Summit Belk to become flagship
Posted by Birmingham News staff April 25, 2007 6:14 AM
Belk and Summit settle lawsuit; store to include high-end wares
Belk Inc. plans to turn the Parisian store at the Summit into a flagship property like the retailer's SouthPark store in Charlotte and said it will expand the location by nearly half.
The plans come as the owners of the Summit and Belk settle a lawsuit that claimed the Charlotte-based retailer wasn't good enough to replace Parisian in the Birmingham shopping center.
As part of the pact, Belk Inc. agreed to make the Summit location it inherited from Parisian on par with its ritzy SouthPark Mall, which features wares by high-end designers such as Hickey Freeman, Kate Spade, Elie Tahari, Adrianna Papell, Michael Kors, Lilly Pulitzer and LaCoste.
Belk also plans to spend $10 million to add 50,000 square feet to the existing 120,000-square-foot space. The new layout will add 25,000 square feet each on the back of the first and second floors. The revamped store will include a home store, as well as expanded sections for women's shoes and accessories, said Dave Stovall, the chairman of Belk's central division who is also leading the integration of Parisian. The expansion is expected to be complete by fall 2008, he said.
"We're very excited about the opportunity that the settlement has provided," Stovall said.
Full terms of the settlement were not released. Belk's decision to expand the store was not part of the settlement, said Jeffrey Bayer, founder and principal of Bayer Properties, which owns the Summit.
The revamped Belk will be one of two former Parisian stores that will become Belk flagship stores, Bayer said. Parisian in Phipps Plaza in Atlanta is also expected to match the SouthPark Mall Belk, he said.
"Once we started the conversation with Belk it became apparent that they really did want to try to do a terrific store at the Summit," Bayer said Tuesday. He said Belk told him the three flagship stores will be "merchandised similarly."
Bayer filed the Jefferson County Circuit Court lawsuit in September following the announcement of Belk's $285 million deal to buy Parisian from Birmingham-based Saks Inc. Belk said all Parisian stores, including the ones in Birmingham, would be converted into Belk stores.
Bayer was concerned Parisian would be replaced with a moderate-price department store similar to ones operated by Belk in Alabaster, Trussville and other markets. Such a store would not be a suitable replacement for Parisian, the lawsuit said. The lease for the store contains a convenant requiring the retailer in the space to operate a "first-class retail fashion department store" for the first 15 years of a 21-year lease that began in 1996.
Bayer believes a moderate-price store would jeopardize the reputation of the Summit, which has attracted several hard-to-get retailers to the state, including Apple, Restoration Hardware, Anthropologie, Pottery Barn and Urban Outfitters.
Other retailers in the center also expressed apprehension about what kind of store Belk would bring to the Summit, Bayer said.
"We had to pay attention to their concerns. We had to continue to exhibit we were very serious" about protecting the center's reputation, he said.
"Belk knew we weren't kidding," Bayer said.
Stovall said Parisian shoppers will be surprised and excited by what the store will bring to Birmingham. The store will keep many of customers' favorite designer lines and brands, such as accessory and shoe designer Brighton, lingerie designer Wacoal, and clothing designer Lilly Pulitzer. Belk is also adding new lines, including trendy San Francisco-based Benefit Cosmetics. XMI ties -- sold at retailers such as Nordstrom -- and footwear by Spanish designer Martinez Valero will also be available at the Summit store.
On Tuesday, Belk also made available to customers a list of some of the featured designers that will be in the converted stores. "It's really all about the brands," Stovall said. The store will also retain the boutique feeling that Parisian has cultivated in its designer sections, he said.
It's too early to say what design elements the store might share with the four-story SouthPark store, which features shiny marble, sleek wood, wide aisles and elegant high-end designer displays.
But the Summit location won't have a spa or restaurant like the SouthPark store, Stovall said.
"We're going to use every square foot of space to add (merchandise) lines," he said.
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