Walgreens opens on historic Magazine Street
New Orleans — Covington, La.-based Stirling Properties said that Walgreens has opened a new store on Magazine Street in New Orleans.
The 13,000-sq.-ft. store features a drive-thru window, full-service pharmacy and a Look Boutique specializing in high-end cosmetics. The site is the original home of the Ed Brauner American Legion Post #307 and portions of the building date back to 1947. The front and rear facades of the building were replaced and the interior fully demolished. The new design features large windows to showcase the building’s interior, a pedestrian entrance on Magazine Street, and a rear parking lot with a drive-thru window.
To pay homage to war veterans and the building’s former use as a meeting spot for them, several American Legion images and symbols were incorporated into the new design.
“This adaptive reuse project represents a true cooperative effort between Stirling Properties, Walgreens, the City of New Orleans, local retailers, and surrounding neighborhoods,” said Peter Aamodt, VP development for Stirling Properties.
Stirling awarded property/construction management for Louisiana Boardwalk
Bossier City, La. — Covington, La.-based Stirling Properties said that it has been retained to provide comprehensive property and construction management and office leasing services for Louisiana Boardwalk, a 562,250-sq.-ft. retail/mixed-use development on the waterfront of Bossier City, La.
Garrison Investment Group of New York City recently acquired Louisiana Boardwalk and will re-launch the retail center as The Outlets at Louisiana Boardwalk.
Ace Hardware nails it on revenue growth
OAK BROOK, Ill. — Ace Hardware Corp. posted fiscal 2012 revenues of $3.8 billion, up 3.6% from the previous year.
The co-op’s net income of $81.8 million increased 5.3% for the year.
“We are very pleased with our fiscal 2012 results as revenues and net income were both higher than last year and our plan,” said Ray Griffith, Ace CEO, who will be replaced by John Venhuizen as CEO, effective March 31.
In the fourth quarter, the company’s net income of $22.4 million was up 16.7%. Fourth-quarter total revenues were down 1.0%, while fourth-quarter wholesale merchandise revenues to comparable domestic stores declined 0.6%.
Pointing to the two major co-op transactions of recent months, Ray Griffith said Ace is better positioned “for future growth and profitability with the acquisition of Westlake Ace Hardware and the sale of our paint manufacturing assets to Valspar.”
Ace paid about $90 million for Westlake. The co-op sold its paint assets for about $45 million.
Ace added 159 new domestic stores and canceled 127 domestic stores in 2012 — a net gain of 32 stores. The co-op’s total domestic store count at the end of 2012 stood at 4,104.
On the international front, Ace’s business decreased 10.7% in the fourth quarter, due to lower sales to retailers in the Latin America and Asia markets. In the 2011 fourth quarter, international wholesale merchandise sales increased 10.2%.