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REAL ESTATE

Fashion-forward shopping experience comes to Moscow mall

BY Jennifer Setteducato

When it comes to Millennials, Ikea Centres – the shopping center company owned by Ikea Group – is thinking outside of the box.

With fashion, lifestyle and wellness at its core, Ikea Centres recently launched Underline, a 65,000-sq.-ft. fresh, modern space at MEGA Teply Stan mall in Moscow to attract the next generation of shoppers.

Underline was created to be an innovative experiential space where fashion-forward visitors can brush up on the latest trends, take a yoga class, get their work done, and even attend a lecture, according to the company. Pop-up space allows for up-and-coming online brands to establish a physical presence.

Approximately 21,000 sq. ft. of space is dedicated to retail and 43,000 sq. ft. is for lifestyle services. Respublika, a hip Moscow bookshop; Double B, an artisan coffee shop; and 365 Detox-café; a healthy snack venue, are currently at Underline. There is also a barbershop, an Ikea pop-up store, lecture area, and spaces for co-working and reading.

“There is much debate about the need for retail destinations to provide new, original experiences that can’t be replicated online,” said Luc Mougel, lease group manager for Ikea Centres Russia. “Underline is driving footfall for all our MEGA Teply Stan tenants, and it is likely that similar concepts will be rolled out at other centres within our portfolio.”

Ikea Centres operates 45 retail destinations across Russia, China and Europe, always anchored by an Ikea store. The company plans to increase to 70 locations across 15 countries by 2025.

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REAL ESTATE

Major retail hub set to open in the City of Brotherly Love

BY Jennifer Setteducato

The long-awaited grand opening of the former Gallery at Market East in Philadelphia’s Center City has been set for September 2019.

The new Fashion District Philadelphia – a $325 million joint venture between Macerich and PREIT – will feature over 800,000 sq. ft. of retail, dining, and entertainment making it a fully immersive shopping experience just steps away from the city’s Historic District.

Currently, 80% of the center is either leased or in active negotiations. Tenants will include Polo Ralph Lauren, H&M, Forever 21, Zumiez, Asics, Zales, Guess, Columbia, Francesca’s, Levi’s, and Skechers, with leases being negotiated with ULTA Beauty and more. Century 21 and Burlington stores are already open.

AMC Theaters will be located on the third floor, which will be dedicated “entertainment zone.”

An artisanal Italian market with culinary events, restaurant and retail space will be featured alongside a unique blend of dining options including Dallas BBQ, and City Winery (which offers intimate concerts, food and wine classes), Chickie’s & Pete’s, Chick-fil-A, Oath Pizza, Burger Fi, Pei Wei, Freshii and la Madeleine.

Spanning three city blocks, Fashion District is connected to Reading Terminal Market, the Pennsylvania Convention Center and the largest regional rail hub in Philadelphia making it accessible to commuters, tourists and locals.

“Philadelphia and the retail environment have evolved dramatically since this project’s inception and we are unveiling a cohesive offering befitting this world-class city,” said Joseph F. Coradino, CEO of PREIT.

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Kroger moves into Florida with shopping center purchase

BY Jennifer Setteducato

Kroger is getting in on the action in the Sunshine State, where competitor Publix Super Markets reigns supreme.

Topvalco, Inc., a wholly-owned subsidiary of The Kroger Co., has purchased a 73,841-sq.-ft. shopping center in Delray Beach, Florida, for $15 million, reported The Palm Beach Post. The retailer also paid $2 million for an outparcel that includes a bank.

The Delray Commons shopping center property will reportedly be the future location of Lucky’s Market, a value-priced natural and organic foods grocery chain backed by Kroger. The new 29,000-sq.-ft. Lucky’s is expected to open in 2019, according to the Palm Beach Post report.

Lucky’s expects its store count to total more than 35 stores by the end of 2018. It recently signed four new leases for stores in Florida, all of which are expected to open in the next 18 to 24 months.

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