New Walmart in Tarpon Springs

TARPON SPRINGS -- DDR Corp. (symbol: DDR) hopes to revitalize its Tarpon Square shopping center by replacing a former Kmart with a new Walmart. Walmart purchased an 85,000-square-foot commercial space in the Tarpon Square space, DDR says, and will soon open a store that offers a full line of grocery products.

DDR is investing $20 million to redevelop four shopping centers it owns, including Tarpon Square. Another new Walmart will be built in Miami, the Ohio-based company says, and two existing Walmart stores in Ohio and Puerto Rico will be expanded.

The company expects a greater than 10% return on its investment in the four shopping centers, a release says.

DDR Corp. owns and manages 546 shopping centers in the U.S., Puerto Rico and Brazil. The company generated $803 million in revenues in 2010.