REAL ESTATE

Wal-Mart Proposes Two Stores for One Limit

BY CSA STAFF

Dunkirk, Md., AWal-Mart proposal to build two stores side-by-side in Dunkirk, Md., may meet the letter of the law that limits big-box stores to 75,000 sq. ft., but not the spirit, according to critics. The Washington Post reported that the Calvert County Planning Commission has indefinitely postponed consideration of the proposed Wal-Mart project. The postponement could give time for commissioners to close a loophole in their regulations, the newspaper reported.

According to the newspaper, Wal-Mart officials said their Dunkirk plan meets the laws on the books. Technically, the project has two stores. One is less than 75,000 sq. ft. The other is a 22,689-sq. ft. garden center next door. Both have their own entrances, restrooms, and separate utilities.

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REAL ESTATE

BI-LO and Bruno’s Cut Back Stores

BY CSA STAFF

New York City, Weighed down by pressure from Wal-Mart Stores and Publix Super Markets, Bruno’s Supermarkets plans to close 20 stores in March. Of the 20 stores on the list for closure, 13 are in Alabama, four are in Georgia, two are in Florida and one is in Mississippi. The company said the cutbacks allow the chain to weed out underperforming stores and improve its focus on more profitable markets. Demographic shifts and traffic patterns also factored into the decision.

BI-LO, which operates 282 supermarkets in the Carolinas, Georgia and Tennessee, on Tuesday announced plans to close nine of its locations.

The two chains were purchased by Lone Star Funds, a Dallas-based private investor, in a $660 million deal late last year. The two grocery chains, which combined have more than 400 stores in the Southeast, plan to merge their operations as BI-LO Holdings LLC, and relocate Bruno’s corporate offices to Mauldin, S.C.

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Whole Foods Delays First-Quarter Filing

BY CSA STAFF

Austin, Texas, Whole Foods Market, Inc., has asked for a five-day delay in filing its first-quarter financial statements so the company can adjust its lease accounting to align with the clarified SEC rules. The organic and natural-foods retailer will file its form 10-Q with the SEC on March 2. Like many other companies, Whole Foods will examine its current methods of accounting for tenant-improvement allowances and rent holidays, and calculation of depreciation of leasehold improvements and straight-line rent determination for leased properties.

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