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DigitalSky

Belk WILL Buy Proffitt's and McRae's

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UPDATE: Leigh Dyer and Amy Baldwin's Column from the Charlotte Observer 4/30/05

http://www.charlotte.com/mld/charlotte/11523105.htm

http://home.businesswire.com/portal/site/g...043&newsLang=en

The Company has reached a definitive agreement with Belk, whereby Belk will acquire substantially all of the assets directly involved in the Proffitt's and McRae's operations in a cash transaction for $622 million, plus the assumption of approximately $1 million in capitalized lease obligations and the assumption of certain other ordinary course liabilities associated with the acquired assets. The assets include the real and personal property and inventory associated with 22 Proffitt's stores and 25 McRae's stores. Belk will also assume operating leases on leased store locations. The 47 Proffitt's/McRae's stores being sold are located throughout 11 Southeastern states and generated revenues of approximately $700 million in 2004.

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Charlotte.com updated their link up above, and added the Belk press release in .pdf format >> Included a list of all the stores if you're interested.

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I get the impression that they will be moving the operations of these stores to Belk HQ in Charlotte after 9/2005?

With revenues of ABOUT $3.8 billion (with Profitt's) Belk would fall in at around #420 in the Fortune 500 IF it were public...

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I believe it can still be on the list even if it's not publically traded since shares are issued (They are currently on the Fortune 1000 list) It would be nice to have another bragging right.

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You know, It's too bad Belk didn't opt for McRae's at Riverchase Galleria - that's a really nice mall, I would have liked to see Belk there.

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Well, actually Belk will have a store at Riverchase Galleria. Saks opened a Proffitt's in the old 300,000 square foot Macy's last year (click here to see article) and that store was part of the aquisition. I'm not sure what they plan to do with the McRae's. Maybe they'll sell it to Dillard's or Nordstrom.

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Well, actually Belk will have a store at Riverchase Galleria.  Saks opened a Proffitt's in the old 300,000 square foot Macy's last year (click here to see article) and that store was part of the aquisition.  I'm not sure what they plan to do with the McRae's.  Maybe they'll sell it to Dillard's or Nordstrom.

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oh cool. I overlooked that haha

Look at how Saks OWNS the center court... They've got Parisian, Proffitts and McRaes on 3 sides lol

800.jpg

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Anyone care to speculate what will happen at malls like Biltmore Square Mall in Asheville and Westage Mall in Spartanburg? There are Proffitt's at these locations. Do you think Belk will just operate them as Belk II or something like put their home store/mens store in one

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I figure Biltmore Square and Westgate Mall will get second Belk stores (though Westgate may already have one). There's very little overlap actually.

Several of the East Tennessee stores Proffitt's had were originally Belk's. Proffitt's bought Parks-Belk in the '90s along with the local Hess's (former Miller's) stores, to create a number of double-header locations.

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I wish Belk would get that little space right beside the old Wachovia building (the white one). Open a multi-story Belk's right on Tryon with a 25-30 story headquarters building attached behind it.

Move out of Tyvola!

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Biltmore Square can't afford another empty store, especially an anchor. I went there last night and was struck multiple times by tumbleweed.

It does have a few "cute" local stores that have unique gifts, but the foot traffic for a Friday night was atrocious.

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Biltmore Square can't afford another empty store, especially an anchor.  I went there last night and was struck multiple times by tumbleweed.

It does have a few "cute" local stores that have unique gifts, but the foot traffic for a Friday night was atrocious.

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Yeah my Asheville friend says NO one shops at Biltmore Square and everyone shops at Asheville and on Tunnel Rd. I'm surprised Bmore Square is still open. It would be nice if they struck a Parisian or Nordstrom even and became an upscale mall, b/c the Biltmore Park and Biltmore Forest neighborhoods have high incomes and could support it (not to mention all the mountain tourists and Biltmore visitors)...

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It probably could get redeveloped as a lifestyle center or soething, but Biltmore Square's days as it exists now are numbered.

It had the misfortune of being built at the end of the enclosed mall's golden age, leaving it with tiny department stores and a typical overdone '80s floorplan

The high incomes around it have sustained it to a point, but a smart mall developer will realize it's time for change and soon. Asheville Mall is killing them, and there's no point banking on the anchors they have left.

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Yeah my Asheville friend says NO one shops at Biltmore Square and everyone shops at Asheville and on Tunnel Rd.  I'm surprised Bmore Square is still open.  It would be nice if they struck a Parisian or Nordstrom even and became an upscale mall, b/c the Biltmore Park and Biltmore Forest neighborhoods have high incomes and could support it (not to mention all the mountain tourists and Biltmore visitors)...

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Believe it or not, Biltmore Forest is closer to Asheville Mall than it is to Biltmore Square. Just a quick trip up Swannanoa River Rd, and you're there. As for the Biltmore Park residents- well, yeah, but who wants to shop at Biltmore Square anyway? ;)

At any rate, I don't think that the Asheville area has a critical mass of rich people to support a higher end department store. While there are a good number of well-to-do retirees, they're mostly seasonal (Asheville gets too cold in the winter). On the whole the Mountains are just poorer than the Piedmont.

StevenRocks, if you're right about it's days being numbered, it'll be interesting to see what springs up there. It's right next to the interstate, close to the Blue Ridge Parkway, near the airport, and surrounded by a number of pretty new hotels - so it'll be interesting to see what happens in its place. Hopefully it'll be something nice, not a strip mall and certainly not a super Wal-Mart. because the Ingles and Super K-Mart (the nicest, hoppin'est K-Mart I've ever seen) do a great job covering the general retail segment in that area.

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I figure the development that replaces Biltmore Square will be a lifestyle center of some sort, considering the location.

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I think it would be cool if BSM is redevloped into a outdoor village lifestyle center, and maybe keep Belk and Dillard's as anchors and throw in a 2 story target.. plus shops, restaurants, the whole deal... and then apartments and offices and mixed use... etc

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I think it would be cool if BSM is redevloped into a outdoor village lifestyle center, and maybe keep Belk and Dillard's as anchors and throw in a 2 story target.. plus shops, restaurants, the whole deal... and then apartments and offices and mixed use... etc

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I doubt the Target will happen because there's already one going up two exits south on I-26 from there at Airport Rd.

A Belk and a Dillard's would be nice, but it'd need a lot more than that to stand out vs. Asheville Mall. In spite of Asheville Mall's crappy layout and access issues, Tunnel Rd is the center of Asheville's universe for mall/big box/chain store shopper types and they won't be lured away easily. Perhaps being a lifestyle center would be enough, but at any rate they'd need to find a niche.

Edit: How about this - put in a theater with stadium seating and they've got it made. It's hard to believe that Asheville doesn't have one of those yet.

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Edit: How about this - put in a theater with stadium seating and they've got it made. It's hard to believe that Asheville doesn't have one of those yet.

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Didn't know about the Target... but NO Stadium Seating!? That's crazy.. yeah i would say that would be a priority

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Didn't know about the Target... but NO Stadium Seating!? That's crazy.. yeah i would say that would be a priority

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Our first 'nice' theater here in Va Beach finally upgraded to stadium seating. The newer theatres built afterwards are all stadium. Now it is called Regal Stadium 12. And I agree. EVERY city needs at least one stadium seating theater.

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I think it would be cool if BSM is redevloped into a outdoor village lifestyle center, and maybe keep Belk and Dillard's as anchors and throw in a 2 story target.. plus shops, restaurants, the whole deal... and then apartments and offices and mixed use... etc

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Yeah, that'll work. With the new theater that was mentioned, it would be the kind of new development Asheville needs.

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