The store is scheduled for completion in fall 2003 when Kohl's will unveil all of its planned Phoenix stores and also enter the Las Vegas market. A source at Kohl's corporate headquarters tells GlobeSt.com that Kohl's will be breaking into the Los Angeles market in spring 2003. The source would not disclose the number of stores Kohl's will open in Phoenix, but the word on the street is that the discount retailer already has 10 sites under its belt.
Dave Cheatham and Darren Pitts, both of the Phoenix office of CB Richard Ellis Inc., represented the seller, Mall at the Crossroads of Scottsdale and the buyer.
Kohl's currently operates more than 375 stores in 29 states. Its concept is to offer moderately priced name-brand apparel, shoes, accessories and home products. Cheatham says Kohl's is the current darling of the retail world. Kohl's represents "the new generation of discounters," he asserts.
Cheatham says retailers with no market presence in the Phoenix area, such as Kohl's, Lowes and CVS Pharmacy are committing to space while the established metro grouping is pulling back on expansion plans. Consumer spending will dictate when those abandoned expansion plans will be revived.
Cheatham says the parcel was one of many in the area designated some years ago for multiple uses. The Kohl's tract already was earmarked for retail development and had been on the market for some time.
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