Bellevue, Wash. — The specialty outdoor retailer REI Co-op has completed the disposition of its newly completed corporate campus in Bellevue’s Spring District. Facebook acquired the property for $390 million. Site developer Wright Runstad & Co. and Shorenstein Properties also purchased an undeveloped 2-acre portion of the property. Facebook’s acquisition includes the 400,000-square-foot campus and approximately 6 acres of land. In August, REI announced its intention to sell its Bellevue campus and shift to a more distributed work model. The co-op’s future “headquarters” will span multiple satellite locations across the …
retailers
Columbus, Ohio — As part of its sustainability efforts, Washington Prime Group Inc. has completed the solar panel system at Weberstown Mall in Stockton, Calif. The system is comprised of 3,456 photovoltaic (PV) modules, spanning more than 76,645 square feet, offsetting approximately 37,400 tons of CO2 equivalent over 25 years. Under the terms of the agreement, Safari Energy developed, financed and built the project, with Washington Prime Group to purchase all the electricity generated by the system from Safari. The rooftop solar system at Weberstown Mall allows the company to …
Cheshire, Conn. — Park Assist® has been awarded the Parking Guidance System (PGS) contract at Whole Foods Market’s headquarters and flagship store in Austin, Texas. The multinational supermarket chain, founded in 1980, quickly rose in popularity thanks to its focus on quality, sustainability, and natural and organic foods. The parking installation is set to go live by the end of 2020. Whole Foods’ headquarters and flagship store see an extremely high traffic volume, causing parking shortages within the underground garage. Employee parking is often overfilled, and team members are left …
Union, N.J. — Bed Bath & Beyond Inc. has appointed Juan Guerrero as senior vice president (SVP), chief supply chain officer, effective immediately. He will report directly to John Hartmann, COO and president of buybuy BABY, and be responsible for leading the transformation and optimization of the company’s global supply chain network. Guerrero will lead Bed Bath & Beyond’s work to reconstruct and modernize supply chain operations as it further improves the omni-always shopping experience for customers. This will include supporting strategic sourcing and the introduction of an array of …
Brookfield Property Group, Simon Property Group Agree to Acquire JCPenney for $1.75 Billion
by Katie Lee
Plano, Texas — Brookfield Property Group and Simon Property Group have agreed to acquire the retail and operating assets of J.C. Penney Co. for $1.75 billion at a bankruptcy auction. As part of the sale agreement, the three companies will form a property holding company (PropCos), which will include 161 of the J.C. Penney real estate assets and all of its owned distribution centers. The Plano, Texas-based retailer’s Ad Hoc Group of First Lien Lenders will own PropCos. J.C. Penney filed for Chapter 11 bankruptcy in mid-May and restructured 90% …
Irving, Texas — The Michaels Companies, Inc., North America’s largest arts and crafts retail chain, recently transformed two existing hometown retail locations as part of a larger strategy to reimagine the optimal maker shopping experience. Customers in the North Texas suburbs of McKinney and Plano can expect an entirely new look and feel when they visit their local store. “At Michaels, we are here for the Maker and the launch of our new concept stores is another way we are creating a more immersive and impactful experience for them,” says …
Portland, Ore. — Built around the concept of “Dwelling Outdoors Together,” Snow Peak has opened a new U.S. headquarters and retail flagship in Portland, Ore. The grand opening will begin on September 11. In 20 years, Snow Peak has grown its U.S. presence from a modest distributorship to a 40-person team with retail locations on both coasts and ambitious plans for growth in the next two decades. The new headquarters and flagship embody the brand’s heritage and commitment to restoring humanity through time in nature. “I first visited the U.S. …
Union, N.J. — Bed Bath & Beyond Inc. has appointed Rick Wilkins as regional vice president for the West region, effective immediately. He will report directly to Gregg Melnick, executive vice president (EVP) and chief stores officer, and will play a key role in the planning and execution of the company’s store optimization strategy. Wilkins will oversee operations for approximately 300 of Bed Bath & Beyond’s retail stores across 20 states, and execute the previously announced store optimization plan as the company continues to enhance its digital-first, omni-always shopping experience online and in-store. He will …
Minneapolis — Target Corporation has named Maurice Cooper senior vice president of marketing. He will oversee Target’s marketing, creating plans that are guest-centric, culturally relevant and inclusive to fuel consumer affinity for Target’s brand and grow its business. He will lead the strategy and execution of brand, category and promotions marketing across paid, owned and shared media, while also overseeing key campaigns such as Holiday. Cooper joins the company Sept. 14 and will report to Rick Gomez, Target’s executive vice president and chief marketing, digital and strategy officer. “Maurice has …
Bed Bath & Beyond Hires Industry Expert to Lead Store Optimization & Real Estate Strategy
by Katie Lee
Union, N.J. — Bed Bath & Beyond Inc. has appointed Wade E. Haddad as senior vice president (SVP), real estate and construction, effective September 2. He joins with over 25 years of real estate experience and will lead the company’s recently announced store optimization strategy, a key part of its previously disclosed comprehensive restructuring plan. In this new role Haddad will be a central part of the team overseeing the comprehensive modernization of the company’s operations, unlocking value from the property portfolio while establishing the optimal network to support new omnichannel …