Morgan Stanley's real estate trust has acquired a Moscow retail center, the Metropolis Shopping & Entertainment Mall. It is the largest foreign acquisition of Russian commercial real estate. Market sources believe the center was valued at $1.2 billion.
As Tween Brands' Limited Too stores make the switch to the less-expensive Justice brand, the company will cut prices by 40% to highlight the change. The conversion is expected to be finished next month.
Saks Fifth Avenue snagged exclusive menswear line Kiton apparel just before the recession began, but the department store chain wants the line for the long haul. The chain is opening a Kiton boutique at its flagship Manhattan store. "A store like Saks needs to have the best product available," Saks' president and chief merchandising officer said. "And I do think the man who wants to present himself in a certain way, he's still out there."
Developers in Beaufort, S.C., are keeping upbeat about the state of local retail. Owners such as 303 Associates are focusing on tailoring leases to individual tenants and creating synergy with existing shops.
Emaar Malls Group has added more than 200 stores at the Dubai Mall in downtown Dubai, United Arab Emirates. It plans to debut soon a corridor devoted to couture fashion, as well as an indoor theme park and a 22-screen movie theater.