590,000 sf of New Department Store Leases at Harrisburg Mall Feldman Equities, Inc. in a joint venture with Lubert-Adler Partners, has acquired the 840,000 square foot Harrisburg East Mall in Harrisburg, PA from The Prudential Insurance Company. Concurrent with the acquisition, Feldman Equities is also announcing the signing of two major anchor tenant leases and a long term commitment from a third anchor tenant. The new tenants include Bass Pro Shops, which has signed a long term lease for the store that is currently occupied by Lord & Taylor. Bass Pro Shops intends to extensively renovate and expand the store and will convert it into a super store consisting of approximately 200,000 square feet. Excluding their Flagship store in Springfield, MO, the Harrisburg store is expected to be the largest Bass Pro Shops store in the nation. Boscovs has signed a long-term lease for former JCPenney store in the mall. Boscovs intends to renovate and expand the store and has leased 185,000 square feet. This will be the 41st store in Boscov's rapidly growing chain, and the 3rd in the Harrisburg area. In addition, Hecht's Department store, which is an existing tenant, has made a long term commitment to the mall. Hechts is a division of the May Company.
In addition to the massive interior upgrades that will be made to the interior of the two new anchor stores, Feldman Equities is planning a major upgrade to the following exterior areas of the mall: the exterior facade of the mall fronting on Paxton Street will be completely renovated, the common area entrances to the mall will be rebuilt and renovated, the mall's common area lighting will be increased, the mall's entire parking lot will be resurfaced and re-striped and the mall's signage will be significantly upgraded.
Harrisburg East Mall is located at the intersection of I-83 and Paxton Street, three miles east of the Harrisburg, PA central business district. It is a two-level enclosed regional mall consisting of 838,232 sf of current retail space with a significant future expansion capability.
|
Close Outs |
Sep-02 |
Jul-03 |
Jul-03 |
Aug-03 |
Sep-03 |
|
Family Dollar Stores, Inc |
4.1% |
3.2% |
4.9% |
6.1% |
5.3% |
|
Big Lots, Inc. |
6.3% |
5.0% |
4.5% |
4.8% |
5.2% |
|
Dollar General Corp. |
5.0% |
4.4% |
4.9% |
4.5% |
3.2% |
|
Factory 2-U Stores, Inc. |
-2.4% |
3.0% |
-5.0% |
-4.8% |
-5.6% |
|
Drug Stores |
Sep-02 |
Jun-03 |
Jul-03 |
Aug-03 |
Sep-03 |
|
Walgreen Company |
11.8% |
10.1% |
9.8% |
9.6% |
12.9% |
|
CVS Corporation |
8.3% |
4.9% |
6.1% |
6.4% |
6.6% |
|
Rite Aid Corporation |
8.7% |
5.2% |
6.3% |
6.0% |
|
|
Eckerd |
2.7% |
0.1% |
-0.4% |
-1.1% |
|
|
Longs |
3.2% |
-2.0% |
-1.6% |
-1.2% |
-2.0% |
|
Department Stores |
Sep-02 |
Jun-03 |
Jul-03 |
Aug-03 |
Sep-03 |
|
Neiman-Marcus Group, |
18.7% |
10.3% |
10.2% |
7.6% |
13.6% |
|
Nordstrom, Inc. |
1.7% |
1.9% |
6.1% |
3.2% |
7.7% |
|
Goody’s Family Clothing |
-9.4% |
2.5% |
0.9% |
0.0% |
7.6% |
|
Value City |
-7.5% |
-2.1% |
1.1% |
2.8% |
7.1% |
|
Kohl’s Corporation |
-3.2% |
-2.4% |
6.7% |
3.2% |
5.5% |
|
Saks, Inc. |
3.3% |
-1.8% |
2.2% |
-0.8% |
4.0% |
|
Federated Department Str. |
0.0% |
-2.0% |
0.4% |
-0.8% |
3.2% |
|
Sears |
-5.9% |
-1.8% |
-0.8% |
3.9% |
3.2% |
|
Dillard’s Inc. |
-5.0% |
-6.0% |
-1.0% |
-4.0% |
3.0% |
|
Elder-Beerman Stores |
-0.8% |
1.3% |
2.1% |
-9.5% |
2.9% |
|
Bon-Ton Stores, Inc. |
-7.5% |
1.1% |
0.1% |
2.4% |
2.7% |
|
Marshall Fields |
-1.9% |
-2.4% |
-7.3% |
2.4% |
|
|
J.C. Penney Company, Inc. |
-3.1% |
0.1% |
3.7% |
6.5% |
0.7% |
|
May Department Stores |
-6.2% |
-5.9% |
1.8% |
-3.2% |
-0.3% |
|
Gottschalks, Inc. |
1.4% |
-1.2% |
0.1% |
1.0% |
-1.6% |
|
Stein Mart, Inc. |
4.0% |
-4.9% |
-6.2% |
-7.1% |
-3.3% |
|
Stage Stores, Inc. |
-1.8% |
-3.1% |
-1.0% |
-7.3% |
-3.8% |
|
Mervyn’s |
-12.7% |
-5.8% |
-8.9% |
-10.0% |
|
|
Furnishings & Crafts |
Sep-02 |
Jun-03 |
Jul-03 |
Aug-03 |
Sep-03 |
|
The Bombay Co. |
15.0% |
31.0% |
24.0% |
18.0% |
17.0% |
|
Haverty |
-3.7% |
0.7% |
1.1% |
5.6% |
11.6% |
|
Jo-Ann Stores, Inc. |
5.0% |
-2.5% |
9.2% |
9.8% |
3.3% |
|
Pier 1 Imports, Inc. |
7.4% |
-2.9% |
-4.1% |
-6.0% |
2.0% |
|
Michaels Stores, Inc. |
10.0% |
2.0% |
1.0% |
1.0% |
1.0% |
|
Hancock Fabrics, Inc. |
6.1% |
3.5% |
3.0% |
-0.8% |
0.5% |
|
Off-Price |
Sep-02 |
Jun-03 |
Jul-03 |
Aug-03 |
Sep-03 |
|
Filene's Basement |
-0.2% |
1.0% |
5.8% |
13.9% |
|
|
TJX Companies, Inc. |
-1.0% |
2.0% |
3.0% |
1.0% |
8.0% |
|
Fred's, Inc. |
10.2% |
4.6% |
7.5% |
7.3% |
6.9% |
|
Ross Stores, Inc. |
7.0% |
-2.0% |
2.0% |
2.0% |
5.0% |
|
Duckwall-ALCO Stores, Inc |
2.9% |
-1.4% |
2.7% |
5.1% |
3.7% |
|
ShopKo Stores, Inc. |
-3.2% |
-1.5% |
-2.1% |
1.4% |
-1.7% |
|
Shoes |
Sep-02 |
Jun-03 |
Jul-03 |
Aug-03 |
Sep-03 |
|
DSW Shoe Warehouse |
3.7% |
5.7% |
7.6% |
16.9% |
|
|
Naturalizer |
9.3% |
7.0% |
6.6% |
-0.4% |
3.4% |
|
Famous Footwear |
-0.3% |
-3.8% |
-3.2% |
2.0% |
3.2% |
|
Shoe Carnival, Inc. |
-5.2% |
-5.4% |
0.3% |
5.1% |
1.8% |
|
Payless Shoesource, Inc. |
1.1% |
-9.1% |
2.8% |
-4.1% |
-1.1% |
|
Footstar, Inc. |
-4.0% |
-1.5% |
|||
|
Mass Merchants |
Sep-02 |
Jun-03 |
Jul-03 |
Aug-03 |
Sep-03 |
|
BJ's Wholesale Club, Inc. |
0.5% |
6.0% |
10.1% |
10.9% |
12.4% |
|
Costco Wholesale Corp. |
5.0% |
7.0% |
8.0% |
9.0% |
10.0% |
|
Sam's Club |
4.1% |
5.1% |
8.2% |
8.2% |
|
|
Target |
-0.8% |
2.4% |
4.3% |
8.3% |
7.2% |
|
Wal-Mart |
3.3% |
2.4% |
4.5% |
6.6% |
5.6% |
|
Specialty |
Sep-02 |
Jun-03 |
Jul-03 |
Aug-03 |
Sep-03 |
|
Children's Place |
-30.0% |
3.0% |
7.0% |
1.0% |
30.0% |
|
Chico's FAS, Inc. |
21.7% |
16.5% |
15.6% |
19.4% |
22.2% |
|
Aeropostale |
-2.5% |
8.7% |
4.3% |
1.6% |
22.0% |
|
Pacific Sunwear of CA |
4.4% |
13.4% |
15.1% |
15.6% |
18.5% |
|
Guess |
-4.3% |
16.2% |
11.6% |
14.5% |
13.5% |
|
Gap, Inc. |
-2.0% |
10.0% |
9.0% |
4.0% |
13.0% |
|
Jos. A. Bank Clothiers |
9.2% |
15.2% |
19.4% |
8.6% |
13.0% |
|
Men's Wearhouse, Inc. |
2.0% |
7.6% |
9.6% |
8.8% |
12.7% |
|
Hot Topic, Inc. |
5.9% |
3.5% |
8.7% |
11.8% |
9.0% |
|
Cache, Inc. |
14.0% |
12.0% |
9.0% |
5.0% |
8.0% |
|
Gymboree Corporation |
5.9% |
1.0% |
0.0% |
-3.0% |
8.0% |
|
Limited, Inc. |
6.0% |
5.0% |
2.0% |
-2.0% |
8.0% |
|
Sharper Image Corporation |
37.0% |
15.0% |
11.0% |
9.0% |
8.0% |
|
bebe stores, inc. |
-2.0% |
3.3% |
5.2% |
7.9% |
7.1% |
|
Claire's Stores, Inc. |
11.0% |
4.0% |
4.0% |
8.0% |
7.0% |
|
Eddie Bauer |
-14.0% |
-7.0% |
-5.0% |
-7.0% |
7.0% |
|
S&K Famous Brands, Inc. |
5.0% |
11.0% |
10.0% |
7.0% |
7.0% |
|
AnnTaylor Stores Corp. |
2.3% |
-0.2% |
7.6% |
8.2% |
6.9% |
|
Buckle, Inc. |
1.6% |
-1.0% |
-2.5% |
-0.6% |
6.5% |
|
Specialty |
Sep-02 |
Jun-03 |
Jul-03 |
Aug-03 |
Sep-03 |
|
Barnes & Noble |
2.8% |
10.5% |
2.7% |
5.8% |
|
|
Charming Shoppes, Inc. |
-6.0% |
-3.0% |
4.0% |
-6.0% |
5.0% |
|
Wilsons The Leather Exp. |
-12.1% |
-1.4% |
-10.5% |
-7.3% |
4.3% |
|
Christopher & Banks Corp. |
0.0% |
2.0% |
6.0% |
-1.0% |
3.0% |
|
Regis Salons |
1.0% |
1.8% |
1.9% |
1.3% |
|
|
Dress Barn, Inc. |
-2.0% |
-7.0% |
2.0% |
-1.0% |
1.0% |
|
Talbots, Inc. |
-6.1% |
-0.9% |
0.7% |
-8.7% |
0.6% |
|
Abercrombie & Fitch Co. |
-10.0% |
-5.0% |
-11.0% |
-11.0% |
-1.0% |
|
American Eagle Outfitters |
-8.1% |
-5.7% |
-10.5% |
-10.4% |
-3.0% |
|
Mothers Work, Inc. |
2.6% |
-0.6% |
2.9% |
-1.7% |
-4.7% |
|
Perfumania |
9.0% |
1.1% |
4.0% |
-3.7% |
-5.7% |
|
Cato Corporation |
-1.0% |
-6.0% |
-7.0% |
-9.0% |
-8.0% |
|
United Retail Group, Inc. |
-5.0% |
-12.0% |
4.0% |
-8.0% |
-8.0% |
|
Wet Seal, Inc. |
-7.3% |
-21.5% |
-12.3% |
-10.7% |
-10.0% |
|
Deb Shops, Inc. |
-5.3% |
-11.7% |
-9.8% |
-15.1% |
-10.6% |
|
Gadzooks, Inc. |
-6.8% |
-1.6% |
-34.3% |
-33.6% |
-32.5% |
RETAIL AND RESTAURANT NEWS:
The May Department Stores Company Announces Expansion of Filene's Into the Lord & Taylor Building at the Shoppes at Buckland Hills The Lord and Taylor store is expected to close November 15, 2003. The Buckland Hills store is one of 32 Lord & Taylor stores scheduled for divestiture. Following the close, construction and remodeling will begin in the former Lord & Taylor space, which will be completed in 2004. Remodeling of the current Filene's store should be completed by spring 2005. When completed, the two Filene's stores will total 250,000 sf.
IHOP Franchisee Bob Sharp to Develop Eight New Restaurants in WV
IHOP Corp. announced it has signed a Multi-Store Development Agreement (MSDA) with one of its existing franchisees, Robert Sharp. Sharp has agreed to develop eight new IHOP restaurants over the next nine years in WV. Sharp's MSDA is one of several new development agreements the Company previewed on August 4, 2003. Sharp currently owns and operates 10 IHOP restaurants in VA, WV, MD and NJ. A 35-year restaurant industry veteran, Sharp has been involved with the IHOP brand since 1970 working for six years in various operational capacities for IHOP Corp. Subsequently, he transitioned to work directly for several IHOP franchisees before franchising his own IHOP restaurants. He has been an IHOP franchisee since 1994 and was the Company's Franchisee of the Year in 1997. Sharp plans to open his first restaurant under this agreement in the spring of 2004.RETAIL & RESTAURANT FINANCIAL RESULTS:
Burlington Coat Factory
Burlington Coat Factory Warehouse reported its sales and net loss for the first quarter ended August 30, 2003. Sales for the three months ended August 30, 2003 were $529.6 million compared with sales of $506.1 million during the corresponding period of a year ago. Comparative store sales for the quarter decreased 1.6%. Total sales for the comparative quarter increased 4.7%. For the three months ended August 30, 2003, the net loss was $17.1 million. This compares with a net loss in the comparative three-month period ended August 31, 2002 of $16.1 million. During the first quarter of fiscal 2004, the Company opened eleven Burlington Coat Factory stores. The Company closed its seven Decelle stores and two Burlington Coat Factory stores. The Company intends to convert eight of the Decelle locations to other stores. As of August 30, 2003, Burlington Coat Factory operated 337 stores in 42 states, principally under the name Burlington Coat Factory. The Company plans to open an additional 16 to 20 new stores and relocate eight stores during the remainder of the current fiscal year.NEW STORES AND LEASES:
99 Cents Only Stores to GO its Newest Houston Store Located in the Westwood Area
on October 16. This 25,600 sf store is located at 11873 Bissonet Street on the SE Corner of Bissonet Street & Kirkwood Road. This will be the eleventh 99 Cents Only Stores to open in Houston, Texas.Michaels Stores, Inc. Opens Second ReCollections Store
Michaels Stores, Inc. announced that it opened its second ReCollections scrapbooking store on Friday, October 10, 2003 at 5500 Greenville Avenue in Dallas, TX in the Old Town Shopping Center. The store, the second to open in the Dallas market this year, will provide merchandise and service in a community learning environment to assist crafters with all their scrapbooking needs. The Company also announced its plans to expand its concept in the Dallas, Phoenix, Atlanta, and metro-Washington, D.C. markets.Dollar General Opens 78 Stores in September
Dollar General reports opening 78 stores in the five-week period ended October 3, 2003. With these additional stores, as of October 3, 2003, the Company operated 6,580 stores. The 78 newest store locations include two in AL; two in AR; six in FL; 11 in GA; three in IL; three in IN; two in IA; one in KS; one in KY; seven in LA; four in MI; four in MS; two in MO; one in NE; two in NJ; two in NY; five in NC; four in OH; two in OK; three in PA; one in SC; five in TN; two in TX; one in VA; and two in WV.Family Dollar Reports Store Openings For August 2003 Family Dollar Stores, Inc. reports opening 83 stores during the four-week period ended August 30, 2003. With these additional stores, as of August 30, 2003, the Company operated 5,027 stores. The 83 newest store locations are in the following states: 11 in Texas; 6 each in Florida and Michigan; 5 each in Arizona and Illinois; 4 each in Colorado and Louisiana; 3 each in Indiana, Iowa, Maine, Missouri, New Mexico, Pennsylvania and Utah; 2 each in New York, North Carolina, Ohio, West Virginia, Wisconsin and Wyoming; 1 each in Georgia, Kansas, Kentucky, Minnesota, Mississippi, Oklahoma, Tennessee, Vermont and Virginia. During the fiscal year ended August 30, 2003, the Company opened 475 stores and closed 64, for a net addition of 411 sto
PEOPLE:
Walgreen Co. CFO Roger L. Polark to Retire in January
Walgreen Co. SVP and CFO Roger L. Polark will retire, effective at the company's annual meeting on Jan. 14, 2004. Replacing Polark as SVP and CFO will be William M. Rudolphsen, currently divisional VP of accounting and controller, and a 26-year employee with Walgreens. Polark joined Walgreens in 1977 as assistant controller. He was named controller in 1978, divisional VP of corporate accounting in 1987 and VP of administration in 1988 before being named to his current position in 1995. Replacing Rudolphsen as divisional VP of accounting and controller is Mia M. Kreis. Kreis joined Walgreens in 1999 as director of internal audit. Previously, Kreis was a senior manager for Arthur Andersen LLP in Chicago.