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Events
Wednesday April 30th
Bisnow: NYC Retail Real Estate Summit
New York, NY

With the unforgiving polar vortex behind us, and consistent upticks in consumer demand dispelling market anxieties stemming from the Fed’s tapering policies, there is only one direction retail is heading. Up! The consumer is back, and retail is king. Come hear about it from the industry leaders themselves at Bisnow’s 4th Annual NY Retail Summit.

Get 20% off by using this discount code at checkout: retailmls2014

Click here to register!

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May 18-20, 2014
ICSC RECon Las Vegas
Las Vegas Convention Center

RECon is the global convention for the shopping center industry and provides networking, deal making and educational opportunities for retail real estate professionals from around the world. With over 34,000 attendees and 1,000 exhibitors it is the largest industry convention, making it an unparalleled opportunity to do a year’s worth of business in just three days! If you are looking to meet retailers to discuss new or existing leases in your centers, view the latest industry products and services that are critical to your business, attend educational sessions or find the next deal, then you need to attend RECon.

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Wednesday June 11th
ICSC: New York Program and Networking Breakfast
New York, NY

Join us and gain valuable insight into the dynamic retail environment in the outer boroughs of New York City.

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Thursday July 17th, 3-9pm
Social Retail Summit #7
Dumbo Spot, New York

Social retail is the new approach to customer relations developed by next generation omnichannel retail brands, from online community to offline sales.

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Featured Listing
Featured Article
Up and Coming Coney Island Retail
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The retail market in Coney Island is definitely in its developing stages and looking to expand a great deal in the near future. Last year, Grimaldi’s Pizza expanded to Coney Island, and soon a Johnny Rockets and an Applebee’s will be joining Grimaldi’s on Surf Avenue. Joe Sitt of Thor Equities said, “You’ll have both coming on Surf Avenue and so you’ll have a little bit of cool restaurant row over there.” Thor Equities played a large role in bringing these national chains to the area.

On the side of the street with Grimaldi’s, Sitt plans on bringing in local retailers. He wants it to have a local flavor, just like Brooklyn. According to Sitt, “We want to help the local merchants. People that stuck with us before. People that got hurt by Hurricane Sandy.” Included in those local retailers will be a gourmet candy shop, as well as a mix of food, merchandise, and entertainment. It took eight years of real estate speculation and rezoning, and now things are finally starting to pick up. Thor put up a sign reading “Coney Island – The Retail Ride of a Lifetime” in 2011 on the former of Surf and Stillwell Avenues.

Posted on February 28, 2013

Featured Article
New Jersey Growing Retail Market
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According to Fameco, retail leasing in New Jersey is doing quite well. In north and central New Jersey, retail is up in all categories, with dollar stores and gas-and-convenience stores performing at their best. Steven Winters of Fameco in New Jersey recently completed three Dollar Tree leases for shopping centers. These locations are in Mansfield, Toms River, and Holmdel for landlords Professional Consortium, K Hovanian Industries, and Kimco, respectively. Winters said, “We’ve been successful in creating value for landlords and developers in all center types, from big box to grocery anchored, and from convenience-oriented strips to free standing parcels.”

Gas/convenience stores like Wawa are making inroads to the northern part of New Jersey. Winters and Carlo Caparruva represented Wawa in Woodbridge, securing a 1.5-acre ground lease. Similarly, in Elizabeth, the two brokers secured a 1.5-acre land acquisition for Wawa.

Another part of the New Jersey retail market that is doing well is developments. In Bergen County, Winters and Jeffrey Cohen are currently leasing a mixed-use development, including 425,000 SF of retail space.

Posted on February 26, 2013

Featured Article
Morgan Stanley Buys Moscow Mall For $1.2B
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In the largest foreign acquisition of Russian commercial real estate, Morgan Stanley Real Estate Investing (MSREI) bought the Metropolis Shopping & Entertainment Mall, a 205,000 square meter center in northwest Moscow, for reportedly $1.2 billion. Last year the mall was visited by around 55,000 people each day, making it one of the busiest malls in the city.

The Metropolis opened in 2009 and lists over 250 international, high end retail brands, restaurants, a bowling alley, and a movie theater as tenants. Major tenants include food hypermarket Karusel owned by X5 and Finnish department store Stockmann, U.S. brands Michael Kors, H&M, Gap, DKNY and Imaginarium, as well as Spain’s Zara and France’s clothing brand Naf Naf.

The purchase is Morgan Stanley’s second major acquisition of prime retail space in Russia during a year of high oil prices fueling a spending boom in the country. Last year, they bought the Galeria Mall in the center of Russia’s second largest city, St. Petersburg, for an estimated $1 billion.

Posted on February 26, 2013

Featured Article
The News Funnel – Aggregating Real Estate News
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The News Funnel was founded in 2011, and it works to aggregate news content from across the Real Estate industry. Users are able to create a custom feed targeting specific geographic markets. The News Funnel helps to create an efficient way of receiving and distributing news by allowing companies and individuals to ‘follow’ specific organizations, and allowing users to receive real-time updates and keep them informed so they can stay ahead of the competition.

The News Funnel operates in three different markets: New York, New Jersey, and Pennsylvania. Businesses from these locations can distribute press released, blogs, market research reports, and event information to other real estate subscribers. Users have the ability to customize their funnel by geographic market, industry segment, keywords, and areas of interest. Additionally, The News Funnel offers a CNC (Company News Channels), a profile for a company. RetailMLS has started using The News Funnel to help accumulate and distribute news!

Posted on February 25, 2013

Featured Article
Charleston Retail Market
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Several factors contributed to the Charleston retail market showing positive growth in 2012. Tourism played a large role in the success of the market, as the city was voted “The #1 City in the World” by Conde Nast Traveler. Further, King Street in Charleston has been recognized as a “Top 10 Retail Shopping Street” in the nation, attracting more and more retailers and consumers. Looking more at the consumers, the suburban vacancy rate declined by almost 1% in 2012, which could be due to the increase in local retailers opening shops due to the availability of financing. Other influences to the positive growth include the Boeing’s multiplier effect, which ripples down to Charleston retail.

Several national retailers entered into the Charleston retail market, including Kate Spade, Hobby Lobby, Garden Ridge, Michael Kors, Colonial Candle, and Anthropologie. Boeing’s continued success, Charleston’s favorable climate and lifestyle, and national rankings by different publications all draw jobs, tourists, and new retailers. These aspects help to set the stage for a successful retail market in 2012, and a strong future ahead.

Expanding on Boeing’s success, it induced a multiplier effect, bringing in about 5,000 jobs, which will in turn bring many more consumers supporting the Charleston retail market. Another reason for Charleston’s retail success is its increased national and international attention in the media. This put Charleston on the map with New York, Los Angeles, London, and Paris as a respectable retail market.

Posted on February 22, 2013

Featured Article
Office Depot to Buy OfficeMax
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Office Depot and OfficeMax have agreed to merge, in a deal that will combine the #2 and #3 office supply retailers and will create a currently unnamed office supplies giant with around $18 billion in annual revenue. The two companies could save as much as $600 million each year, possibly by closing some of their overlapping stores. As of now, OfficeMax has 900 stores and Office Depot has 1,700.

The all-stock transaction is structured as a merger of equals, and should qualify as a tax-free reorganization, according to the press release. OfficeMax stockholders will receive 2.69 Office Depot common shares for each share of OfficeMax common stock. Both retailers will have equal representation and governance rights on the combined company’s board of directors and equal input on key decisions.

Combined, the new company will have over $1 billion in cash on hand and the same amount available through revolving credit facilities.

Posted on February 21, 2013

Featured Article
Google To Launch Brick-and-Mortar Stores
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According to 9to5Google.com, Google is planning on opening brick-and-mortar stores by the end of the year, hopefully by the holiday season. They are launching these stores in order to get more Google products in the hands of customers; they believe that to sell a product like Google glass, customers will want to see it before purchasing. According to the website, “Google feels right now that many potential customers need to get hands-on experience with its products before they are willing to purchase.” The physical store is also meant to help Google sell products like Chromebooks, Nexus tablets, and other hardware. Google currently has ‘Chrome’ sections in Best Buy stores, where employees can speak extensively about Google products.

Already, the dominant mobile operating system for smartphones is Google’s Android, but the company is looking to really sell their laptops (Chromebooks) and Nexus tablets. Additionally, they are developing Google Glass, a reality system that people could wear to give them immediate updated information throughout the day.

Posted on February 21, 2013

Featured Article
Peter Braus
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Peter has been involved in the ownership and brokerage of real estate for fifteen years. He joined Lee & Associates NYC (formerly Sierra Realty) in 2001, and was made a partner in 2006. Prior to Sierra and Lee, he worked as a retail leasing broker for New Spectrum Realty Services and Newmark & Co. Real Estate. Peter has been involved in wide variety of brokerage transactions. He is currently working on several projects. He is representing ownership of the former Pfizer Pharmaceuticals in a potential 200,000-300,000 SF lease with the Guggenheim Museum, consulting with the developer of a 300,000 SF pier redevelopment project (“Pier 57”) located in Manhattan’s Meatpacking District to bring restaurants, food and other retail tenants to the project, actively representing numerous top New York restaurant owners in their expansions, and overseeing all commercial and retail leasing for Sierra’s portfolio of over 50 buildings under management. He is also representing Kunskapsskolan schools in New York City, a Swedish group with approximately 50 private schools in Sweden and the UK, currently negotiating the lease of a 30,000 SF building, and representing ownership of a roughly 45,000 SF commercial building in the Financial District of Manhattan which will likely be leased to a major educational institution at an annual base rental of roughly $1.5 million for a 20-year term.

Posted on February 20, 2013

Featured Article
Guest Blogger Michael Stoler: Another Bakery Operation Continues New York Expansion
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As a baby boomer growing up in the fashionable and chic borough of Brooklyn (no one called it chic at that time) I remember that every neighborhood or nearly every block had a candy store and a local bakery.

If you were up at 6 am, you were lucky to have the opportunity to purchase fresh bread, maybe purchase a cookie (one cannot forget the black and white cookies) and in certain instance a legendary cake (chocolate or cheese cake were my favorites).

Fast forward to this year, and if you ask someone where is the local candy store, they will wonder if you lived in Mars. If you had the desire to purchase freshly baked bread at a local bakery, one may have to spend serious time finding a location.

Nevertheless, while it is impossible to purchase a chocolate pudding filled Blackout Cake at Ebinger, a chain of stores located across the boro of Brooklyn (they closed in bankruptcy in 1972), the local bakeries have been replaced by national and international chain’s and franchises offering the 21st century rendition of the local bakery.

Posted on February 20, 2013

Featured Article
CRE Markets Minnesota Development
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Manhattan-based Cohen Real Estate is currently marketing a development in Edina, Minnesota, just outside of the Twin Cities. The development sits on 3.38 acres across from the 1.3-million-square-foot Southdale Mall. That mall, which was the nation’s first enclosed high-end shopping mall, houses more than 120 stores and recently completed a $20 million renovation. Stores there include Macy’s, Coach, Aveda, H&M, Apple, P.F. Chang’s, The Cheesecake Factory, and the Westin Hotel. The Southdale Mall recently received municipal approval for a proposed 232-unit, three-building luxury multifamily development located across from the available site.

Helen Putterman, CRE’s President, is spearheading the marketing initiative for the forthcoming sale of the development on behalf of the owner. “With the Baby Boomer Generation well in process, investor appetite for senior housing and healthcare-based real estate are two of the strongest niche asset classes,” she said. “This site, located directly across from the region’s biggest and most affluent population, is perfect for a developer looking to build new multifamily, medical or retail in a thriving community with municipal officials welcoming appropriate development.”

Posted on February 19, 2013

Featured Article
The Stoler Report: The Current State of the Retail Market Discussion
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The Stoler Report-New York’s Business Report, broadcast on CUNY TV, is a program featuring round-table discussions with some of the city’s premier real estate and business leaders. Michael Stoler hosts, and is also the President of New York Real Estate TV, LLC.

The episode aired January 23rd was dedicated to dissecting the current state of the retail market, and Stoler brought on several guests to participate in discussion. These guests were Chris Conlon, COO and Executive VP at Acadia Realty Trust; Richard Wagman, managing director at Madison Capital; Jeff Roseman, an EVP and founding partner of Newmark Grubb Knight Frank Retail; and Lester Petracca, President of Triangle Equities.

The group touched on the retail market in terms of what’s currently going on in New York and the surrounding areas. The overall verdict? New York’s retail right now is generally very strong. Wagman believes that retailers specifically seek out New York as a spot for their businesses, and often aren’t satisfied with just one store location within the city. He believes that retailers who want to be here don’t want to be just in one location or two, and they will open between three and five locations if the right spots are available. He said the most recent phenomenon is international retailers (e.g. Topshop and Ted Baker from London, Zara from Spain, Uniqlo from Japan, and a few companies from Russia) opening up huge stores in New York.

Posted on February 15, 2013

Featured Article
U.S. Shopping Centers Increase NOI
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The National Council of Real Estate Investment Fiduciaries (NCREIF) and the International Council of Shopping Centers (ICSC) reported that the U.S. shopping center industry’s net operating income for Q4 continued increasing on a national level. During Q4, the total operating income of all U.S. shopping centers on a square foot basis rose 3.6% from the same quarter of the prior year, while operating expenses rose only 2.4%, according to NCREIF’s database of 1,000 retail centers. As a result NOI per square foot posted a 4.3% gain from Q4 of the previous year, which followed a 6.3% year-over-year gain in Q3.

“Retail was the best performing property type in the NCREIF index for the fourth quarter and the year,” said Jeffrey R. Havsy, NCREIF’s research director. “The strong returns were driven by improved fundamentals. Both NOI and occupancy improved from 2011 levels.”

Posted on February 14, 2013

Featured Article
Urstadt Biddle Properties Inc. Hires Zach Fox as New Acquisitions Manager
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Urstadt Biddle Properties, a REIT based in Greenwich, CT announced today, February 13th, that they have hired a new Acquisitions Manager: Zach Fox. Prior to this, Zach was the Director of Retail and Economic Development for the Downtown Alliance, where he also held a seat on The Real Estate Board of New York’s Store Broker’s Committee and the ICSC Alliance Planning Committee. In the past, Zach has also worked as a broker for RKF & Asscoiates, and Winick Realty group, specializing in landlord representation. Additionally he has worked with companies like The Related Companies, Brookfield Properties, Tishman Speyer, JP Morgan Chase, and TF Cornerstone.

James Aries, Senior VP and Director of Acquisitions for UBP said, “We are delighted to announce the appointment of Zach, a well-respected real estate professional in our market. He will greatly assist us in achieving our real estate acquisition goals as we continue to expand our portfolio of shopping centers in the metropolitan New York suburban markets including Fairfield County, CT; Westchester, Putnam, and Nassau Counties, NY and Northern NY.”Graduating soon with an M.S. in Real Estate Finance and Investing, Zach will surely be an asset to his team.

Posted on February 13, 2013

Featured Article
Guest Blogger Michael Stoler: Another Premier Burger Chain Opens in the Big Apple
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New York City is the home of some of the best burger joints in the world. Last September, on National Cheeseburger Day, CBS New York listed its 12 best burger locations. They included Best Burger and Shakes, The Palm, Burger Joint at Le Parker Meridien, Corner Bistro, Donovan’s Pub, Five Napkin Burger, J. G. Melon, Peter Luger, Prime Burger, Shake Shack, Wollensky’s Grill and P. J. Clarke’s.

The original P.J. Clarke’s is a famous saloon, established 1884 and still occupying a building located at 915 Third Avenue on the northeast corner of East 55th Street.

Over the past one hundred years one of the prized items on the menu is Clarke’s burger. Actor, Richard Harris, said, “I adore the hamburgers at P. J. Clarke’s”. Nat King Cole proclaimed in the later 1950s that his P.J. Clarke’s bacon cheeseburger was “the Cadillac of burgers” Dick Clark, after ringing in the New York with America, he made P.J. Clarke’s his traditional post broadcast destination, where his first meal of the New Year was always a hamburger and a beer.

Posted on February 12, 2013

Featured Article
Blackstone Takes Stake in 40 U.S. Shopping Centers
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In a deal valued at $1.1 billion, The Blackstone Group is acquiring a majority stake in 40 shopping centers from UBS AB property funds. The portfolio includes 5.7 million square feet, and as of December 31, 2012, it was 96.1% leased.

Kimco Realty Corp., UBS’s joint-venture partner on the properties, will increase its ownership from 18% to 33%, according to David Henry, the retail landlord’s president and CEO. The venture has around $692 million in debt on the properties.

Based in New York, Blackstone has been adding retail properties as rents and occupancies rise. Shopping center vacandies dropped to 10.7% during Q4 from 10.8% in the previous three months and 11% a year earlier, according to data provider Reis Inc. Effective rents averaged $16.59 per square foot, up from $16.51 a year earlier.

Posted on February 12, 2013

Featured Article
Guest Blogger Michael Stoler: ‘Retail: The Hot, Hot Real Estate in the Region’
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Both residents of the tri-state region and visitors from around the world are responsible for aiding in the growth of the regional economy. According to NYC & Company, the Big Apple welcomed a record total of 52 million tourists in 2012. This number represents a 2.1 percent rise from 2011, when the city welcomed 50.5 million visitors, the previous record.

Both residents and visitors spent a considerable portion of their earnings at retail establishments in and around the greater metropolitan community, which has aided retailers and owners/operators of commercial retail real estate.

Eastern Consolidated reports that New York City’s retail industry has prospered more in the last few years than any time in the last half century. During the last five years, more than 11 retail developments have opened in the city, an addition close to 6.2 million square feet of new retail space, and ten more are currently planned or under construction. Since the end of 2009, the retail industry, including restaurants and bars, has added more than 85,000 jobs, which account for 39% of the total job growth in New York City during that period. To top it all of, retail sales in New York City have almost doubled since 2002.

Posted on February 11, 2013

Featured Article
Ralph Lauren’s Retail Expansion
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Ralph Lauren is expanding. The brand realized that the dynamic of consumer spending is changing, and retail expansion would help the brand benefit from that change. Expansion will include freestanding stores for Polo, women’s Blue Label, Denim & Supply, and children’s businesses. “We’re articulating more clearly what we’ve begun to see as we go into markets such as the Middle Eat, Russia, and Brazil where vertical stores are the primary retail channel,” according to Roger Farah, the president and COO of Ralph Lauren.

The company will continue operating freestanding Ralph Lauren stores, featuring mostly the high-end luxury Black and Purple collections. As they aim to open up new locations with their additional fashion lines, they will hopefully reach a wider demographic with their brand.

“In the past, Denim & Supply and children’s were distributed to department stores, and we would add a little of that in our own stores. If you go to Brazil and China, they don’t have the same department store structure, and [as an example] we were undeserving the demand from the Brazilian consumer when in Miami, New York, or London,” said Farah.

Posted on February 8, 2013

Featured Article
Harlem’s 125th Street Attracting Big Retailers
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Despite taking a hard hit during the recession, 125th Street in Harlem is beginning to buzz with commercial activity again, with two new major retail developments.

The street, which has traditionally been Harlem’s shopping hub, has attracted a four-story, 100,000-square-foot shopping center at 301 West 125th Street (corner of Frederick Douglass Boulevard) that will be anchored by a 30,000-square-foot Designer Shoe Warehouse as well as the city’s first Joe’s Crab Shack and a health club under Equinox’s budget brand Blink. The new development is directly across from Harlem U.S.A., which opened in 2000 and pioneered retail and entertainment for the area, giving the neighborhood its first movie theater in years.

The Adjmi family and Aurora Capital Associates will develop the site. Last year they teamed up to develop a $40 million mixed-use development at 242 Bedford Avenue in Williamsburg.

Posted on February 7, 2013

Featured Article
Made-Macy’s Collection for Spring 2013
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In an attempt to create outside the box, this spring Macy’s will make a new line together with Made Fashion Week. According to Tim Baxter, the retailer’s executive VP, fashion and product office, “This is an organic collaboration between the creative teams from Made and our merchants to bring relevant, of-the-moment fashion to Macy’s. It is a collection of must-have items, inspired by street fashion and what the most fashionable people in the world are wearing.”

The line’s downtown vibe will resemble designers, photographers, artists, filmmakers, models, and media-types. Made is a creative hub that connects and supports emerging talents. Made was formed in 2009 by three key players, including Mazdack Rassi, the cofounder and creative director of Milk Studios, Jenne Lombardo, the founder of The Terminal Presents branding and strategic marketing company, and Keith Baptista, a founding partner of the Project production company. Made currently supports about 40 labels.

The Made-Macy’s collection will be called Made Fashion Week for Impulse, and will be sold at 150 Macy’s stores and on Macys.com beginning March 12th. The line includes 20-30 styles between $29 for tanks and T-shirts, to $139 for jackets. The collection features classic pieces mixed with ‘of-the-moment’ prints, textures, and patterns.

Posted on February 6, 2013

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