Monthly Archives: November 2016
Jacksonville based Regency Centers Corp. just announced a deal to acquire another major shopping center owner, Equity One, Inc. Regency currently owns 307 properties across the country, and the acquisition/merger with Equity One (122 properties) will result in a combined company with 429 properties across the US, with a total market value of $15.6 Billion. The deal is expected to take place in the first to second quarter of 2017. The company will retain the Regency Centers name and the headquarters will remain in Jacksonville. The merger will be done through an exchange of stock.
According to a Bankrate.com posting by Sarah Berger, the following 8 chains announced significant store closings this year.
WalMart (January) – 154 in US (269 worldwide)
Sports Authority (March) – 450 stores (all)
Kmart/Sears (April) – 78 stores (68 KM’s and 10 Sears)
Macy’s (?) – 100 stores
Ralph Lauren (June) – 50 stores
Office Depot (August) – 400 + 300 in next 3 years
Aeropostale (May) – 113 stores (plus all 41 of its Canadian stores)
JCPenney (January) – 7 stores (shuttered 33 in 2014 and 40 in 2015)
Topgolf opened for business on October 28th, after much anticipation and excitement. The venue is 65,000 SF and located near the St. Johns Town Center, just west (and visible) from I-295.
Ikea broke ground yesterday, with a planned opening in 2017. The store will be 290,000 SF and located on 25 acres, with 950 parking spaces. Ikea plans to hire 250 people once the store opens. This will be the 4th Ikea in Florida, and the first in Northeast Florida.
Both of these developments are great signs for the city, demonstrating that the city is now “on the radar” for major retailers who previously overlooked Jacksonville. Topgolf and Ikea chose sites close to the St. Johns Town Center, which is viewed by outsiders as the prime retail hub of the city.