Archive for the ‘Mall At Barnes Crossing’ Category
Women’s retailer Coldwater Creek is liquidating, which means it will be closing all of its stores.
The company, which hasn’t posted a profit since 2007, said is will begin going-out-of-business sales at its nearly 400 stores by Mother’s Day, May 11.
Officials at The Mall at Barnes Crossing in Tupelo said they didn’t know when the Coldwater Creek location there – which opened in 2008 – would close.
The company listed assets of $278.5 million and debt of $361.3 million in Chapter 11 papers filed today in U.S. Bankruptcy Court in Wilmington, Del..
The chain said revenue peaked at $1.1 billion in 2006. It expanded from 198 stores in 2005 to 336 locations in 2007 before the global economic downturn stunted its financial success and triggered a series of management changes, according to court filings. Sales at stores open at least a year plunged 17 percent in the quarter ended Nov. 2.
The company joins women’s clothing chains Dots LLC and Ashley Stewart Holdings Inc. in bankruptcy. Dots, with 400 stores, shut down after filing in January. Ashley Stewart, with 168 stores in 24 states, sought Chapter 11 protection on March 10. A drop in mall traffic also has helped to drive pizza seller Sbarro LLC, toasted-sandwich chain Quiznos and the owner of Hot Dog on a Stick to seek court protection since February.
The Northern Loop that connects Coley Road to Barnes Crossing Road in Tupelo includes two bridges – one over the Natchez Trace Parkway and one over U.S. Highway 78/future Interstate 22.
Meanwhile, the Mississippi Department of Transportation has announced that the 78 bridge construction will begin this month. Century Construction of Tupelo will be building the $10.5 million bridge, and it should be finished by November.
Just in time for the holidays!
Press release from MDOT:
The Mississippi Department of Transportation (MDOT) has announced plans to being a project improving travel around the US 78 and Coley Road intersection in Lee County.
The project includes construction of a bridge over US 78 allowing motorists a more direct route to the Barnes Crossing area. In addition to the bridge, this project will also construct four interchange ramps at the US 78 and Coley Road intersection.
“The goal of this project is to relieve some of the traffic pressure on US 45 and Barnes Crossing Road,” said Transportation Commissioner Mike Tagert. “This new interchange will provide motorists traveling east toward Tupelo on US 78 another route to the Barnes Crossing area. We ask for your patience as we work to improve your commute in Lee County.”
This $10,515,312 construction contract was awarded to Century Construction of Tupelo. Construction is expected to begin this month with a projected completion date of November 2014. This project will involve lane and road closures; however, most of the major closures will occur at night. Once work begins, motorists should expect delays in this area.
The retailer describes itself as “the largest branded marketer in the United States of apparel and related products exclusively for babies and young children. The company owns the Carter’s and OshKosh B’goshbrands, two of the most recognized brands in the marketplace. These brands are sold in leading department stores, national chains,and specialty retailers domestically and internationally. They are also sold through more than 700 company-operated stores in the U.S., Canada and Japan and online.”
No word yet on when it opens or when hiring begins, but we’ll update you as soon as we hear.
J.C. Penney is cutting 2,000 jobs and closing 33 stores, the company said today.
Two stores in Mississippi are among the casualties; they’re located in the Singing River Mall in Gautier and Natchez Mall in Natchez. They were among the stores the company said were underperforming and would be shuttered by May.
The store at The Mall at Barnes Crossing in Tupelo remains open.
From the Associated Press:
Struggling department-store operator J.C. Penney announced it will cut 2,000 jobs and close 33 stores as it tries to get back on the path to profitability. The news raises concerns that Penney’s holiday season sales were not what the company hoped for and that the chain needs to do even more to recover from a turnaround plan that has had disastrous results.
J.C. Penney Co., based in Plano, Texas, said earlier this month said it was pleased with its holiday results but declined to give sales figures, raising worries among Wall Street analysts about how the season actually fared. Read the rest of this entry »
The 157,700-square-foot retail center at 4262-4398 Mall Dr., sold on Jan. 8 to CPP Barnes Crossing SPE LLC, an affiliate of Columbus Pacific Properties.
What the company paid for the retail center was not disclosed.
Columbus Pacific Properties, a national real estate investment company based in Santa Monica, Calif., purchased Barnes Crossing Plaza from Sun Life Assurance Company of Canada, who acquired the property in 2006. Johnny Lamberson and Terry Radford, both of CB Richard Ellis Memphis, represented the seller in the transaction.
CBRE Memphis has managed and leased the property since 2008 and will continue to do so under the new ownership.
Barnes Crossing Plaza sits at the northern entrance to The Mall at Barnes Crossing.
Built in 1996, Barnes Crossing Plaza is anchored by Hobby Lobby, TJ Maxx, OfficeMax, Toys R Us and Burkes Outlet. It also includes national and regional retailers Weight Watchers, ATC Fitness, Oreck and Hut No. 8.
Officials say Barnes Crossing Plaza is 96.8 percent occupied.
“I’m only just now getting started, which probably isn’t a good thing,” said Lana James, who said she was getting gifts for her husband, parents and three grandchildren.
With Black Friday long gone, shoppers like James are hitting stores for Super Saturday, the second-biggest shopping day of the year behind the day after Thanksgiving.
And retailers are hoping today lives up to its name.
By some measures, the holiday shopping season has been a disappointment, despite sales up 2 percent to $176.7 billion from Nov. 1 through Sunday. ShopperTrak predicted holiday sales during the last two months of the year to rise 2.4 percent.
But at The Mall at Barnes Crossing, customer traffic hasn’t been a problem, said General Manager Jeff Snyder.
“Usually, when you hear that the numbers are down, we’re still doing well in Northeast Mississippi,” he said. “So with an increase, even though it’s considered small, that means we’re really doing well here.” Read the rest of this entry »
According to the National Retail Federation, there were more people than ever before shopping from Thursday-Sunday – about 2 million more this year, to 141 million – yet overall spending was down.
The NFR said shopping totaled $57.4 billion during the four-day holiday, or about $407.02 per person, down from $423.35 a year ago.
In another report, it was a successful Small Business Saturday.
According to the 2013 Small Business Saturday Consumer Insights Survey, released today by the National Federation of Independent Business and American Express, consumer awareness of Small Business Saturday across the U.S. jumped to 71 percent from 67 percent during the same period a year ago. Of those aware, 46 percent said they shopped on Small Business Saturday.
With awareness up, the end result was increased spending at small businesses. This year, consumers who were aware of Small Business Saturday reported spending $5.7 billion with independent merchants on the day, an increase of 3.6 percent from a strong $5.5 billion in 2012.
As for the NRF’s report about the weekend shopping:
More than 141 million unique shoppers have already or will have shopped by the end of the big Thanksgiving weekend, up from 139 million over the same time frame last year. For those who shopped multiple times over the weekend, the survey found more than 248 million waited in line, took advantage of big discounts offered throughout the mall and shopped on retailers websites, up from 247 million shoppers last year.
According to a National Retail Federation survey conducted by Prosper Insights & Analytics over the weekend, traffic on Thanksgiving Day itself grew 27 percent as nearly 45 million shoppers, or 31.8 percent of holiday shoppers, took advantage of special “turkey day” savings offers, up from 35 million in 2012. Black Friday was the biggest day: more than 92 million people shopped (65.2 percent) for apparel, electronics and more, up from nearly 89 million last year.
The NRF did say that the results don’t necessarily mean sales will be down overall for the entire two-month holiday season. It still forecasts a 3.9 percent increase overall compared to 2012.