Retailer roundup
Jan 1, 2001 12:00 PM, SHOPPING CENTER WORLD STAFF
Scarborough, Maine - Locally based Hannaford Bros. Co. signed an agreement with Brattleboro, Vt.-based C&S Wholesale Grocers Inc. to acquire five Grand Union stores. Grand Union filed for protection under the U.S. Bankruptcy Code on Oct. 3. The Grand Union stores are located in Milton, Vt.; Enosburg Falls, Vt.; Kingston, N.Y.; Delamar, N.Y.; and Saugerties, N.Y. The agreement between Hannaford and C&S is subject to approval by the Bankruptcy Court liquidating Grand Union's assets.
Elizabeth, N.J. - Villager's Hardware, a new concept in home enhancement retailing from Atlanta-based The Home Depot, has opened. The store joins East Brunswick, Garwood and Saddle Brook as part of a four-store test roll-out in New Jersey.
The 37,426 sq. ft. of indoor selling space houses six service centers: the project solutions center, cutting center, customer pick-up, closet design center, project solutions theatre and tool demo center. The store also has an outdoor area of 4,700 sq. ft. for plants and gardening products.
Minneapolis - Locally based Target Stores announced plans to open 36 new stores in 20 states in 2001, including 15 SuperTarget stores. The company will open its first Minnesota SuperTarget stores in Rochester, Shoreview and Billings, as well as its first Louisiana SuperTarget store in Shreveport. SuperTarget stores also are online for Alabama, Indiana, Florida, Iowa and Texas. Currently, the company has 978 stores in 46 states.
Chicago - General Growth Properties has submitted a proposal with the U.S. Bankruptcy Court to pay $148.5 million to lenders plus $23.4 million to creditors to gain control of the Liberty House department store chain. Liberty House filed for Chapter 11 protection in March 1998. As Hawaii's largest retailer, Liberty House has 12 stores in the Hawaiian Islands, one in Guam and six specialty stores at resorts in the Pacific. General Growth recently acquired Hawaii's largest shopping center, Ala Moana, which is anchored by Liberty House.
Minneapolis - Locally based Consumer electronics retailer Best Buy is opening a chain of Canadian stores in its first international venture. The $12 billion retail chain has set up a Canadian headquarters in Toronto and expects to operate about 65 stores in the country by 2002.
The chain also announced it is buying Minneapolis-based Musicland Stores Corp., for $685 million, including the assumption of $260 million in debt. Musicland operates 1,300 stores across the United States under a variety of brand names, including Sam Goody, Media Play and Suncoast. Best Buy operates 400 retail sites in the United States.
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