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NEW PLAN-J.P. MORGAN FORM PARTNERSHIP

New Plan Excel Realty Trust has formed a joint venture with JPMorgan Fleming Asset Management to acquire community and neighborhood centers. The $150 million venture, called NP/I&G Institutional Retail Co., has already bought the 251,236-square-foot Lake Grove (N.Y.) Plaza, on Long Island, about 55 miles east of New York City, for $44 million. New York City-based New Plan Excel owns 20 percent of the venture; JPMorgan Fleming, an arm of J.P. Morgan Chase & Co., holds the rest. New Plan Excel will initiate the acquisitions as well as lease and manage the centers.

AMC AND LOEWS WEIGH MERGER

If it’s a merger that AMC Theatres and Loews Cineplex are talking about, it would create the largest cinema chain in the United States. The parent companies of the chains, two of the country’s largest, said at press time that they are discussing a “possible business combination.” Neither AMC Entertainment nor Onex Corp., owner of Loews, would give details. But if there is a merger, the new entity will operate a combined 6,342 screens internationally, more than current industry leader Regal Entertainment Group’s 6,119. AMC now has 3,507 screens inside 232 theaters in the United States and eight other countries. Loews has 2,835 screens inside a total 281 units in the United States, Canada, Mexico and South Korea.

SPIEGEL SEEKS TO CLOSE ANOTHER 30 EDDIE BAUERS

The Spiegel Group asked a bankruptcy court last month for permission to close 30 Eddie Bauer stores. The company has closed 60 units already since filing for Chapter 11 bankruptcy protection in March. Spiegel, which is owned by the Otto family of Germany, has also closed all 21 of its Spiegel and Newport News brand outlet stores. The company now operates a total of 469 Eddie Bauer units — 330 of them apparel stores, 36 home stores and 103 outlets. Meanwhile, Spiegel has received permission from the court to open 17 new stores next year. The chain has been hurt by falling sales.

DOLLAR GENERAL TO OPEN 675 UNITS THIS YEAR

Dollar General, the deep-discount sector’s biggest chain, says it will open 675 stores over its fiscal year beginning Jan. 31 as rampant growth among such retailers continues. Dollar General is on track to open 660 stores this fiscal year. As of Nov. 17, 2003, the company had a total of 6,653 units in 27 states, and this year it will enter Arizona, New Mexico and Wisconsin. The company says it expects to pursue similar growth in 2005 and 2006.

DDR BUILDING DENVER-AREA CENTER

Developers Diversified Realty Corp. and a local developer are planning a 275-acre mixed-use project in suburban Denver that will include more than 1 million square feet of retail. The development, called Palisade Park, is planned for Broomfield, Colo., about 17 miles north of Denver, and will cost $500 million to build, according to local media. DDR has specified no ground-breaking date but is aiming for a 2005 opening. DDR will build Palisade Park’s retail portion; developer Garrett Baum will handle the office and housing units.