REAL ESTATE

Report: Toys ‘R’ Us to close more stores

BY Marianne Wilson

The nation’s largest toy store retailer is reportedly upping its stores closings — and by a big number.

On the heels of a disappointing holiday season, Toys “R” Us plans to shutter an additional 200 stores and lay off a significant portion of its corporate staff, reported The Wall Street Journal. In January, the retailer said in a court filing it was planning to shrink its U.S. store portfolio by as much as 20% — about 180 locations — as part of a plan to emerge from bankruptcy before the 2018 holiday season.

The discussions about the newest round of store closings are ongoing and the number of closures could change, according to the report. The Journal also said that Toys “R” Us has backed away from an earlier promise to provide severance to all employees impacted by the store closings. Managers were recently instructed to tell hourly workers that “there are no severance benefits being provided for the store-closing process,” the report said, citing internal documents.

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j.klacy says:
Feb-26-2018 10:38 am

in addition to the 183 already announced?

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Kroger-anchored centers change hands in Kentucky

BY Al Urbanski

Atlanta-based Branch Properties has acquired two Kroger-anchored shopping centers in Lexington, Kentucky, for $59.7 million.

The larger of the two — Tates Creek Centre at 196,028 sq. ft. — houses Proof Fitness, Rite Aid, MOD Pizza, and PNC Bank. The 124,498-sq.-ft. Millpond Center, includes Workout Anytime, Subway, and Pizza Hut. Both centers are situated on Man O’War Boulevard in Lexington.

Mid-America Real Estate brokered the transaction on behalf of the seller, Houston-based Weingarten Realty.

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ShopRite enters as anchor at New Jersey Center

BY Al Urbanski

A Marshalls, a Home Goods, a Saks Off 5th, and an A.C. Moore in Shrewsbury, N.J., are about to gain themselves a valuable grocery anchor.

National Realty & Development Corp. managed to sign ShopRite to occupy a lot across from its Shrewsbury Plaza and has demolished a business center there to begin construction on a 77,100-sq.-ft. supermarket. The store is expected to open in late 2019.

The ShopRite should be a welcome addition to this upscale seaside community, which includes the towns of Rumson, Little Silver, and Tinton Falls, according to NRDC’s leader.

“The support and feedback from the community to bring ShopRite to this project has been tremendous,” said company president John G. Orrico. “I’m certain that Richard Saker and his team at Saker ShopRite will deliver an extraordinary grocery experience to the community.”

ShopRite, a major grocery player in New Jersey, consists of independent owners who source their products from the Wakefern Cooperative. Saker operates 32 ShopRites in the state.

Retail space remains available in the 221,000-sq.-ft. Shrewsbury Plaza, according to Orrico.

 

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