Archive for January 26th, 2009

Darden Scales Back Expansion Plans

by David Bodamer January 26th, 2009

This fiscal year, Darden plans to open 68 to 72 new restaurants — a number that the Orlando-based company had previously decreased from original plans calling for between 75 and 80.

In 2010, the number of new restaurants is expected to drop to between 53 and 65, executives said. Darden spokesman Rich Jeffers called the numbers “very preliminary.”

LongHorn Steakhouse and Red Lobster are expected to open fewer new restaurants in 2010, while net new units for Olive Garden, Capital Grille and Bahama Breeze openings will stay about the same as this year. Seasons 52 will likely have more openings — two or three, compared with one planned this year.

Link.

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Robo-Mall Cop

by David Bodamer January 26th, 2009

This isn’t the first time we’ve heard about Japan experimenting with robot security guards at malls. But this new approach seems even more unusual–especially with the robot’s Spider-man like web.

robomallcop

Japanese researchers in Tokyo on Wednesday unveiled a robotic mall cop, a two-foot-high security guard on wheels that can track down bad guys running amok on commercial property and disable them with a ‘Spider-Man’ like web.

Named the T-34, possibly after the legendary Soviet tank of World War II, the little blue guy on wheels weighs about 25 pounds and has a top speed of about 6 mph — not quite as fast as Paul Blart’s Segway.

“We have basically designed the robot for corporate use and we expect private security companies to buy them instead of using human guards, but there will also be those tailored for use in homes,” Tmsuk Co.’s Mariko Ishikawa told London’s Daily Telegraph.

Link.

No Comments Related Topics: News, Quirky, Security |

Mall of America Revises Expansion Plans

by David Bodamer January 26th, 2009

After failing three times to get the public financing it wanted to pay for part of a $2 billion expansion, the Mall of America won’t be making another pitch to the Legislature this year.

Instead, it’s considering building the 5.6-million-square-foot project in phases, with a first phase of about 3 million square feet that could be done by 2013. The rest would be delayed indefinitely.

The change could allow the mall to tap a modified subsidy package passed by the Legislature last year that authorizes the city of Bloomington to impose new taxes to help fund the project. “It’s not enough to support 5.6 million square feet at one time,” said Kurt Hagen, vice president for development at Triple Five Corp., the mall’s owner. The public financing is for a parking ramp and other infrastructure improvements, not for the mall itself.

Link.

No Comments Related Topics: Development, News, Retail Real Estate |

Home Depot Cutting Jobs, Closing Stores

by David Bodamer January 26th, 2009

Home Depot Inc. plans to eliminate 7,000 jobs while closing four dozen stores under its smaller home improvement brands as the recession continues to batter the nation’s housing market.

The company said Monday the cuts will affect about 2 percent of the company’s 300,000 workers and cause the Atlanta-based chain to record a $532 million pretax charge, most of which will be recorded in the fourth quarter.

Most of the cuts affect workers at Home Depot’s 34 Expo Design Centers, five YardBIRDS, two Design Centers and HD Bath, a bath remodeling business with seven sites.

Those stores will close in the next two months.

Link.

Bankruptcies and Liquidations:

Potential Bankruptcies & Liquidation Impact: 999 stores

Announced Closings

Total Closings: 434 stores

Potential Impact of All Announcements to Date: 1,433 stores

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