General Growth Management will manage Chicago's Northgate Mall and Cherokee Square Shopping Center. Northgate Mall includes 205,000 square feet and has Big Lots and J.C. Penney as anchors; Cherokee Square is a 76,000-square-foot open-air shopping center.
Taubman Centers is proud of its identity as a luxury-mall owner, even if luxury spending is down during the recession, says Robert Taubman, chairman and CEO. "We believe for thousands of years people have been trying to differentiate themselves either through fashion or through higher-quality goods," he said.
The Related Cos. is facing delays on the $570 million second phase of its CityNorth project in Phoenix. The developer is still seeking financing to build the second phase of the project, which was supposed to be anchored by Nordstrom and Bloomingdale's.
J.C. Penney is exploring opportunities related to industry consolidation despite slowing new-store openings in 2009. The retailer is on track with plans to open 64 additional in-store Sephora boutiques this year.