Shopping Centers Today -> April 2004
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IN BRIEF

TRADER JOE’S

Grocery chain Trader Joe’s is looking at sites in New York City and Chicago in what could be a new urban push, say brokers in both cities. In Chicago, brokerage firm Mid-America Real Estate Corp. is seeking to bring in five Trader Joe’s units by the end of next year. Currently, there are two in that city plus 10 in the suburbs. Robert K. Futterman & Associates, meanwhile, is looking for space in New York, which has no Trader Joe’s at present.

MAY DEPARTMENT STORES

May Department Stores will open eight department stores in the United States this year, after opening 10 last year. The company currently operates 444 department stores and 680 retail units of other kinds.

GAP

Gap is selling its 10 German stores to H&M for an undisclosed amount, effective Aug. 1. Gap is exiting Germany, its weakest market, to strengthen its 350 stores throughout Britain, France, Canada and Japan.

RENT-A-CENTER

Rent-A-Center is paying $95 million for the Rainbow Rentals chain, which operates 124 stores in 15 states, mostly on the East Coast. Rent-A-Center has 2,651 units nationwide and in Puerto Rico.

IKEA

Ikea is to open a store in south Florida, the largest U.S. market in which it does not yet have a presence. The 310,000-square-foot unit would go up in Davie, Broward County, about 22 miles north of Miami. Construction could start next year, with the opening set for 2006, pending approval by local authorities. This summer the Swedish home furnishings giant will open a 330,000-square-foot store at Mall of America, in Bloomington, Minn.

SEARS, ROEBUCK

Sears, Roebuck and Co. is adding appliances to 35 of its Sears Hardware stores. Accordingly, Sears has changed the name of those stores to Sears Appliance and Hardware. The company plans to do the same to its 103 remaining Sears Hardware units by the end of the year.

HAT WORLD

Footwear and accessories retailer Genesco wants to buy Hat World for $165 million. Indianapolis-based Hat World has more than 480 stores in the United States and is expanding into China. The companies expect to close the cash-and-debt deal in the first quarter of 2005.

CIRCUIT CITY

Circuit City closed 19 superstores and took a $35 million charge, but plans to open as many as 70 more units this year. The consumer electronics chain operates about 600 superstores in the United States.

ROYAL AHOLD

Royal Ahold plans to divest Bi-Lo and Bruno’s, two of its U.S. supermarket chains. The Dutch supermarket chain, which got caught up in an accounting scandal last year involving the overstatement of its earnings for three years, is trying to reduce debt and focus on its remaining U.S. food retailers.

 

 

 

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