REAL ESTATE

Discounter’s grocery concept opens in Orlando

BY Deena M. Amato-McCoy

A Walmart Neighborhood Market has joined one of Orlando, Florida’s newest retail centers.

The grocery concept store, which is 43,865 sq. ft., opened its doors at the Landstar Marketplace retail center in Orlando. Developed and managed by Deerfield Beach-based Konover South, LLC, the retail center is 62,243 sq. ft. of retail space.

The Landstar Marketplace also includes 18,378 sq. ft. of inline retail, plus two stand-alone outparcels. Anytime Fitness, Arby’s, Landstar Dental, and T-Mobile, among others, are slated to begin opening in March, according to Konover South.

R.A. Rogers Construction Company, Altamonte Springs, is the general contractor, and the center was designed by Cuhaci & Peterson Architects, based in Orlando. Kimley-Horn, also in Orlando, serves as the project civil consultant.

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Rite Aid completes more than half of its store transfers to Walgreens

BY Deena M. Amato-McCoy

The Rite Aid-Walgreens transition is on track to be completed by spring.

Rite Aid has successfully transferred 1,114 stores to Walgreens Boots Alliance, and has received cash proceeds of $2.424 billion, which the company continues to use to reduce debt. The drugstore chain expects to finish the transfer by spring, according to Rite Aid.

Walgreens purchased a total of 1,932 stores, three distribution centers and related inventory from Rite Aid for $4.375 billion in cash.

The majority of the closing conditions have been satisfied. Upcoming transfers of Rite Aid stores and related assets will be subject to minimal customary closing conditions, as specified in the Asset Purchase Agreement, according to the company.

“We have now completed more than half of the planned store transfers and remain on track to finish the process in the spring of this year,” said Rite Aid chairman and CEO John Standley. “As we work to complete this process, we remain focused on opportunities to build our business while delivering a great experience to our customers and patients and driving value for our shareholders.”

Most of the stores being sold to Walgreens are in the southeastern U.S., leaving Rite Aid with the majority of its stores on the East and West coasts.

The sale — and ongoing transition of stores — bolstered the drug chain’s profits for the third quarter. Net income rose to $81.03 million, in the quarter ended Dec. 2, from $15.01 million.

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Swarovski sparkles in the Big Apple

BY Marianne Wilson

Swarovski has opened a flagship in New York City’s Times Square.

The 1,000-sq.-ft. space serves as a destination for all things Swarovski – from core collections in jewelry and watches to pieces in the brand’s iconic crystal collections. Swarovski enlisted the Cao Perrot Studio to design its “crystal forest” boutique concept, drawing on inspiration from trees and clouds.

“The concept will serve as a modern expression of the company’s identity and values, highlighting the infinite possibilities of crystal,” said Robert Buchbauer, a member of the Swarovski Family and Swarovski executive board.

Swarovski is hoping the new flagship will help it establish an even stronger retail presence within the U.S. market.

“The location of the Times Square flagship is a strategic move that will give our brand the additional exposure to maximize our growth potential,” said Jean-Jacques Sebbag, senior VP of Swarovski’s consumer goods business North America.

Swarovski Crystal Business has a global reach with approximately 2,680 stores in around 170 countries.

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