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TARGET TO SELL CHAINS?

If Target Corp. decides to sell its Marshall Field’s and Mervyn’s department store chains, as the discounter says it may, that could spark a spirited competition among suitors to buy the 62 Marshall Field’s units, resulting in that chain’s expansion, according to a Morgan Stanley report. A Mervyn’s sale, on the other hand, could lead to the closing of a “significant” number of the 266 stores in that weaker chain, says the report. The mall landlords with the highest portfolio exposure to the brands are General Growth Properties (the two account for 6 percent of its anchor space) and The Macerich Co. (5 percent). Target values the concepts at a total $3.6 billion. Both chains suffered negative same-store sales through 2003.

COASTAL GRAND OPENS ITS DOORS

The year’s first super-regional mall opening took place March 17 when CBL & Associates Properties and Burroughs & Chapin unveiled their $200 million Coastal Grand-Myrtle Beach (S.C.) Belk, Dillard’s and Sears anchor the 1.5 million-square-foot center, which is designed to cater both to tourists and a growing local population. The city draws 13.7 million visitors annually, and the resident population, now at 414,000, is expected to grow to 445,000 by 2007.

BEAN NOT BUYING BAUER

L.L. Bean has decided not to buy The Spiegel Group’s Eddie Bauer chain. Taking on such a large portfolio of stores would be too much, too fast, L.L. Bean said. Last May L.L. Bean, which has 21 stores, expressed interest in buying Bauer. Since filing for Chapter 11 in March 2003, Spiegel has closed 89 Eddie Bauers, leaving 440 units.

GYMBOREE STARTING NEW CONCEPT

Gymboree Corp., a retailer of clothing for children and babies, is launching Janeville, a concept for 30-something women. This month the Burlingame, Calif.-based company will open one store each in Burlingame; Bellevue (Wash.) Square; and Westfield Shoppingtown Valley Fair, Santa Clara, Calif. Gymboree also plans to open about 10 more Janevilles by year-end.

HEITMAN MAKES EUROPEAN DEALS

Heitman is teaming with New York City-based developer Polimeni International in a $160 million partnership to build hypermarket-anchored centers in Poland. Heitman, a real estate investment management firm, also bought a 90 percent stake in 16 Hungarian and three Polish centers from Israeli firm Elbit Medical Imaging for about $610 million, including the assumption of debt. Heitman says it may acquire a 90 percent interest in six more European centers from Elbit.

OFFICE DEPOT BUYING KIDS ‘R’ US REAL ESTATE

Office Depot is buying 124 stores formerly occupied by Kids ‘R’ Us from parent Toys ‘R’ Us for $197 million. Toys ‘R’ Us announced in November that it was shutting down both the Kids ‘R’ Us chain and the Imaginarium educational toy concept. The company plans to convert as many as 60 of the Kids ‘R’ Us units into Office Depots, but has not decided whether it will convert the remaining ones or sell them.