Madison, WI-based Brown Group Retail Inc., the parent company of Famous Footwear, has cut a five-year lease for the site, says Tom Woods of the Phoenix office of Colliers International. He represented both parties in the negotiations. Target and Bed Bath and Beyond are the center's anchors.
David Angard, Brown Group's vice president of real estate, tells GlobeSt.com that Famous Footwear started to roll out the larger stores, upward of 8,000 sf, last year. In Arizona, there are now six up and running in Phoenix and two in Tucson.
Angard says going forward, all stores will be large format, but Famous Footwear isn't getting rid of its estimated 700 smaller locations. Famous Footwear's portfolio totals about 900 stores.
Angard says the concept change is tied directly to merchandising strategies. Famous Footwear is carrying a broader inventory and needs more space. Plus, he says, it helps win more successful store spots in power centers. The larger stores help get "more frontage and a larger façade," he says.
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