Making the Roundup This Week: Filene's Basement Files Bankruptcy

This week in the Retail Roundup, CoStar reports on expansions or new concepts at 7-Eleven, Walmart, Marco's Pizza and IKEA; new retail development news in PA and CA; acquisition, merger, loan or sale activity at Simon Property Group and General Growth, Tallahassee Mall, Cole Real Estate, and Burlington Coat Factory; closings, cutbacks, defaults, or bankruptcies at Hill Country Galleria, Filene's Basement and Jones Apparel; personnel or corporate announcements at Centro, NRF and RILA, CM&R Group, Ramco and Equity One; sustainability or green building news at Kohl's; and more.

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Did you miss last week's CoStar Advisor national retail story, "Major Retailers Ring In a Net Store Loss in 2008", which covered trends and the store openings and closings of approximately 250 major U.S. retailers . If so, follow this link to read the story

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(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.

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EXPANSIONS / NEW CONCEPTS

7-Eleven Hires CBRE to Renegotiate Leases; Still Adding 200 Stores in 2009
Convenience store operator, 7-Eleven, recently hired CB Richard Ellis to conduct a comprehensive review of its real estate portfolio in certain key markets. The project involves determining "market rent" for 7-Eleven's stores negotiating lease terms on behalf of the retailer.

Mike Friedman and Will Evans, both senior vice presidents at CBRE's Dallas office are leading the 7-Eleven assignment team. Of its efforts to align 7-Eleven's rent expense with current market rates, Friedman said, "This is prudent business practice for any retailer during these unusual economic times, particularly with the footprint that 7-Eleven has nationwide." The company currently operates about 5,700 U.S. stores.

7-Eleven's plans also involve the addition of 200 stores this year, compared to 170 new stores last year. The company is "evaluating sites for new development opportunities with other landlords who may be experiencing lease defaults or retail flight by their current tenants," said Friedman.

Walmart Opens First Supermercado in Houston
Walmart celebrated the grand opening of its first Supermercado de Walmart on April 29, 2009, Spring Branch, TX, a suburb of Houston. The store, designed to cater to Hispanic customers, was formerly a 39,000-square-foot Neighborhood Market. The store features signage in both English and Spanish, eliminates some and adds several products preferred by the Hispanic population, including a larger assortment of fresh produce. The next Supermercado is scheduled to open this month in Phoenix, while a Mas Club (Hispanic version of Sam's Club) is planned to open this summer in the Houston area.

Marco's Pizza on Track for 120 New Restaurants Over Next Two Years
Jack Butorac, CEO of the Marco's Pizza chain of restaurants, told QSR Magazine that its previously stated 500-unit 2010 goal has been adjusted in line with current market conditions. The company, driven by growth amongst franchisees, is on track to open at least 40 new restaurants by the end of this year, followed by approximately 80 new restaurants in 2010, which would bring Marco's unit count to about 300 restaurants.

"Great locations are available and we're snapping them up. Rental fees are more attractive and tenant improvements are also in our favor. This recession has contributed to a 25% to 30% reduction in the cost of our average store," Butorac told QSR regarding the company's real estate strategy.

IKEA Opens 37th U.S. Store
The grand opening of IKEA's 37th U.S. store is scheduled for May 6, 2009, at 1103 N. 22nd St. near Ybor City in the Tampa area. At 353,000 square feet, the furniture and home accessories store includes 49 staged rooms that welcome customers to touch and try out the furniture, a 350-seat restaurant, and a children's play area. IKEA's next U.S. store, located in Somerville, MA, a suburb of Boston, is scheduled to open in 2011.

For a detailed list of the store opening plans of 250 major U.S. retailers, click here.

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(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.

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NEW SUPPLY

Weingarten Celebrates Opening of Jess Ranch Marketplace Phase III
On Apr. 30, Weingarten Realty (NYSE:WRI) celebrated the grand opening of its third phase of Jess Ranch Marketplace, an 194,633-square-foot addition to its regional shopping center located just southwest of downtown Apple Valley, CA. Included in the grand opening are PetSmart, Famous Footwear and Cinemark. According to Weingarten's website, Jess Ranch Marketplace is 307,994 square feet.

The Marketplace is adjacent to a Target, also located at the crossroads of Jess Ranch and Bear Valley Roads. The center is home to several major retailers including Winco, PetSmart, Rite Aid, 24 Hour Fitness, Best Buy, and Bed Bath & Beyond. In addition to the new Denny’s restaurant that is under construction, the center offers other dining choices such as Buffalo Wild Wings and Red Robin.

Goldenberg / Ironwood JV Opening Exeter Commons This July
The Goldenberg Group and Ironwood Property Group is progressing ahead of schedule on Exeter Commons, a 490,000-square-foot power center under construction in Berks County, PA. The project, anchored by Target (132,000sf), Giant Foods (81,000sf), and Lowe's (171,000sf), is located on 50 acres along Route 422 in Exeter Township.

Target and Giant are scheduled to open in late July, followed by Lowe's in August. Other tenants include Sonic Drive-In (1,600sf), Wells Fargo/Wachovia, Red Robin, Chick-Fil-A and Affinity Bank.

This project has been on the drawing board for the Exeter Township for more than 10 years. Goldenberg and Ironwood didn't form their partnership to redevelop the 50-acre property until spring 2008.

Faison & High Real Estate to Start Mill Creek Square This Summer
Faison Enterprises, in a joint venture with High Real Estate Group, plans to start construction this summer on Mill Creek Square, a 285,000-square-foot shopping center to be built atop 35 acres located just off Route 30 in East Lampeter Township, PA. Kohl's, Bed Bath & Beyond and Christmas Tree Shops have signed on to anchor the $40 million project, which is scheduled for completion in fall 2010.

Simon Opens The Promenade at Camarillo Premium Outlets
Simon Property Group, Inc. (NYSE: SPG) opened The Promenade, its 220,000-square-foot expansion to the Camarillo Premium Outlets, on Apr. 23, 2009. The expansion brings the entire center to 674,000 square feet, inclusive of 160 stores. The center is located in Ventura County, north of Los Angeles, directly off Highway 101 at the Las Posas exit, in Camarillo, CA.

Anchored by Neiman Marcus Last Call, the Promenade also features Saks Off 5th (relocated within the center), Gap (also relocated), Aldo, Charlotte Russe, Columbia Sportswear Company, Converse, Crocs, DC Shoes, Ecco, Esprit, Etnies, Journeys, Karen Kane, Le Creuset, Loft Outlet, Michael Brandon, New Balance, Papaya, Rack Room Shoes, Robert Wayne Footwear, Tommy Bahama, Vans, and Zumiez.

Camarillo Premium Outlets opened in 1995 and has expanded several times. With this latest expansion, the center is now the second largest property in the Chelsea portfolio.

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(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.

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ACQUISITION/MERGER/SALE/LOAN ACTIVITY

Simon Property Group Reportedly Offered to Buy Some GGP Properties
Simon Property Group (NYSE:SPG), attempted to buy some real estate from General Growth Properties prior to its bankruptcy filing, David Simon said during a panel discussion at last week's Milken Institute Global Conference, according to Bloomberg News. Reportedly, Simon said GGP didn't realize it was a "distressed seller" and like many owners in today's market, GGP wasn't willing to take losses on its investments.

While Simon had, prior to GGP's filing, repeatedly rebuked analysts' speculation in several quarterly conference calls that it would be in the market for GGP's malls, Bloomberg reported that Simon's CFO, Stephen Sterrett, said after GGP's filing that GGP's malls would "probably fit very well" into Simon's portfolio.

JLL Puts 715,000-SF Burlington Coat Factory Sale-Leaseback on the Market
Bain Capital, owner of Burlington Coat Factory, has entrusted Jones Lang LaSalle (JLL) to market a major sale-leaseback portfolio. JLL Managing Director Bruce Westwood-Booth and Vice President Ben Herrig have listed nine Burlington Coat Factory stores totaling 715,000 square feet for sale. Burlington has agreed to lease back the nine stores for a minimum of 15 years, on a triple-net basis. JLL said the stores could be sold as a portfolio, or in one-off transactions.

The nine stores listed represent some of the best locations and more modern stores in Burlington's portfolio of 433 stores in 44 states. The portfolio is comprised of stores in Chicago, Los Angeles, Houston, Broward County, Northern New Jersey, Boston, Orlando and two locations in the Phoenix area.

Cole Real Estate Investments Spends $141.3M on 22 Properties in March
Phoenix-based Cole Real Estate Investments upheld its ranking as one of the most active purchasers of retail real estate in March. The owner/manager, which specializes in single-tenant, net lease deals, acquired 22 properties totaling 223,042 square feet during March, for a total of $141.3 million. March activity brought Cole's first quarter acquisition total to $168 million in assets totaling 338,438 square feet. The company currently owns or manages approximately $4.4 billion in assets totaling 23.3 million square feet.

HFF Appointed to List Tallahassee Mall for Sale
Holliday Fenoglio Fowler (HFF) has bee appointed by the courts to market the Tallahassee Mall, a 988,000-square-foot regional mall in Tallahassee, Florida, for sale. The listing team of managing directors Lynn DeMarco and Brad Peterson and senior managing director Joe Morningstar said the property is being offered "free and clear of debt without a formal asking price."

Until recently, the Tallahassee Mall was owned by struggling mall owner, Feldman Mall Properties. In August 2008, Feldman's $44.2 million loan on the property was transferred into special servicing due to imminent default. At the time, Feldman cited cash flow issues due to the loss of anchor tenants Dillard's and Goody's. HFF said the mall is currently 61% occupied.

Situated on 96 acres and originally built in 1971, the Tallahassee Mall is located at 2415 N Monroe Street in northwest Tallahassee. Other major tenants include a 20-screen AMC Theatre, Belk, Burlington Coat Factory, Ross Dress for Less, Sports Authority and Barnes & Noble.

According to CoStar COMPS, Feldman sold the mall for $61.4 million in June 2005 when the property was 96.8% occupied. At the time of purchase, Feldman said the mall was subject to a long term ground lease that expires in the year 2063 (assuming the exercise of an extension option). In December 2005, Feldman purchased a 103,000-square-foot ground lease at the mall, which was tenanted by Goody's and Ross at the time, from Kimco Realty Corp. in exchange for 369,375 shares of stock in Feldman.

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(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.

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CLOSINGS/CUTBACKS/BANKRUPTCIES/DEFAULTS

Unable to Refinance Construction Loan, 1.3M-SF Hill Country Galleria Files Bankruptcy
Hill Country Galleria, a 1.3 million-square-foot mixed-use lifestyle center project developed by Opus West in Bee Cave, TX (a suburb of Austin), filed bankruptcy today, May 5, 2009. The 300,000-square-foot, 309-unit luxury apartment complex, Bee Cave City Hall, and some retail outparcels that are separately owned, were not included in the filing.

Hill Country's total development cost came in at more than $192 million, said Opus, adding that the bankruptcy was necessary due to an expired construction loan the company was unable refinance. The company collaborated with Lincoln Property Company, Austin-based International Development Management (IDM) and Robert Baldwin Interests to develop the project.

John Greer, EVP of Opus West, explained that the Hill Country Galleria's construction loan was especially difficult to refinance because a consortium of 10 banks were involved. “With the protections afforded by bankruptcy law, we hope to complete a successful restructuring of the project’s debt on terms that will allow us to optimize value for the project’s lenders and other creditors,” said Greer, adding the project has been "successful."

Winston Hewett, director of communications for Opus, when speaking about the recent Opus South bankruptcy filing, told CoStar that Opus' business model is typically to sell its developments prior to full completion, which has become an issue in this market.

Opus said tenant occupancy has not been affected by the filing and added that Hill Country Galleria will continue to operate. Anchor tenants include Dillard's, Cinemark Theatre, Barnes & Noble, and Dick's Sporting Goods, but the project is currently only 70% leased.

Opus celebrated the grand opening of Hill Country's first phase on Oct. 24, 2007. At the time, Opus said a phase two opening including Dick's Sporting Goods and Circuit City would follow in summer 2008 -- Circuit City obviously fell out due to its own bankruptcy.

At the time of the grand opening, Opus said Hill Country Galleria was comprised of 650,000 square feet of retail, 145,000 square feet of Class A office space, 300,000 square feet of multifamily housing, 80,000 square feet of retail pad space, 100,000 square feet of residential condominiums and 50 acres of green space. The project is situated upon 152 acres at the convergence of FM 620 & Texas Highway 71.

Jones Apparel Closing 225 Stores Through 2010
Following news of a 10.6% decrease in comparable store sales, Jones Apparel Group (NYSE: JNY) said on Apr. 29 that it plans to "exit" approximately 225 locations during 2009 and 2010. In carrying this out, Jones anticipate savings of $3 million in 2009, $14 million in 2010 and $20 million in 2011. The company did not break out the specific timing of stores to be closed, or store closures by store banner. Additionally, Jones said it will continue to test and evaluate new concepts, including "ShoeWoo," a stand-alone shoe store it recently opened.

New Owners of Filene's Basement Put Chain into Bankruptcy
Iconic discount department store chain, Filene's Basement, was put into Chapter 11 today by its new owners, FB II Acquisition Corp., a holding company under the Buxbaum Group.

This announcement follows Buxbaum's Apr. 20 purchase of Filene's from Retail Ventures, Inc. (RVI) -- a deal that RVI said it would "realize no proceeds" from.

The retailer reported approximately $182 million in liabilities and approximately $84 million in assets in the filing. For the fiscal year ending January 31, 2009, Filene's recorded approximately $422 million in net sales, with an operating loss of approximately $53 million.

Concurrent with the bankruptcy filing, Buxbaum said that an agreement had been reached with an affiliate of Crown Acquisitions to purchase 17 of Filene's remaining 25 stores for $22 million (Note that Retail Ventures closed 11 Filene's stores at the end of February). This deal is subject to bankruptcy court auction, where additional offers for the 17 stores would be considered.

Crown, a New York-based real estate and asset management firm with 15 million square feet of retail and office property in North America, intends to continue operating the 17 stores under the Filene's Basement name, as well as maintaining its value-priced business model, said Buxbaum.

Buxbaum did not share its intentions for the locations that would remain if Crown's acquisition of the 17 stores goes through; although signs point to the eventual liquidation of those stores.

Founded in 1909, Filene's previously filed bankruptcy in 1999 was acquired by Value City in 2000. Value City (which went bankrupt and liquidated late last year) was acquired by Retail Ventures in 2003.

The leases Crown plans to take over, most of which reside in prime retail thoroughfares, are associated with the following store locations:

• 17651 Biscayne Boulevard, Aventura, FL 33160: 28,000 sq. ft.


• 830 N. Michigan Avenue, Chicago, IL 60611 (Magnificent Mile): 28,000 sq. ft.


• 1 North State Street, Chicago, IL 60602 (Loop): 24,000 sq. ft.


• 497 Boylston Street , Boston, MA 02116 (The Newbry at Back Bay): 28,000 sq. ft.


• 215-227 Needham Street, Newton, MA 02464: 28,269 sq. ft.


• 201 Needham Street, Newton, MA 02464: 20,000 sq. ft.


• 620 Avenue of the Americas, New York, NY 10011 (Manhattan Flagship): 145,000 sq. ft. at basement level; 28,000 sq. ft. ground level


• 4 Union Square South / 40 East 14th St. , New York, NY 10003 (Union Square): 28,000 sq. ft.


• Fresh Meadows, 187-04 Horace Harding Exp. Flushing, NY 11365: 28,000 sq. ft.


• 1400 Northern Boulevard, Manhasset, NY 11030


• 2222 Broadway, New York, NY 10024 (Upper West Side): 19,226 sq. ft.


• Sun Center, 3704 West Dublin, Granville Road, Columbus, OH 43235: 28,000 sq. ft.


• Harvard Park Shopping Center, 4045 Richmond Road, Warrensville Heights, OH 44122: 15,000 sq. ft.


• Shops at National Press, 529 14th Street NW (at F. St), Washington, DC 20045: 16,800 sq. ft.


• Mazza Gallerie, 5300 Wisconsin Ave., Washington, DC 20015: 28,000 sq. ft.


• 1133 Connecticut Ave., Washington, DC 20036: 28,000 sq. ft.


• Lenox Marketplace, 3535 Peachtree Road, Atlanta, Georgia 30326 (Buckhead): 28,000 sq. ft.

Crown's deal also includes the assumption of Filene's lease at 426 Washington Street in Boston. Formerly its Boston Flagship, the company closed the Downtown Crossing store in 2007, with the expectation that it would reopen following a $700 million redevelopment of the property into a mixed-use project by the property's owners, Vornado Realty Trust and Gale International Realty. The site currently sits in its demolished state, with no guidance given by Vornado or Gale for when construction will commence.

Details on the stores remaining that Crown does not plan to acquire consist primarily of large, suburban locations in MA, MD and NJ:

• Lockwood Place, 600 East Pratt Street, Baltimore, MD 21202 (Inner Harbor): 30,152 sq. ft.


• Mid-Pike Plaza, 11840 Rockville Pike, Rockville, MD 20852


• Cape Town Plaza, 768 Iyanough Road, Hyannis, MA 02601: 36,600 sq. ft.


• South Shore Plaza, 250 Granite St., Braintree, MA 02184: 29,818 sq. ft.


• Northshore Mall, Rtes 114 and 128, Peabody, MA 01960: 28,000 sq. ft.


• Square One Mall, Route 1 South, Saugus, MA 01906: 34,487 sq. ft.


• Arsenal Mall, 485 Arsenal Street, Watertown, MA 02472: 45,000 sq. ft.


• Jersey Gardens Mall, 651 Kapkowski Rd., Elizabeth, NJ 07201: 60,010 sq. ft.


• Bergen Town Center, 2701 Route 4 East, Paramus, NJ 07652: 56,000 sq. ft.

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(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.

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PERSONNEL ANNOUNCEMENTS

Centro Hires Capital Raising Expert
Centro Properties Group appointed Tiffanie Fisher to the post of EVP and CFO of the company U.S. operations. In this capacity, Fisher will direct the company's capital markets, management information systems, financial controls, SEC reporting and compliance activities. Fisher is taking over for John Braddon, who is returning to Australia after working for Centro in the U.S. for three years.

Fisher's 17 years of real estate and finance experience includes most recently serving as executive director of Morgan Stanley Real Estate in London. Prior to this, she was COO of Morgan Stanley Real Estate in Europe, served as CFO for Morgan Stanley's real estate private equity efforts in the United Kingdom, had financial oversight for its non-performing loan business in Italy and Germany and served on the Board for Songbird Estates PLC, a publicly listed company which controls Canary Wharf. Aside from this, Fisher has also worked for UBS Investment and Vornado Realty Trust. Her experience also includes raising capital for Simon Property Group, Taubman Centers, Vornado Realty Trust, Urban Shopping Centers and Westfield Shopping Centers.

Ramco Says Equity One Denied its Offer for Two to Join its Board; Equity One Denies it
Ramco-Gershenson Properties Trust (NYSE: RPT) said last week that it proposed a settlement with Equity One that involves adding Equity One's two nominees to its Board of Directors, expanding the Board to nine members. According to Ramco, Equity One rejected this proposal.

Jeffrey Olson, Equity One's chairman, president and CEO responded to Ramco's announcement, "no settlement offer was ever made by RPT to Equity One - and Equity One certainly did not decline a settlement offer from RPT. While we were pleased to hear that you would be willing to discuss adding our two nominees to your Board, this conversation was never begun nor concluded. In the outline we sent Saturday, we asked to discuss a number of issues, including - among other things - strong concerns over a proposed expansion of the board."

"As we have noted before, we have significant concerns about RPT’s financial condition. While we believe that your strategic review is important, EQY - a significant stakeholder in RPT, with approximately 9.63% of the outstanding shares - is seeking independent representation to ensure that your process moves expeditiously," added Gershenson.

NRF President & CEO Retiring, as NRF and RILA Announce Merger
Tracy Mullin, president and CEO of the National Retail Federation (NRF), recently announced plans to retire from the NRF in late 2009. In this post since 1993, Mullin has worked for the NRF for more than 30 years. In a letter, she said her employment contract was "set to expire."

"During my incredible ride at NRF, I have seen the retail industry undergo a real transformation. (I’m not too embarrassed to admit I joined NRF before the bar code was mainstream.) From watching a small Bentonville discounter catapult to the top of the charts to seeing how the Internet is changing the way our customers shop, it’s been a powerful movement to watch. But there are still countless opportunities on the horizon," said Mullin.

In the same press release, the NRF announced that its executive committee approved a merger between NRF and the Retail Industry Leaders Association (RILA). Mullin said that once merged, the organization will function as one unit, charging members only one set of dues. The new organization intends to further empower the retail industry by serving as a single, unified front at the nation's capital.

Former Specialty Apparel Real Estate Execs Launch CM&R Group
The CM&R Group is a new business launched in Los Angeles, CA that specializes in retail real estate strategic planning and implementation. Founded by Principals Cheryl Rose-Mack and Carol Rosenfeld, CM&R specializes in retail tenant representation.

Rose-Mack's 20+ years experience includes most recently serving as Associate VP of Real Estate for Limited Brands. There, she rolled out several concepts, including Abercrombie & Fitch, Henry Bendel and C.O. Bigelow, in addition to repositioning the real estate portfolios of Victoria's Secret and Bath & Body Works. Rose-Mack has also worked as VP of Leasing for Forest City.

Rosenfeld most recently worked as a consultant for Guess?, advising the retailer on real estate decisions regarding its existing portfolio (including evaluation of store closings and rent reductions), as well as the launch of a new concept, G by Guess. Rosenfeld has also worked as SVP of Real Estate at Laura Ashley and Melville Realty Company.

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(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.

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SUSTAINABILITY/ GREEN BUILDING

Kohl's and Whole Foods Top EPA's List of Retail Green Power Purchasers
The Environmental Protection Agency recently released its list ranking the top 20 retailers that purchase the most "green power" and participate in the EPA's Green Power Partnership. "The combined green power purchases of these organizations amounts to nearly 2.3 billion kilowatt-hours of green power annually, which is the equivalent amount of electricity needed to power more than 227,000 average American homes each year," said the EPA.

Kohl's Department Stores topped the list with nearly 601 million kWh of green power purchased annually, followed by Whole Foods Market (527 million kWh), Wal-Mart California and Texas (243 million kWh), Starbucks (211 million kWh), Staples (127 million kWh), Lowe's (101 million kWh), Safeway (93 million kWh), Coldwater Creek (81 million kWh), REI (64 million kWh), H-E-B (59 million kWh), Estee Lauder (36 million kWh), FedEx (25 million kWh), North Face (20 million kWh), Gander Mountain (19 million kWh), Giant Eagle (17 million kWh), Aveda (16 million kWh), Office Depot (15 million kWh), Half Price Books Texas (11 million kWh), Macy's West (10 million kWh), and Origins (7 million kWh).

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(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.