CoStar's Retail News Roundup: Mar. 7 - 13, 2010

CoStar's weekly column covering expansions, new concepts, store closings, bankruptcies, cutbacks, acquisition, mergers, sales, loans, shopping center development activity, personnel changes, sustainability and green building news, and more in retail real estate.

By Sasha M Pardy

March 8, 2010

This week in the Retail Roundup, CoStar reports on expansions or new concepts at TJX Companies and Kohl's; closings, cutbacks, bankruptcy, default, receivership or foreclosure news at Swoozie's and the Northgate Mall; acquisition, merger, loan, sale, or IPO activity at Inland, DDR, TIAA-CREF, Elbit Plaza and Eastgate; new retail development news in IL, NY and TX; personnel or corporate announcements at Ramco-Gershenson, Phillips Edison, Developers Diversified, Centro, Weingarten, Cole, and Colliers; sustainability and green building news at Green Circle Shopping Center, Plaza Pacoima, Sears, Lowe's, Office Depot and Darden; and more.

If you missed last week's CoStar Advisor national retail story, Retailers expected to close fewer stores in 2010, follow this link.

(Editor's Note: To keep up on happenings and trends in retail real estate, subscribe to CoStar's Retail News Roundup, a weekly column covering retailer expansions and new concepts, store closings, bankruptcies, cutbacks, acquisition, mergers, sales. new shopping centers, personnel changes, and sustainability. Follow this link for access to back issues of the roundup. In addition to appearing every week in the national news and retail news sections of our web site, you may also receive the Retail News Roundup for free via email by requesting to be added to the distribution list by contacting senior editor, Sasha Pardy at spardy@costar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.

EXPANSIONS / NEW CONCEPTS

TJX Companies Opening 60 New U.S. Stores This Year
The TJX Companies, Inc. (NYSE: TJX) plans to open net 130 new stores this year. This expansion would have the off-price retailer increase its selling square footage by 5% and would grow the chain to 2,873 stores by the end of 2010. In the U.S., the company plans to open 43 Marshalls or TJ Maxx stores, nine HomeGoods stores and eight A.J. Wright stores. The remainder of new stores will open in Canada, the U.K., Germany, and Poland.

Commenting on TJX's better-than-expected results in 2009, which included 7% to 9% growth in comparable store sales in the U.S., president and CEO Carol Meyrowitz said that the retailer attracted new customers from all income levels, managed its inventories, cut costs and improved profitability. Additionally, it opened more stores than it had planned during the year; specifically, 91 stores were opened in 2009. "We have enormous store growth potential," she added.

The average TJ Maxx is 30,000 square feet, the average Marshalls is 32,000 square feet, the average HomeGoods is 25,000 square feet and the average A.J. Wright is 26,000 square feet. The company has been opening some HomeGoods stores side-by-side with a TJ Maxx or Marshalls and also launched its ShoeMegaShop concept during 2009.

Kohl's Opening 30 New; Remodeling 85 Stores This Year
By the end of March, Menomee Falls, WI-based department store retailer, Kohl's (NYSE:KSS), will hold the grand opening of nine new stores in six states, bringing its chain size to 1,067 stores in 49 states. The company plans to open another 21 new stores by the end of this year. Additionally, Kohl's said it would remodel 85 stores this year.

Kohl's has 71 stores that were built according to a Silver LEED-certified prototype. Eight of the nine new stores opening this month are "green" buildings. Kohl's new Rego Park store in Queens was built according to the LEED for Retail Commercial Interiors Pilot guidelines.

Kohl's opened five new stores on Mar. 3 in Bend, OR; Rego Park, NY; Middle River, MD; Annapolis, MD; and Colorado Springs, CO. On Mar. 24, it will open four stores in Victor, NY; Lexington Park, MD; D'Iberville, MS; and Butler, PA.

As of October 31, 2009, the average Kohl's store was 73,654 square feet.

CLOSINGS/CUTBACKS/BANKRUPTCIES/DEFAULTS

43-Store Swoozie's Chain Files Bankruptcy
Atlanta-based Swoozie's Inc. filed bankruptcy on March 2, 2010. The luxury personalized gift and paper products retail chain operates 43 stores in 15 states and employs 350 people. According to the filing, the retailer has less than $10 million in assets and between $10 million and $50 million in debt.

In an announcement, the company said its decision to file Chapter 11 was primarily driven by 13 underperforming stores it recently acquired in the Northeast, as well as the general impact of the recession on the company's operating performance.

Swoozie's was founded by the late David Dworkin, former Neiman Marcus president, and his partner Kelly Plank, a former Rich's department store executive. Swoozie's grew from one store in the trendy Atlanta neighborhood of Buckhead to six stores by the end of 2004. Private equity company Northwood Ventures co-led growth financing for Swoozie’s in 2006 and 2008, bringing the retailer to its current size.

About one year ago, Swoozie's assumed the leases of 13 stores that were made available due to the bankruptcy of gift chain, Blue Tulip. Those 13 stores, which at the time of acquisition were among Blue Tulip's best, but are currently characterized as underperforming by Swoozie's, are located in CT (3), MA (1), NJ (5), NY (1), and PA (3).

Most Swoozie's stores range between 4,000 and 6,000 square feet and are located in a lifestyle center or upscale regional mall.

Swoozie's plans to emerge from bankruptcy in tact and did not disclose whether or not its reorganization plan would involve closing stores.

Feldman Mall Properties' Northgate Mall Goes Into Receivership
Feldman Mall Properties' Northgate Mall has gone into receivership. Wells Fargo filed foreclosure action on Feb. 5, naming FMP Northgate LLC, the Feldman subsidiary that owned the mall. Reportedly, Feldman owes $74.6 million in unpaid principal on the loan. The bank petitioned to have San Diego-based Douglas Wilson Companies named receiver to preserve the property and protect the interests of the bank and the tenants during the foreclosure.

Located on Colerain Avenue in Cincinnati, OH, the Northgate Mall is 1.1 million square feet and is today anchored by Macy's and Sears. Feldman acquired the mall in 2005 for $110 million. It had planned $40 million in renovations and completed the demolition of a former JC Penney with the intentions of building a new Rave Cinema. The cinema plans fell through and JC Penney relocated to a nearby town center project. Feldman's deal to sell the mall to Inland American fell through in January 2009. At the end of 2009, mall anchor Dillard's closed.

ACQUISITION/MERGER/SALE/LOAN/IPO ACTIVITY

Inland Acquires 16-Center Portfolio for $424M from DDR/TIAA-CREF
Oakbrook, IL-based Inland Real Estate Acquisitions, Inc., the purchasing arm of The Inland Real Estate Group of Companies, Inc., completed the acquisition of a portfolio of 16 shopping centers totaling 3.5 million square feet. The REIT acquired the portfolio for $424 million from a joint venture between TIAA-CREF and Developers Diversified Realty.

The purchase was made on behalf of Inland's public non-traded REIT, Inland American Real Estate Trust. The CB Richard Ellis National Retail Investment Group represented the seller in this transaction.

Mark Cosenza, VP of Inland Real Estate Acquisitions commented, “This portfolio represents the type of core retail real estate assets that play a prominent role in people’s everyday lives, and we believe that makes it an attractive investment. Consumers today are focusing on value and convenience, and the majority of these shopping centers have strong grocery and value-based tenants, like Super Wal-Mart, Publix, Kohl’s, Lowe’s, Bed Bath & Beyond, PetSmart, Staples, Dollar Tree, Marshall’s and Old Navy. We think these shopping centers will continue to perform well in all economies.”

Inland American has been one of the few active institutional purchasers during the last couple years. Last month, it announced the acquisition of four properties for $154 million. The properties, consisting of two shopping centers totaling 397,268 square feet, and two multifamily properties comprised of 1,034 units, closed in December and January. In 2009, Inland American’s acquisitions totaled $1 billion, and included 10 retail properties, totaling 3.3 million square feet, and 3 multifamily properties, totaling 2,761 apartment units.

The portfolio Inland acquired in this latest transaction is comprised of six centers in Florida, six in Georgia, two in North Carolina, and one each in South Carolina and Virginia:

Sarasota Pavilion, Sarasota, FL: 324,985 sq. ft.

Gateway Market Center, St. Petersburg, FL: 231,106 sq. ft.

Boynton Commons, Boynton Beach, FL: 210,488 sq. ft.

Sand Lake Commons, Orlando, FL: 189,721 sq. ft.

Paradise Place, West Palm Beach, FL: 69,620 sq. ft.

Universal Plaza, Lauderhill, FL: 49,505 sq. ft.

Bartow Marketplace, Cartersville, GA: 375,067 sq. ft.

Hiram Pavilion, Hiram, GA: 363,695 sq. ft.

Venture Point, Duluth, GA: 335,420 sq. ft.

Pleasant Hill Square, Duluth, GA: 282,137 sq. ft.

Stonecrest Marketplace, Lithonia, GA: 264,584 sq. ft.

City Crossing, Warner Robins, GA: 190,433 sq. ft.

Sycamore Commons, Matthews, NC: 265,535 sq. ft.

Gateway Plaza, Jacksonville, NC: 101,403 sq. ft.

Anderson Central, Anderson, SC: 223,211 sq. ft.

Ward’s Crossing, Lynchburg, VA: 80,936 sq. ft.

Elbit Plaza USA Aims to Invest up to $1B in U.S. Retail Real Estate
Elbit Plaza USA, a new real estate investment venture jointly formed by Elbit Imaging and Plaza Centers N.V., has entered into a co-investment agreement with Eastgate Property, an affiliate of international real estate fund manager, NCH Capital. Specifically, Elbit and Eastgate have committed to co-invest, in equal portions, a combined $200 million with a fund that would invest in the U.S. retail and commercial real estate sectors, either through direct purchases or joint ventures.

Further, Elbit Plaza USA is in the process of securing capital commitments totaling $400 million that would be utilized in pursuit of the fund's investment program and would enable Elbit Plaza USA to fund property acquisitions valued up to $1 billion.

Alex Berman, CEO of Elbit Plaza USA commented, "Elbit Plaza USA is actively seeking investment opportunities. We are of the view that the recent financial turmoil in the U.S., which resulted in a correction of the real estate market, has caused certain assets, such as shopping malls, to be undervalued and we predict that over a five-to-seven-year period, such assets will again be valued by the markets at fair value. There are various shopping malls in the U.S. that have attractive annual net operating income and significant upside potential in terms of appreciation."

NEW SUPPLY

Westchester's Ridge Hill Still On, Despite No Saks Fifth Ave
Saks Fifth Avenue notified Forest City Enterprises, Inc. (NYSE: FCE.A and FCE.B) that it would no longer open a store at the developer's Westchester Ridge Hill project, which is under construction in Yonkers, NY. Forest City originally announced that Saks would open an 80,000-square-foot store at the center in May 2009. Forest City said that while Saks' pullout is a disappointment, the news would not affect the company's delivery of the project -- it expects to announce additional tenants joining the roster in the coming months.

The 1.2-million-square-foot Ridge Hill will be anchored by Whole Foods Market, Cinema DeLux (a multiplex cinema concept from National Amusements), L.L. Bean, Cheesecake Factory, Sephora, Banana Republic, and a range of upscale retail and restaurant tenants. The design of the center, which is scheduled to open in 2011, blends winding walkable streets with native landscaping, a village green, outdoor furniture, a firepit area, and a venue good for community concerts, evening events and children's entertainment.

Eventually, Westchester's Ridge Hill would also include approximately 150,000 square feet of office and research facilities and 1,000 apartments, of which 200 will be for over-55 active adults and 135 will be affordable units.

Renaissance Square to Start Construction this April
A joint venture between Lockard Development, Midland-based Moriah Real Estate Company and Fort Worth-based Synergy Properties is scheduled to begin construction on Renaissance Square next month. Located just off the Martin Luther King Freeway at the intersection of East Berry and Vaughn Streets, Renaissance Square's ground breaking was originally scheduled for summer 2009, with delivery penciled for fall 2011. The delay was caused in part by challenges in land assemblage for signage and obtaining zoning changes.

While initial plans laid out 500,000 square feet of retail and restaurant space, according to the Star Telegram citing information from the developers, Renaissance Square has been modified to be 400,000 square feet, including a 63,000-square-foot unidentified grocery store. Delivery is still scheduled for late 2011.

Casto Making Progress on Randhurst Mall Redevelopment
In fall 2008, Casto Lifestyle Properties shut down the Randhurst Mall, which was built in 1962 at the corner of Rand and Elmhurst Roads in Mount Prospect, IL. Casto proceeded to demolish the center in first quarter 2009, as the first stage of transforming the center into an 100-acre, open-air, mixed-use lifestyle center. The $190 million plan included 200,000 square feet of retail/restaurant space, a new 18-screen AMC Theatre, upper floor office space, a 120-room Hampton Suites hotel and up to 200 residences.

Anchor tenants include Carson Pirie Scott, Bed Bath & Beyond, Costco, Home Depot, Jewel-Osco, Borders, and The Sports Authority. While most of these tenants have remained open at the site, new Sports Authority (42,000 sq. ft.) and PNC Bank (4,000 sq. ft.) buildings are expected to open in August. The existing AMC Theatre is scheduled to begin construction this spring and open April 2011. Once open, the old building will be demolished and in its place, construction of a 45,000-square-foot multi-tenant building will commence, with completion expected December 2011 to include a new PetSmart. When complete, the project will have spaces for 50 to 60 tenants and many of them are scheduled to open by May 2011.

PERSONNEL / CORPORATE ANNOUNCEMENTS

Ramco Gershenson Appoints Gregory Andrews as CFO
Farmington Hills, MI-based retail REIT, Ramco-Gershenson Properties Trust (NYSE:RPT), appointed Gregory Andrews as its chief financial officer. Once his position commences on March 31, 2010, Andrews will play a key role in strengthening the balance sheet and improving the core shopping center performance of Ramco's portfolio.

Andrews' more than 20 years of industry experience includes positions as CFO at Equity One, chief retail REIT analyst at Green Street Advisors, and VP of commercial real estate at Bank of America. He holds a MBA in Finance from UCLA Anderson School of Management, a Master of Architecture from the University of Maryland, and a Bachelor of Arts from Princeton University.

Former Ramco Gershenson CFO Joins Phillips Edison
Cincinnati-based shopping center owner, Phillips Edison, appointed Richard J. Smith as chief financial officer. In this capacity, Smith will be responsible for providing hands-on leadership in managing the company's balance sheet and risk exposure and for developing long-term fund raising capabilities to meet the growing real estate company's capital needs.

Smith's more than 35 years of experience in retail real estate includes 13 years as CFO and secretary at Ramco Gershenson Properties Trust, as well as positions as VP of financial services at La Jolla, CA-based mall owner/developer, The Hahn Company; CFO and treasurer at Glimcher Realty Trust; and controller and director of developmental financial services for The Taubman Company.

Mr. Smith holds a BBA in Accounting and Finance from Eastern Michigan University, and is a member of the American Institute of Certified Public Accountants, the Michigan Association of Certified Public Accountants, The National Association of Real Estate Investment Trusts (NAREIT) and the International Council of Shopping Centers.

Developers Diversified Appoints David Oakes as CFO
Beachwood, OH-based shopping center REIT, Developers Diversified Realty Corporation (NYSE:DDR), appointed David Oaks as its Senior EVP & CFO. Oakes has been serving as the company's interim CFO and also served as Senior EVP of finance and chief investment officer for the firm. Oakes has been with DDR since spring 2007.

DDR's CEO, Daniel Hurwitz, said of Oakes, "Over the past 18 months he has developed and executed the restructuring strategy for our balance sheet, raised over $2 billion of capital, has emerged as an internal leader and is widely respected by the investing and lending communities."

As CFO, Oakes will be responsible for the capital markets, budgeting, tax, investor relations, property and corporate accounting, audit, and external reporting functions of DDR and will continue to serve on the Company's executive, compensation and management committees, and chair the investment committee.

Prior to joining DDR, Oakes served as SVP and portfolio manager at Cohen & Steers Capital Management and prior to that, he worked as a REIT research analyst at Goldman Sachs. He earned his bachelor's degree at Washington University in St. Louis and is a Chartered Financial Analyst (CFA). He is a member of the International Council of Shopping Centers (ICSC) and the New York Society of Securities Analysts.

Centro Appoints VP of Leasing; VPs of Property Management
Centro Properties Group (ASX:CNP) hired Kelly Franzino as regional vice president of leasing for the south region. Based in Orlando, Franzino oversees the leasing for new development, power and neighborhood shopping centers in Florida. Prior to joining Centro, Franzino served as Senior Director of Leasing for Century Retail and prior to that, she worked for New Plan Excel Realty Trust, a predecessor of Centro Properties Group as well as General Growth Properties. A graduate of Jacksonville University, Franzino is a licensed real estate agent and a member of ICSC. She has been involved in the shopping center industry for over 20 years.

Centro also hired John Priede as VP of property management for the southeast region. Based in Alpharetta, GA, Priede oversees the property management group responsible for 85 community and neighborhood shopping centers totaling over 15 million square feet in Georgia, Mississippi, North Carolina and Tennessee. Prior to joining Centro, Priede served as a VP with Mirabeland Investments. He has also held positions with Concordia Properties, Zaremba Development and ARES Real Estate Group/MONY Life Insurance Company. A graduate of Florida State University, Mr. Priede is a member of the International Council of Shopping Centers and has been involved in the shopping center industry for over 20 years.

Additionally, Robyn Ryan in Centro's San Diego office has been promoted to VP of property management for the western region. In this capacity, Ryan oversees the property management group responsible for approximately 9.2 million square feet of community and neighborhood shopping centers in Arizona, California, New Mexico, Nevada, and Texas. Prior to joining Centro, Ryan held positions at The Irvine Company, Fritz Duda Company, and Coreland Companies. A graduate of California State University, Fullerton, Ryan has over 13 years of experience in the shopping center industry.

Weingarten Realty Investors Promotes Nine Staffers
Houston-based retail REIT, Weingarten Realty Investors (NYSE:WRI), announced the promotions of Patty Bender to Executive Vice President; Joe Shafer and Bill Goeke to Senior Vice President; and Frank Rollow, Candy Tillack, Gary Wankum, Chris Byrd, Lee Brody and Miles Sanchez to Vice President.

Bender has been with Weingarten since 1982 and has served as SVP and director of leasing since 2004. Goeke joined Weingarten in 2004 as VP and director of property management and has also assumed responsibilities of risk management and joint venture asset management. Shafer has been with Weingarten since 1995 as controller and was promoted to VP/CAO in 1999.

Byrd joined Weingarten in 2002 and in 2007, was promoted to regional leasing director. With this promotion, Byrd will continue to oversee leasing activity in Arizona and New Mexico. Brody joined Weingarten as associate director of leasing in 2007; with this promotion, Lee will oversee leasing and asset management in Georgia, Kentucky, Tennessee and Charlotte, North Carolina. Rollow joined the company in 1983 as a property manager and is now responsible for property management of the eastern region. Sanchez has a combined tenure with Weingarten of over 10 years and now serves as director of leasing for the mountain region. Tillack joined the company in 1982 and now handles property management for the western region. Wankum has been with Weingarten since 1988 and now serves as VP of construction.

Cole Promotes Two on Acquisitions Team
Phoenix-based Cole Real Estate Investments recently promoted Joel Tomlinson to senior director of acquisitions and Carol Romney to director of acquisitions. Tomlinson has closed more than $400 million in transactions since joining Cole. In his new capacity, Tomlinson will focus on sale/leaseback transactions and direct deal origination. Romney is responsible for acquiring stabilized single-tenant retail, office and industrial assets, as well as developing new business relationships. The two will work with Cole's entire acquisitions team towards achieving the company acquisitions target of over $2 billion in 2010.

Colliers Adds SVP to Retail Services Group in L.A., by Laurie Forbes
Morgan McEvoy joined Colliers International’s Retail Services Group as senior vice president. McEvoy specializes in leasing retail power centers and shopping centers throughout greater Los Angeles.

He said he chose Colliers because: “This move has opened new doors for my business, creating the opportunity to build a team and expand my reach to all corners of the Greater Los Angeles retail market.”

“Morgan has established himself as a recognized brand within the shopping center industry and brings to Colliers an extensive resume, having worked on some of the most recognizable retail projects throughout Southern California,” said Martin Pupil, senior managing director of operations at Colliers in greater Los Angeles.

McEvoy is a former senior associate at CB Richard Ellis where he served as lead landlord rep for the South Bay retail group. Some of the biggest projects under his direction include Plaza El Segundo, a 380,000-square-foot lifestyle/power center, and Howard Hughes Promenade, a 247,833-square-foot entertainment center. McEvoy has closed more than 120 lease deals valued at more than $65 million since 2006. He was also a CoStar Power Broker for 2008 and 2009.

Veteran Retail Duo Rejoins Colliers International, by Jeremy Hoffmann
Larry Ortega, senior vice president, and Daniel Ortega, associate vice president, have rejoined Colliers International in Phoenix, where they will specialize in the sale and leasing of retail properties. The team represents leading local, regional and national tenants in the leasing and acquisition of many retail property types ranging from power centers to restaurants.

Together, Larry and Daniel bring a combined 32 years of experience in the retail market. As a team, they bring in-depth knowledge and experience to all aspects of the retail market will be very beneficial to Colliers International.

The team had been with Colliers prior to 2006 when they joined Staubach Retail in Phoenix. In the 2008 they formed their own retail brokerage firm, ReUnion Partners.

SUSTAINABILITY / GREEN BUILDING

Springfield, MO Shopping Center First to Earn LEED Platinum Rating
On February 25, the Green Circle shopping center located at 1110 E. Republic Road Springfield, MO, earned LEED Platinum certification from the US Green Building Council. This rating is the highest level of sustainability achievable through the USGBC and according to the architecture firm, Hufft Projects, Green Circle is the first shopping center in the United States to earn the LEED Platinum rating.

The 23,000-square-foot shopping center was built on a site that minimized tree loss, was built with recycled materials, has renewable energy using photovoltaics, efficient mechanical systems that utilize the heat of the earth, a cistern to collect rainwater, a green roof that includes a rooftop garden, and more.

The shopping center's tenants include San Francisco Oven, MaMa Jean's Natural Market, Dynamic Earth, and Dynamic Body.

LEED Gold Plaza Pacoima Nearing Completion
The second anchor tenant is now open at the Plaza Pacoima redevelopment project located upon 28 acres at Paxton Avenue and Sutter Avenue in the North East San Fernando Valley of Los Angeles. An 154,000-square-foot Costco has joined an already-open Lowe's at the $78 million, 343,000-square-foot center, which is also planned to include a Best Buy store.

The Plaza Pacoima tract was targeted by CRA/LA for pollutant clean-up and redevelopment in 2002. Developed in partnership with Primestor Development and Prudential, the project will seek LEED Gold certification upon completion.

Office Depot Pursuing LEED-CI for all New Stores
Office Depot (NYSE:ODP) announced a plan to pursue Leadership in Energy and Environmental Design (LEED) for Commercial Interiors (CI) certification from the U.S. Green Building Council (USGBC) for all new Office Depot retail stores, beginning in June 2010. Specifically, 14 new Office Depot store locations will be LEED CI certified, starting with the Company's newest location in Austin, TX, which is scheduled to open in June 2010.

The company's goal is to match the energy and monetary savings it has realized at its LEED Gold-Certified store in Austin, TX, which opened April 2008. "The energy savings realized at our first Austin store location has been even greater than what we had originally expected," said Edward Costa, Vice President of Construction for Office Depot. "We intend to continue to make our stores as energy efficient, water efficient and cost efficient as possible. With LEED CI we are now able to 'green' all of our store locations - regardless of whether we build it ourselves or take over an existing building."

Some of the sustainable building features of the LEED-CI stores would include preferred parking for low-emitting, fuel-efficient vehicles and carpooling; skylights; reflective roof; Energy Star rated HVAC equipment; energy-efficient lighting; daylight and occupancy sensors; water conservation interior fixtures; construction waste that will be recycled; construction materials that consist of at least 10% recycled content; use of low-VOC emitting materials for interior finishes; Green Power purchases supplementing electrical use; an Energy Management System; Energy Star rated building equipment and appliances; and more.

Darden Commits to Build New Restaurants to LEED Standards
Darden Restaurants announced that it would use LEED standards in its restaurant design process for all new restaurants and where feasible, restaurant remodels. To launch this effort, Darden is designing eight new Red Lobster, Olive Garden and LongHorn Steakhouse restaurants to achieve LEED certification and plans to apply what it learns from these new builds to other new restaurants and remodeling plans.

One of these restaurants opened in January -- an Olive Garden in Jonesboro, Arkansas. One more Olive Garden and two Red Lobsters designed to LEED standards are scheduled to open in 2010, followed by one Olive Garden, two Red Lobsters and one LongHorn Steakhouse in 2011.

Sustainable design elements employed in the Olive Garden restaurant in Jonesboro include use of recycled building materials, maximized use of natural light, energy efficient equipment and water efficient fixtures, LED lighting, methods to reclaim heat, and more.

Darden also recently opened its new corporate headquarters facility in Orlando, which is on track to earn LEED Gold certification from the USGBC. According to Darden, it is the largest LEED Gold new construction project in the state of Florida.

Sears and Lowe's Earn Energy Star Retail Awards
The U.S. Environmental Protection Agency (EPA) has named Sears Holdings Corporation (Nasdaq: SHLD) the 2010 Energy Star Retail Partner of the Year. The retailer earned this recognition for lowering its greenhouse gas emissions and educating its customers about energy-efficient products. Sears added that during the down economy, sales of its Energy Star products increased. Sears has been an Energy Star partner since 1998.

The U.S. Environmental Protection Agency (EPA) has named Lowe’s Companies the first winner of the Energy Star Sustained Excellence Award in Retail. Lowe's earned the award for being a long-standing retailer of energy-efficient products. Lowe’s has won eight consecutive various Energy Star awards (2003-2010), including four Energy Star Partner of the Year awards for educating consumers about the benefits of energy efficiency. Lowe's has been an Energy Star Partner since 2001.