NEW YORK — Redundancy is proving to be a good thing, at least for mall owners. Simon Property Group this week announced it would buy seven Federated Department Stores banners and kill the leases at two additional locations, which include four Macy’s, a Filene’s and two L.S. Ayres. The retailer that is replacing most of the duplicates is the infinitely more profitable Nordstrom’s, which will be added to Burlington Mall, South Shore Plaza, Northshore Mall, and Ross Park Mall.
As it aggressively sheds itself of its dead weight, which analysts say could bring in up to $1.2 billion, Federated is being a bit more tender in announcing changes to the Marshall Fields flagship in Chicago, where the idea of converting the venerated department store to a new Macy’s on State Street has been met with boos and hisses from Chicagoans with fond memories of the Walnut Room and holiday window displays. In order to sweeten the store’s conversion to Macy’s in September, Federated chief executive officer Terry Lundgren said he’d work with Chicago mayor Richard Daley to try to bring Frango Mints back to Chicago.
While Lundgren looks to little chocolate squares to keep his shoppers happy, Urban Retail Properties chairman and ceo Ross Glickman is going whole hog on the shopping-entertainment front. The developer has plans to develop at least six mixed-use projects in the U.S., South Korea and China in partnership with MGM Studios, with, for example, a Pink Panther-themed theater or Rocky sports bar next to The Gap and Ann Taylor. Perhaps the entertainment-shopping niche left vacant by The Mills Corp. has a new developer at the helm?
Speaking of new developers — Indianapolis-based Duke Realty Corp., a major player in the office and industrial real estate world, is entering the retail development world with gusto, announcing plans to develop $350 million in lifestyle centers in a joint venture with Jeffrey R. Anderson Real Estate Inc. The partnership intends to build four centers, with the first, the 330,000-square-foot Shoppes at Montage in Scranton, Penn., slated to open in March 2007 and the second project, the 400,000-square-foot Shops at Pembroke Gardens in Pembroke Pines, Fla., scheduled to break ground in August. For a detailed look at the headlines discussed above, see the following archived articles:
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion