Bloomingdale’s, Nordstrom Opening Stores in CT

Bloomingdale’s and Nordstrom will open stores in the fall of 2018 in a 700,000-square-foot enclosed shopping center being developed by General Growth Properties Inc. in Norwalk, Conn. Both retailers indicated they will create three-level, 150,000 square-foot units. “Our goal is to provide a unique shopping destination that serves as a gathering place for great retail, dining and entertainment,” said Sandeep Mathrani, chief executive officer of GGP, who added that the shopping center would complement existing merchants in South Norwalk and attract new customers. “This is our only brand-new, ground-up development,” said Kevin Berry, GGP’s vice president of investor relations. GGP does have several expansion projects happening, including adding 660,000 square feet to the Ala Moana Center in Honolulu and 200,000 square feet to the Baybrook Mall south of Houston. Asked about competition in the Norwalk area, Berry said, “There is none. It’s a complete hole in the marketplace. The nearest retailing is in Greenwich, seven miles away and there are some small shops in South Norwalk. In terms of shopping malls, there are none in the area.” The nearest would be the Stamford Town Center eight miles away, and after that, the Westfield Trumbull, 13 miles away, Berry said. The Norwalk mall, which has yet

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Bain to Sell Remaining Burlington Stake

Bain Capital Partners LLC and affiliates will complete their exit from ownership of Burlington Stores Inc. with the sale of nearly 12.5 million shares in a secondary offering of common stock. Burlington, acquired by Bain for $2.06 billion in 2006, went public through the offering of 15.3 million shares, at $17 a share, in 2013. Bain has sold off pieces of its remaining stake since then and it ceased to be majority owner last year. In January, Bain reported to the Securities and Exchange Commission remaining holdings of 12.49 million shares in the off-price retailer, corresponding to 16.4 percent of those outstanding, following the sale of 11.3 million shares at $48.75 through a secondary offering of stock. Since those sales in January, the stock has continued to climb and closed up 0.1 percent at $59.42 in New York Stock Exchange trading Tuesday. While the sale of remaining shares would reduce its holdings to zero, Bain would retain its attachment through a management consulting agreement that runs through next year and is renewable through agreement by the parties. J.P. Morgan is sole book-running manager for the second offering. Click Here for the WWD Global Stock Tracker >>

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