CBL & Associates Properties, Inc.
) 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
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
J. C. Penney Company, Inc.
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.
) 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
CBL&ASSOC PPTYS (CBL): Free Stock Analysis
PENNEY (JC) INC (JCP): Free Stock Analysis
SEARS HLDG CP (SHLD): Free Stock Analysis
TJX COS INC NEW (TJX): Free Stock Analysis
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