CBL & Associates Properties, Inc. (CBL - Snapshot Report) recently disclosed the addition of an outlet of American national department store retailer – Burlington Coat Factory – at Northgate Mall in Chattanooga, Tenn. The strategic move will complement the ongoing multi-million dollar renovation and redevelopment plan at Northgate Mall and help increase its footfall.
The construction of the 63,000 square feet outlet is slated to begin in Jan 2014. Notably, this is the first store of Burlington Coat Factory in Chattanooga. The store will be positioned between the outlets of Sears Holdings Corporation (SHLD - Analyst Report) and J. C. Penney Company, Inc. (JCP - Analyst Report).
Northgate Mall, spanning 823,000 square feet, is located on Highway 153 and Hixson Pike/State Route 319. The property, acquired by CBL & Associates in late 2011, anchors around 60 specialty shops and restaurants.
Notably, CBL & Associates initiated a multi-million dollar refurbishment of the Northgate Mall, this year, to provide the best shopping experience by improving its merchandising mix, utilizing available space and retail offering upgrades. The refurbishment plan included an enhancement of both the interior and exterior of the mall. Moreover, many stores are to be repositioned in order to aid the redevelopment.
The overall refurbishment of the Northgate Mall is expected to be completed by the fall. So far, in the associated center T.J. Maxx stores of The TJX Companies, Inc. (TJX - Analyst Report) has been redeveloped and Michaels Stores, Inc.’s outlet has already been opened. Several other national retailers’ outlet openings are underway.
The addition of the Burlington Coat Factory outlet will enhance the value of Northgate Mall and boost the property’s rental revenues. Moreover, the refurbishment project is expected to enable CBL & Associates to capitalize on the continuous growth opportunities in the Chattanooga market.
CBL & Associates is one of the largest and most active owners and developers of malls and shopping centers in the United States. The company looks forward to sustain its success through expansions, renovations and aggressive leasing at its properties. Notably, CBL & Associates currently owns and manages 154 properties, including 93 regional malls/open-air centers.
CBL & Associates currently carries a Zacks Rank #3 (Hold).