Retailer roundup New York - The nation's largest drug chain, Walgreens, has announced it will take Manhattan all over again. After a 30-year absence from the Big Apple, Walgreens has signed a lease for a 13,500 sq. ft. store in the Empire State Building. The store will open in 2001, kicking off an expansion program throughout the city.
Minneapolis - Dayton Hudson Corp. is entering the 21st century with a new name, Target Corp. The company has shaken off its 30-year-old moniker in favor of the more widely recognized brand name. The company's brands, including Marshall Field's and Hudson's, will remain intact.
Hoffman Estates, Ill. - Sears, Roebuck and Co. is developing a retail training program for disadvantaged youth in conjunction with the U.S. Department of Labor's Job Corps. The program will be administered through more than 2,000 Sears facilities and 118 Job Corps campuses nationwide. It will prepare young people for employment in any of the variety of careers at Sears, from retail sales toto facilities maintenance.
Woodcliff Lake, N.J. - Due to a 22% increase in year-to-date comparable store sales at its existing five retail boutiques, Movado Group Inc. plans to increase its number of boutiques in 2001. The upscale watchmaker has hired Scott Orstein, formerly of Brookstone, to head up the expansion.
-In its hometown, Crate & Barrel has opened the prototype for its less-expensive, more youth-oriented prototype called CB2. The first store is 6,000 sq. ft. and occupies half of a freestanding former grocery store.
New York - Luxury goods cartel LVMH Moet Hennessy Louis Vuitton has opened its new headquarters in the heart of Manhattan. The 23-story tower is home not only to the offices of Parfums Christian Dior, Celine, Guerlain and Louis Vuitton, but also to a 5,555 sq. ft. Christian Dior boutique and a tony spa and salon.
New York - The National Retail Federation honored trendsetting cosmetics retailer Sephora with its "Retailing Innovator of the Year Award" last month. The award is given to a company that sets itself apart "through the use of new, innovative or imaginative techniques, formats or services."
Mall matters Bloomington, Minn. - Mall of America has announced plans to double its size with a $1 billion, 5.7 million sq. ft. expansion, 14% of which will be retail space. The new space will include hotels, offices and residences in addition to a wellness center and a performing arts center.
New York - Dominant regional malls and grocery-anchored neighborhood centers near prime infill communities are the best choices for investment in 2000, according to Emerging Trends in Real Estate 2000, a report released by PricewaterhouseCoopers LLP and Lend Lease Real Estate Investments. Any other venues, including B malls, C malls, power centers and outlet centers, will be especially vulnerable in the event of an economic downturn, the report states.
Chicago - To test the potential of online gift certificate sales, General Growth Properties is forming a partnership with e-tailer Giftpoint.com. A co-branded gift certificate sales page will be linked by Giftpoint.com to 39 mall websites on Mallibu.com, General Growth's consumer-oriented site. Shoppers can buy Internet gift certificates and redeem them at any retailer in their local General Growth mall.