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New chain stores due in Medford

Factory 2-U, Pic 'N' Save sign leases

Bear Creek Plaza may become a bargain hunter's paradise.

Already home to discount stores such as Bi-Mart, TJ Maxx and Value Village, two more national discount chains are moving into the Biddle Road shopping center.

Pic ?N? Save and Factory 2-U have both signed leases to fill the space left when Albertson's closed its grocery store in January, according to Pan Pacific Retail Properties, the California company that owns the center.

The two stores are both expected to open around Aug. — and some early remodeling has begun.

Pic ?N? Save sells discounted general merchandise and will lease 25,570 square feet. Factory 2-U features discount clothes and household items and will fill 18,708 square feet.

Both stores buy overstock and other excess merchandise from other retailers or manufacturers and sell it at a discount.

Pic ?N? Save is owned by Consolidated Stores Corp., a publicly traded company based in Columbus, Ohio, that operates more than 2,500 stores in 50 states. It is best known as the parent company of KB Toys, which has a store in the Rogue Valley Mall. Pic ?N? Save is one of the chain's 1,200 closeout stores, which also include MacFrugal's Bargains, Odd Lots and Big Lots.

Factory 2-U, formerly known as Family Bargain, is a publicly traded company based in San Diego. The chain has more than 200 stores in the West, including 11 in Oregon.

Pan Pacific identified the new tenants late Wednesday afternoon; store officials could not be reached to comment or provide more details.

Jeff Stauffer of Pan Pacific said the new stores will complement the other tenants, including the existing discount stores.

We do believe that it is a nice blend of tenants, he said.

The new tenants allow Pan Pacific to fill the space quickly in the plaza, which Stauffer said no longer has a single vacancy.

It's a nice feeling to know that we no longer have to worry about that dark anchor spot, he said, referring to the former Albertson's store.

Leases with the stores have been in the works since shortly after Albertson's announced it was closing its store last winter. Though Wednesday was the first time the new tenants were identified, local real estate agents said the space has been essentially off the market for several months.

Pan Pacific would not reveal the new tenants until it reached a settlement with Albertson's to end that company's lease on the building. That deal was signed last week.