{"id":311,"date":"2011-09-22T14:08:00","date_gmt":"2011-09-22T18:08:00","guid":{"rendered":"http:\/\/newsroom.chainstoreguide.com\/2011\/09\/real-estate-updates\/"},"modified":"2011-09-22T14:08:00","modified_gmt":"2011-09-22T18:08:00","slug":"real-estate-updates","status":"publish","type":"post","link":"https:\/\/www.chainstoreguide.com\/offthechain\/2011\/09\/real-estate-updates\/","title":{"rendered":"Real Estate Updates"},"content":{"rendered":"
<\/p>\n
<\/a>Supermarket and Convenience\u00a0<\/span>Store<\/span><\/span>\u00a0Updates<\/o:p><\/span><\/u><\/i><\/b><\/a><\/div>\n
<\/div>\n

<\/b><\/span><\/div>\n
Calhoun Enterprises<\/span><\/b> committed to build 10 stores by 2016 in AL and TN<\/span><\/o:p><\/span><\/b><\/div>\n
Brown’s Super Stores<\/span><\/b> committed to build one store and expand one store by 2016 in Philadelphia<\/st1:city>, PA.<\/st1:state><\/st1:place><\/o:p><\/b><\/span><\/div>\n
Kum & Go<\/span><\/b> announced a major economic investment in Central AK<\/st1:place>. He said the company will be investing $70 million to $80 million in the next five years and creating approximately 150 new jobs by the end of 2012. Within the next five years, Kum & Go will have 20 to 25 stores in Central AK<\/st1:place>. Kum & Go plans to break ground in August and September 2011 on three new Central Arkansas stores, in North Little Rock<\/st1:city>, Little Rock<\/st1:place><\/st1:city> and Cabot. Kum & Go anticipates having its first grand-opening event in the fourth quarter of 2011. <\/o:p><\/b><\/span><\/div>\n
<\/div>\n
Home Center\/Hardware<\/o:p><\/span><\/u><\/i><\/b><\/div>\n
<\/div>\n
Marvin’s<\/span><\/b> is building a store in Eufaula<\/st1:city>, Ala.<\/st1:state><\/st1:place> — the 27th store for the home center chain, and the second new store in 2011.<\/o:p><\/span><\/div>\n
The company opened its 26th store in Monroeville<\/st1:city>, Ala.<\/st1:state><\/st1:place>, earlier this year.<\/o:p><\/span><\/div>\n
Construction will begin soon at the site on highway 431 in Eufaula, where the company hopes to open a 34,000-sq.-ft. store in early October, or sooner. The site is a former Walmart.<\/o:p><\/span><\/div>\n
<\/div>\n
Menards <\/span><\/b>plans to open a new location in Miami Township<\/st1:city>, Ohio<\/st1:state><\/st1:place>, on Springboro Pike.\u00a0 The store will take the place of an existing plaza, the Lyons Crossing shopping center, which will be demolished to make room for the approximately $9 million project. <\/o:p><\/span><\/div>\n
<\/div>\n
Menards <\/span><\/b>has received final approval in Howard<\/st1:city>, Wis.<\/st1:state>, outside of Green Bay<\/st1:place><\/st1:city>, in a controversial deal that included $1.6 million in tax incentives to construct a\u00a0162,340-sq.-ft. location.\u00a0 A divided Village Board voted 5 to 4 on June 27 to give the Midwestern home improvement chain $1.6 million in tax reimbursements over 15 years, provided the property remains valued at more than $8.7 million (its current estimated value) for the duration of that period.\u00a0 The incentive package will not come directly from the village coffers. Instead, the village will pay 80% of Menards’ annual real estate taxes generated under \u201cincreased taxes resulting from development\u201d assessment.\u00a0 The store will be built on 18.7 acres near U.S. 41. The main building will include 94,432 sq. ft. of retail space, 64,157 sq. ft. of warehouse and 3,751 sq. ft. for offices. There also will be a separate 42,352-sq.-ft. lumber warehouse. The development will include 428 parking spaces.<\/o:p><\/span><\/div>\n
<\/div>\n
<\/div>\n
Discount and Specialty<\/o:p><\/span><\/u><\/i><\/b><\/div>\n
<\/div>\n
Blockbuster Video<\/span><\/b>, under the guise of its new owner, plans to keep 1,500 locations open, closing just 200 stores that it acquired the bankrupt company out of bankruptcy earlier this year.<\/o:p><\/span><\/div>\n
<\/div>\n
Five Below<\/span><\/b> made its Michigan<\/st1:state> debut, opening five stores in the Detroit<\/st1:place><\/st1:city> metro area.\u00a0 Detroit<\/st1:place><\/st1:city> is seen as a pivotal market as it helps bridge the company\u2019s presence in Cleveland and Chicago.\u00a0 The company entered the Chicago<\/st1:city><\/st1:place> market earlier this summer.. The company sees a potential for developing this market to include as many as 25 stores over the next two to three years.<\/o:p><\/span><\/div>\n
<\/div>\n
Meijer<\/span><\/b> announced that it is opening a new concept store in the Chicago<\/st1:city> suburb of Melrose park<\/st1:place> that will provide a tailored grocery offering and a broad variety of general merchandise.\u00a0 Called Meijer Marketplace<\/b>, the new store will be 96,000 sq. ft., about half the size of Meijer’s largest supercenters.\u00a0<\/o:p><\/span><\/div>\n
Meijer Marketplace is aimed at a more diverse group of customers. Meijer Marketplace grocery offerings will include a focus on Hispanic and Italian foods to better serve the ethnically-diverse community nearby. \u00a0<\/o:p><\/span><\/div>\n
In addition to grocery, Meijer marketplace will offer a full-service pharmacy.\u00a0 The store will maintain a flexible layout that allows Meijer planners to bring in new items based on customer feedback.<\/o:p><\/span><\/div>\n
Chicago<\/span><\/st1:place><\/st1:city> has become a hotbed for retail activity, with Walmart breaking ground on the first of its Chicago-area stores and CityTarget opening recently at the Sullivan center. Though Meijer should expect some competition from Walmart and Target, its location of Meijer Marketplace in Melrose Park<\/st1:place> is far enough away from each retailer that it can cement its place as the go-to destination in that commu<\/p>\n

nity.<\/o:p><\/span><\/div>\n

<\/div>\n
Microsoft <\/span><\/b>hopes to open 75 freestanding Microsoft stores within the next two to three years. <\/o:p><\/span><\/div>\n
<\/div>\n
Walmart <\/span><\/b>announced its official presence in Chicago<\/st1:city> with the news that it has begun work on a new supercenter in Chatham<\/st1:place><\/st1:city>. According to the company, the store will give more options to residents of Chicago<\/st1:place><\/st1:city>‘s South Side neighborhood while at the same time creating\u00a0approximately 400 jobs. The store, one of nine new locations now planned in the city, is scheduled to open in spring of 2012.<\/o:p><\/span><\/div>\n
In June 2010, Walmart announced the “Chicago Community Investment Partnership,” a five-year plan to open several dozen stores, create approximately 10,000 jobs and 2,000 unionized construction jobs, generate more than $500 million in sales and property taxes and develop charitable partnerships worth $20 million.<\/o:p><\/span><\/div>\n
Walmart’s plans in the city include the following projects:<\/o:p><\/span><\/div>\n