The Commercial-News, Danville, IL

Local News

April 20, 2012

Ross Dress for Less coming to mall

DANVILLE — Another national clothing retailer will open soon at the Village Mall.

A sign went up Thursday on the outside of the Village Mall, at the former Goody’s site, announcing Ross Dress for Less will take over the former Goody’s space.

Mall manager Cindy Compton said she couldn’t comment on a timeline for when the store will open or any other details.

She said the lease is signed, construction will start soon and “we are excited they are coming.”

An incentive agreement with the city calls for the developer to complete rehabilitation and renovation for “Tenant B,” now known as Ross Dress for Less, to begin operations on or before Aug. 31, 2012.

Ross Dress for Less has several stores located in the Chicago suburbs, including in Bolingbrook and Naperville, and in Fairview Heights near St. Louis.

According to Ross Dress for Less’ website, Ross Stores, Inc. is an S&P 500, Fortune 500 and Nasdaq 100 company headquartered in Pleasanton, Calif., with fiscal 2011 revenues of $8.6 billion.

The company operates Ross Dress for Less, the largest off-price apparel and home fashion chain in the United States, with 1,037 locations in 29 states, the District of Columbia and Guam.

Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear and home fashions for the entire family at everyday savings of 20 percent to 60 percent off department and specialty store regular prices.

The company also operates 88 dd’s DISCOUNTS stores in seven states that feature more moderately-priced apparel and other items.

Ross stores employed about 53,900 full- and part-time employees at the end of fiscal 2011.

The city council approved an incentive agreement last fall relating to the store.

The amended redevelopment agreement with Tabani Commercial Real Estate Investment and Development includes a projected sales increase from $3 million to $6 million; increased city rebate; and changing the renovation completion date from February to August.

As part of the incentive package, the city will provide up to 50 percent of the home rule sales tax generated by the store for a five-year period. But that total shall not exceed 50 percent of the total redevelopment costs.

If local laborers are used, the percentage of home rule sales tax rebate will increase to 75 percent for each of the five years with the previously mentioned limitation.

The tenant also must sign a lease agreement of at least 10 years.

The city sales tax revenue rebate based upon the $6 million in sales for Ross Dress for Less would be $135,000 per year, or $675,000 over five years.

The incentive provided to the developer: $337,500 if a majority of local labor is not used; or $506,250 if a majority of local labor is used.

Local labor is defined by a submitted payroll showing employees working on the project living within Vermilion County, Mayor Scott Eisenhauer said.

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