REAL ESTATE

WS breaks ground on new Lowe’s-anchored center

BY CSA STAFF

Chestnut Hill, Mass. WS Development announced Wednesday that it has broken ground at Stateline Shopping Center in Salem, N.H. The 230,000-sq.-ft. center is the site of a redevelopment that will feature a new Lowe’s store.

The new Lowe’s will have 102,000 sq. ft. of retail sales space and a  29,000-sq.-ft. garden center.

The redevelopment project will include architectural updates to existing buildings, new building construction, storm-water drainage improvements, and roadway improvements on Route 28, including traffic signal coordination in conjunction with the Town of Salem’s Route 28 corridor improvement project.

The new Lowe’s is expected to open in the company’s fiscal fourth quarter 2010. Namco and Sovereign Bank will remain open during construction.

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REAL ESTATE

General Growth closes Alabama mall

BY CSA STAFF

Chicago General Growth Properties Inc. has shut the doors of its Century Plaza Mall in Birmingham, Ala., according to The Wall Street Journal.

However, General Growth said the move is not related to its bankruptcy filing.

General Growth shut down the 755,600-sq.-ft. mall on May 31. The mall, which the company acquired in 1997, had been losing tenants for several years, the report said.

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REAL ESTATE

Gap to remodel 50 Old Navy stores

BY CSA STAFF

New York City Gap Inc. chairman and CEO Glenn Murphy updated investors on Wednesday about the company’s top priorities, including gaining market share at its core brands in North America while continuing to grow through its online and international businesses.

Murphy also announced Old Navy’s plans to remodel approximately 50 stores in 2009.

“We’re pleased with the results we’ve seen from the new store prototype that has been tested this year in two Old Navy stores in California, and we’ll invest in 50 additional remodels this year,” said Murphy. “Early results demonstrate the new layouts create a better experience for our customers that better captures the unique energy that’s central to Old Navy’s fun personality.”

The company reiterated its full-year capital expenditure guidance of $350 million for fiscal year 2009.

Gap Inc.’s online and international businesses continue to offer solid growth potential for the company – which, combined, have increased by approximately $500 million from 2006 to 2008.

Murphy also said the company will add 50 labels available at its online shoe and handbag shop Piperlime.

He also noted that internationally, the company will continue to open new stores, including approximately 40 new franchise stores in a total of 20 countries by the end of the year. The company is also expanding its outlet business in the United Kingdom, Japan and Canada.

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