Big mall owner CBL launches a rebranding campaign
Malls are not going away entirely, but the word “mall” may be an endangered concept.
CBL Properties, one of the nation’s biggest mall operators, with 121 of them in 27 states, has announced a rebranding campaign that that reflects a new strategic direction focused on operating community gathering places, not mere shopping centers.
“The rebrand aligns our corporate vocabulary with our current strategy and vision for the future of CBL,” said Stephen Lebovitz, president and CEO. “Our properties are not just about retail or shopping.”
Lebovitz is among the group of retail property owners who look at empty Macy’s and Penney’s stores and see an opportunity to fill the holes with tenants that might bring in more rent, as well as customers.
“[The properties] are evolving through the addition of more food, entertainment, service, fitness and other new uses, and we are actively exploring adding hotels, medical, office, residential and education components,” Lebovitz said.
While CBL & Associates Properties, Inc. will remain the company’s legal name, it will now go by the name CBL Properties publically.
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Joplin power center changes hands
Chase Properties has acquired North Point Shopping Center in Joplin, Missouri, from Kimco Realty Corp.
The 155,416-sq.-ft. power center is a retail focal point in this former mining town of 50,000 people, which is now a major transportation hub and medical center in the region. Median household income, according to the U.S. Census bureau, is $38,000.
North Points’ key tenants are Ross Dress For Less, Ashley Furniture, PetSmart, Dollar Tree, and Party City.
Mid-American Real Estate and Pace Properties brokered the deal on behalf of Kimco.
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Fast-growing organic grocer sets 2018 store openings
Sprouts Farmers Market is in expansion mode.
Sprouts Farmers Market announced it will open nine new locations in the first quarter of 2018. In total, the natural and organics grocer will open approximately 30 new stores across the country in 2018.
The first quarter expansion includes Sprouts' first store in Maryland (in Ellicott City), which also marks the chain's first location in the mid-Atlantic region of the country. Additional locations include Albuquerque and Las Cruces N.M. Fayetteville, N.C. Green Valley, Mesa and Tempe, Ariz. Sacramento, Calif. and Valrico, Fla.
Based in Phoenix, Sprouts operates more than 280 stores in 15 states.
It sure would be nice if they would open one in SW Tucson! All of their stores here are 10 - 15 miles away!!!