BEACHWOOD, OH-Locally-based REIT Developers Diversified Realty Corp. says it has seen improved big-box activity this year, such as the growth of a major retailer in its collection of 620 stores. Bed Bath and Beyond will have opened eight stores in DDR-owned properties this year, more proof that the remaining big-box stores have consolidated smarter and are ready for expansion again.
Bed Bath and Beyond Inc. is a chain of retail stores, operating under that name as well as Christmas Tree Shops, Harmon, Harmon Face Values and buybuy Baby. The Union, NJ-based firm has a total of 1,111 stores, mostly Bed Bath and Beyond shops, in the US, Puerto Rico and Canada.
According to DDR officials, the retailer has opened five new stores at its locations so far this year, and another three will open by December. The new stores include a new Bed Bath and Beyond location at Tanasbourne Town Center in Portland, OR, and two buybuy Baby stores in Columbiana Station in Columbia, SC and River Oaks Shopping Center in Valencia, CA. The retailer opened new stores at DDR locations this year in Buford, GA; Hamilton, NJ; Oviedo, FL; Brandon, FL and Mays Landing, NJ.
The retailer admitted in a report last week that it had a significantly better second quarter this year than in 2009. Comparable store sales increased by 7.4% in Q2 2010, compared with a 0.6% increase in 2009. Bed Bath and Beyond officials said in the report that it has increased projections of net earnings per diluted share to 20%, up from 15%.
Paul Freddo, SVP of leasing and development for DDR, said that they are pleased big-box retailers like the New Jersey firm are making a comeback. “(They are) a perfect example of a dynamic retailer strategically seeking new store locations and as a result are poised to take market share,” Freddo said in a statement.
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