also be home to a new 10,000-sq.-ft Dollar Tree. A new 3,961-sq.-ft. lease was also completed for Hair World and Popeye’s will also lease approximately 2,152 sq. ft.

Additional tenants include Deal$, Hilldale Kitchen, a Chinese restaurant and a Laundromat. The property is owned by MacDade-Darby Development.

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