| RETAIL NEWS ROUNDUP: Week of April 15 to April 22 2007
CoStar News is expanding its retail real estate coverage under the direction of Senior Editor Sasha Pardy to bring you a weekly feature covering the gamut of retail acquisitions and mergers, retailer expansion plans, new store openings, store closings, new retail developments, significant personnel changes, and more. In addition to appearing every week in the national news section of our web site, you may also request to be one of the first to receive the Retail News Roundup via email by contacting the editor at spardy@CoStar.com This week in the Roundup, CoStar reports on Rite Aid's acquisition of rivals Brooks and Eckerd, BI-LO supermarket going up for sale, Target's unprecedented growth plans, The Coffee Bean & Tea Leaf opening its 500th store, new shopping centers planned by Cedar Shopping Centers and Regency Centers, and more.
More underground walks
Many cities around the world offer underground or skyway systems that insulate visitors from the harsh elements: heat, cold, pollution, honking cars. Here are five enclosed mini-metropolises to explore. Montreal: The Underground City network (called RESO in French) has about 20 miles of underground passageways that link metro stations, theaters, museums, universities, hotels, thousands of boutiques and restaurants, and such major attractions as the Bell Centre. Info: Montreal Tourism, 877-266-5687, www.tourisme-montreal.org Minneapolis: The city's windowed skyways let in natural light but banish the cold. The walkways are above street level, so you have a nice view of those bundled below. The seven-mile network covers 72 blocks and links to downtown hotels, restaurants, shops, theaters, performing arts venues and more.
Sturm deal will limit B’s spending
Bruins general manager Peter Chiarelli won't be writing big contracts when the NHL's annual free-agent period opens July 1. The new deal Marco Sturm agreed to just before the trade deadline will pay the German winger $14 million over the next four seasons. Even with a 2007-08 salary cap of, say, $47 million, the B's won't have a lot of wiggle room when it comes to filling out the roster. "In our last scouting meetings," Chiarelli said in the hours leading up to Feb. 27, the league's trade deadline, "we came to the realization that we're probably not going to target elite free agents. I'm not going to dismiss (the possibility) totally, but it would take some maneuvering." Here's the hard-cash truth for the Black-and-Gold: with Sturm in the fold, the Bruins have $27.9 million (cap dollars) committed to a half-dozen skaters next season.
Police blotter
FREDERICK -- A Rockville man was arrested on drug charges early Saturday, according to the Frederick County Sheriff's Office. Deputy Joshua Stears went to Bloomfield Road about 12:51 a.m. after the sheriff's office received a report that a suspicious truck was driving through the neighborhood, Cpl. Jennifer Bailey said. Stears stopped a truck driven by Morgan J. Mandley, 28, of Rockville and found suspected cocaine in the vehicle. During a search, Stears found drug paraphernalia and suspected marijuana in Mandley's possession, Bailey said. Mandley was charged with possession of cocaine, possession of marijuana and possession of drug paraphernalia. He was taken to the Frederick County Adult Detention Center's Central Booking Unit for processing. Mandley was not being held in central booking Monday night.
Pyramid may sell malls, including Palisades Center
The Pyramid Cos. is considering selling its regional shopping centers in New York and Massachusetts, including the Palisades Center in West Nyack. The sale would allow Pyramid to focus on expanding the Carousel Center of Syracuse into Destiny USA. Trustees of the Robert Congel family trusts that own a controlling interest in the Pyramid Cos. have begun to review "strategic alternatives," including the potential sale of all but the Carousel Center mall and the company's headquarters in downtown Syracuse, Congel said. Congel owns 12 shopping centers in New York and four in Massachusetts. The Palisades Center is the second-largest mall in New York, with gross leasable area of 1.8 million square feet, said the International Council of Shopping Centers, a New York-based trade organization.
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