BUSINESS WATCH:

A history-making watch store at South Coast Plaza, construction crews at Fashion Island and the start of a sweeping renovation at Triangle Square are among the changes planned for 2008 in the Newport-Mesa retail community.

A number of shopping centers in Newport Beach and Costa Mesa enjoyed a watershed year in 2007. South Coast Plaza and Fashion Island both turned 40 years old, with the former renovating its interior and hosting a monthlong exposition with the Italian government. Triangle Square, which has struggled in recent years to maintain tenants and customers, announced plans in August for an overhaul that would add residential units and redesign the exterior.

The national economy may have run dry in recent months due to the subprime mortgage fallout, but Newport-Mesa retailers intend to stay active next year. Nina Robinson, vice president of marketing and communication for the Irvine Co.’s retail properties, said she wasn’t worried about staying in the black because her centers — which lure a more affluent crowd than many — had made a good showing over the holiday season.

“We anticipate this trend to continue into the new year and are cautiously optimistic about Orange County’s economy,” she said. “Our luxury retailers and electronics stores had very healthy sales.”

Fashion Island plans to begin construction in the coming months on a new building, situated next to its indoor Atrium Court, that would house the New York-based gourmet food store Dean & DeLuca along with several smaller shops. The 85,000-square-foot building is expected to be Fashion Island’s largest-scale addition in 2008.

South Coast Plaza plans an exclusive opening of its own for March; the shopping center is scheduled to debut the first Rolex flagship store in the United States. The store, which will reside near Carousel Court, would join other Rolex boutiques in Beijing, Geneva, Rome and Tokyo. Other openings slated for South Coast Plaza include Oscar de la Renta, Harry Winston and Calvin Klein.

Perhaps the biggest change will come at Triangle Square, which plans to demolish its movie theater and other retail space and add 120 housing units along with 13 live-work units that would allow business owners to live above their stores. Jessica Spaulding, a spokeswoman for the complex’s owner Greenlaw Partners, said officials were in talks with the city about the redevelopment.

“The intent is to update it and renovate it and do some new ideas,” she said.