Monthly Archives: April 2016
Sears Holdings (SHLD) announced yesterday that it would be closing 68 Kmart’s and 10 Sears locations this summer, leaving the company with less than 900 Kmarts and under 700 Sears. Store sales for both retailers have declined ever since 2005. Experts attribute the decline of Sears to a lack of store and merchandise upgrades, while Kmarts problem has been the inability to compete with other discounters (namely Walmart).
The Kmart on San Jose Boulevard and the one in Neptune Beach on Atlantic Boulevard will close, as well as the Sears in Regency Mall.
There is a lot of speculation regarding a project being referred to as “Project Rex”, which is seeking $18.4M in state and city incentives to locate a business in the area. The company promises to bring 1,500 jobs to the area, and estimates the payroll to be upwards of $51M. The development cost is estimated at $200 million.
Here are some of the facts leading to people to speculate that Project Rex is Amazon:
- The developer who is named in documents related to the project has completed two projects for Amazon in the past, in Richmond, VA and Nashville, TN
- The project is described as a “state-of-the-art fulfillment center”
- It would be located on a 171 acre site near the Jacksonville Int’l Airport
- The summary of the project describes the un-named company as having more than 20 years of experience in retail and e-commerce, with over 200,000 employees worldwide- this description matches the description on Amazon’s website
Publix just announced plans to renovate another local area store. The Publix at St. Augustine Road, just north of I-295, is slated for a $550,000 renovation. Other recent renovations include the Publix at Harbour Place ($850K renovation proposed) and Intracoastal Center ($750K renovation proposed). Intracoastal Center will also be adding a Publix Liquor Store.
Aldi has announced that it will be opening two new stores in the NEFLA market, including one on Normandy Boulevard (just west of I-295) on the site of a closed Golden Coral, and one at Town Center Promenade, which is the proposed development that is located across from the St. Johns Town Center. Aldi is a German based company who was founded by the same family that founded Trader Joes. They currently have about 10,000 stores worldwide, with about 1,500 in the US. Locally, we have 3- Southside , Middleburg & St. Augustine.