Wal-Mart’s Massmart acquisition faces South Africa court appeal
Cape Town, South Africa — A Thursday report by Bloomberg said that South Africa’s Competition Appeal Court began hearing a government lawsuit filed to compel regulators to review a decision allowing Wal-Mart Stores to acquire 51% interest in Massmart Holdings Ltd.
The Competition Tribunal ruled on May 31 that Wal-Mart could proceed with the deal on condition no jobs are cut for two years and the companies set up a $12.4 million fund to assist local suppliers and manufacturers. The government objected, saying the conditions were inadequate to protect the economy and prevent a surge in imports undermining manufacturing output.
The court challenge is focused on the procedure that was adopted by the Competition Tribunal in making its decision, according to Bloomberg’s report, which cited comments by Heather Irvine, a director at law firm Norton Rose. The retailers provided inadequate information about their product sourcing, meaning “the tribunal was unable to make a proper decision on the effects of the merger and what conditions should be imposed,” Irvine said.
Both retailers are opposing the appeal and the review.
DDR announces new tenants at six former Borders locations
Beachwood, Ohio — DDR Corp. said Thursday that six new national tenants will occupy former Borders locations in Puerto Rico, New Jersey, Georgia, Ohio and Missouri.
PetSmart’s newest Puerto Rico store will be located in the former Borders location at Plaza Escorial, a 636,000-sq.-ft. power center in Carolina, anchored by Walmart, Sam’s Club, Home Depot, Old Navy and Caribbean Cinemas. In 2010, DDR introduced PetSmart to Puerto Rico and this store marks the fourth PetSmart location in a DDR center on the island.
In New Jersey, BuybuyBaby will open a new store in the former Borders location at Nassau Park Pavilion, a 1.1 million-sq.-ft. power center in Princeton that includes a Walmart, Sam’s Club, Target, Home Depot, Wegmans and Kohl’s.
In Mays Landing, N.J., Books-A-Million assumed the former Borders lease at Wrangleboro Consumer Square, an 843,000-sq.-ft. power center anchored by Target, Kohl’s, BJ’s Wholesale Club, Dick’s Sporting Goods, Michaels, Ulta and Old Navy.
In Atlanta, at Johns Creek Town Center, a 306,000-sq.-ft. power center, Stein Mart will open in the former Borders location. The center is anchored by Kohl’s, PetSmart and Michaels.
Ulta will open in the former Borders location at Uptown Solon, a 183,000-sq.-ft. power center located in Cleveland. Ulta will join Bed Bath & Beyond, Old Navy, Talbots Outlet and Pier 1 Imports.
Bar Louie coming to West 7th
Fort Worth, Texas — Cypress Equities said Tuesday that Bar Louie has signed on as the newest merchant at West 7th, a mixed-use development in Fort Worth, Texas.
The neighborhood-style restaurant will open in 6,503 sq. ft. in winter 2011.
West 7th’s retail and office components are being developed by a Cypress Equities company and the residential component by Columbus Realty Partners.