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New acquisition by Belk

rockhilljames

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mallguy Town

mallguy

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Somehow that's better?

Yes because at least a good department store chain is staying around for a least a little more time. Maybe the industry will change and Parisian will survive as an independent chain or maybe, as far-fetched as it sounds now, but Neiman Marcus or another chain or investor, other than Federated/Belk/Dillard's will buy it. Who knows what the future holds but now at least there is a chance Parisian will be around.

Plus centers such as Richland Mall, Riverchase Galleria and others that are anchored by Belk and Parisian and would likely lose yet another anchor have a reprieve. Maybe the retail industry will change so that anchors won't be as scarce in a few years. Who knows?

Or maybe current trends will continue and every mall in the US will be anchored by a Wal-Mart and a Macy's eventually, no matter what happens. Goodness.

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rockhilljames Burg

rockhilljames

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Not from what I hear. I'm hearing about two other groups. Not Federated.

I think there is a decent chance Belk will "try" to up their bid....Tim Belk was heard to say "I WILL own Parisian", so I'm told.

We'll know soon enough as I think this will all be done by end of 2006.

Tim Belk never said that. He doesn't care about owning Parisians. As mentioned here the company (not just Tim) is interested in several of Parisian's locations, not the whole chain. The brand is irrelevant to Belk.

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mallguy Town

mallguy

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Tim Belk never said that. He doesn't care about owning Parisians. As mentioned here the company (not just Tim) is interested in several of Parisian's locations, not the whole chain. The brand is irrelevant to Belk.

Maybe a Belk bid could thus be a good thing, if Belk takes the B-grade Parisian stores in B-grade malls in B-grade cities in Alabama and Georgia, leaving a shrunken Parisian with the A-grade stores in A-grade malls in A-grade cities; the chain could then be overall more upscale.

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gs3 Metropolitan Area

gs3

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Tim Belk never said that. He doesn't care about owning Parisians. As mentioned here the company (not just Tim) is interested in several of Parisian's locations, not the whole chain. The brand is irrelevant to Belk.

Tim Belk did say that, as I'm quite sure of my source who was with him at the function. However, he didn't state it to say he wanted the brand or prestige of Parisian (which my post didn't say). He simply wants to own them for the real estate. The real estate in Alabama, GA and TN would give Belk the depth of stores they need in these states.

No he doesn't want Indy or Rochester Hills or Cincy and why would he?

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charlotte_bon_vivant Whistle-Stop

charlotte_bon_vivant

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Just thought I'd offer an update. As of right now, Belk has been outbid for Parisians.

As of right now? When this thread was started, Parisian already had a buyer. It was done in May. I thought the buyer was Belk since you hinted that they would soon announce another major acquisition. Sorry. I'm a little confused...

I guess George Jones has Parisian back now since his group was the only other serious offer.

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mallguy Town

mallguy

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Do you think that means Parisian could start to expand again?

I hope so! I haven't looked into the chain's finances but its same-store sales growth is decent- seems to be better than Saks Fifth Avenue, so I'd assume it's in decent financial shape, especially if it breaks loose from Saks Inc.'s recent mess. Also, given Lord & Taylor's retrenchment and closures of overlapping Federated stores, I'd assume that there is some opportunity for Parisian to expand. Fingers crossed that Parisian will expand- back to Greenville, SC, to Charlotte and Raleigh/Durham, Richmond, etc.!

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StevenRocks City

StevenRocks

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Cross Raleigh off the list. The only suitable location that's already built (former Lord & Taylor at Crabtree Valley Mall) is still under Federated's control. The other malls are limited either in appeal or expansion capability, and they're spaced so close together that a lifestyle center is all but impossible to get off the ground with a desirable tenant mix.

Richmond is a possibility, as there is some space coming online that wuld be suitable. Same with Charlotte. Greenville will be a decidedly tough sell, as they didn't do especially well there the first time.

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mallguy Town

mallguy

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Where in Richmond (my mistake before)? A new mall, or is one expanding?

For Greenville, hopefully Parisian real estate people just realize that the mall was a flop and that very few stores did well but are now doing better once they relocated.

Where in Charlotte? Northlake? Would the non-upscale customers there hinder further upscale expansions there?

Wouldn't Parisian want to have new stores right up the highway (I'd guess- or railroad?) from existing ones, so that distribution would work well? I think that Greenville, SC got some stores such as Williams-Sonoma and the like that similar markets such as Columbia, SC didn't get around the same time in part because distribution was cheap: trucks driving along I-85 between Charlotte and Atlanta could just drop off some more cargo in Greenville.

Thanks, StevenRocks!

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NCMike1981 Burg

NCMike1981

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Not to get off topic but what Federated is doing at Crabtree annoys me. It seems as if it would be healthier for the mall as a whole if the store had been released so another anchor such as, say, Nordstrom, Dillards, or heck even Parisian could enter rather then leaving a huge gaping hole in the middle of the mall for sake of keeping out competition. Also I noticed on a drive by yesterday the Hechts as Northgate seems to be about the only area Hechts still without a banner covering up a Macy's sign which makes me a bit nervous....

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StevenRocks City

StevenRocks

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I guess then Raleigh is a possiblity too
Not so much. Raleigh's malls are so close together that it would be hard to slip in anything new that would support a Parisian-type store.

Not to get off topic but what Federated is doing at Crabtree annoys me. It seems as if it would be healthier for the mall as a whole if the store had been released so another anchor such as, say, Nordstrom, Dillards, or heck even Parisian could enter rather then leaving a huge gaping hole in the middle of the mall for sake of keeping out competition. Also I noticed on a drive by yesterday the Hechts as Northgate seems to be about the only area Hechts still without a banner covering up a Macy's sign which makes me a bit nervous....
That's business. Federated wants to protect the market share of their Macy's, even if it means handicapping the mall. If Plaza Assoicates gives them enough money or contractually promises to keep another department store out of the Lord & Taylor space, it'll turn over into something new.

I think Hecht's Northgate isn't on Federated's priority list for new signage. I think it'll get converted, but it may not be Macy's for very long, which is a pity. Still, if they leave, there will be at least a few places that wouldn't mind taking their place.

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Miesian Corners City

Miesian Corners

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It's funny. Developers wonder why people don't travel to malls like they used to, but keep putting the same 50 stores in every damn mall.
Oh yes, the homoginization of American culture. Its not the developers who keep putting the same stores in every bland suburban retail extravaganza. They simply give a nation that is content with mediocrity what it wants. How else can one explain the Olive Garden, Wal-Mart or North Lake Mall?
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rockhilljames Burg

rockhilljames

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...and I stand by my refuting of them. (or at least the tenor of them)

I could see them joking around, but I can tell you that I know personally that they don't have a hard on about owning Parisians. They just view it as a great way to expand into certain markets.

My source works in the office, with them, on this and other deals every day.

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