Thursday, July 21, 2011

Industry News: New England

Walmart has proposed a 114,000-square-foot, two-story store on Route 1 North at 770 Broadway in Saugus, MA…Aldi filed plans to build an 18,000 s/f grocery store at the corner of Reynolds Memorial Highway and Pleasant Street, across from Westgate Mall in Brockton, MA. Aldi has 1,000 American stores in 31 states…General Growth Properties has renamed the Natick Collection with its old name: the Natick Mall. It had been called the Natick Mall since opening in 1966 but was renamed when it was renovated and expanded several years ago…Pinkberry will open a store in Linden Square in Wellesley, MA. Pinkberry has more than 100 stores worldwide, including shops in Hingham, Cambridge and on Newbury Street in Boston…Tech Superpowers, a computer retailer and Apple specialist, has opened its new store at Patriot Place in Foxborough, in addition to the company's original headquarters on Boylston Street in Boston, near where the country's biggest Apple store opened in 2008…Burlington Mall announced new editions to its store line-up. Now open is LittleMissMatched, a store specializing in women’s clothing and accessories. Set to open this month is Swim ‘N Sport, a retailer focused on designer swimwear for women. New restaurants include Spike’s Junkyard Dogs and Stack-a-BurgerSalem Five Cents Savings Bank will take over Stoneham Savings Bank, which has been struggling to rebuild its capital after losing millions of dollars in construction loans. Salem Five currently has 22 branches, with another slated to open in Burlington next quarter. Stoneham Savings has six locations, in Stoneham, Burlington, Malden, North Andover and Tewksbury...Bed Bath & Beyond Inc. has picked a 33,000 s/f property on Granite Street in Braintree spot which was vacated by Linens ’N Things for its first Buybuy Baby store in Massachusetts. Bed Bath & Beyond, said the company expects to open the Braintree store this fall. The company has opened seven Buybuy Baby stores so far this year, and currently has 52 stores across 22 states...The operator of Elephant & Castle pubs, including the one in Bostons’s Financial District, filed for Chapter 11 bankruptcy protection after defaulting on a loan to a unit of General Electric Co. Elephant and Castle Group Inc., whose headquarters is in Boston, continues to operate its restaurants in the US and Canada. At the end of June, the company employed 866 people. Despite cost-cutting and other moves, the company said it has been unable to make debt service payments to GE Canada. Since April, the company has been trying to sell the company or recapitalize it...A Boston developer unveiled plans to turn the 4-acre Government Center Garage site into a 7-building complex of offices, residences, hotels and stores. The plan calls for preserving much of the existing garage but surrounding it with eight- and 45-story office buildings with 1.2 million square feet of space; two hotels, one 28 stories and the other 22, with a total of 600 rooms; three residential buildings hosting 750 apartments and condos and ranging in height from 12 to 38 stories; 50,000 square feet of retail space...Trinity Financial has negotiated purchase agreements with all of the land owners on the site of its proposed redevelopment of a key downtown Brockton, MA block, and are ready to present their concept to the Planning Board at an informational meeting later this month.The two-phase project would turn the downtown block bordered by Main Street, Petronelli Way, Montello and Centre streets into a mixed-use development with 215 apartments, and thousands of square feet of retail and commercial space. Plans call for the renovation of the former Enterprise building into retail and commercial space and the Gardner Building into 42 apartments marketed to artists. It also calls for the construction of a new 71-unit apartment building on top of a city parking lot, and a new 326-space parking garage to replace the lost surface lot.

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