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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 Article
Guest Blogger Michael Azarian: Kips Bay Retail Update – Dover Street Market and New Developments

Retail guru Rei Kawakubo will soon add some serious flare to Kips Bay, as her brand, Comme de Garçons, has signed a lease for 20,000 square feet for the entire former Touro College building at 160 Lexington Avenue at 30th Street. The seven-story property, built in 1909, will be home to the New York Branch of the Dover Street Market, the bazaar-style retail concept that Kawakubo introduced in London almost a decade ago. Her style revolutionized retail by displaying art in her stores and hosting collaborations with high-end to mid-level clothing brands.

This stretch of Kips Bay, where the Dover Street Market will open, abuts what is commonly considered as “Curry Hill.” With a host of Indian cuisine, sari shops and local pubs, there are no comparable retailers in the neighborhood. However, venturing into uncharted territory is a familiar feat for Kawakubo. She opened her boutique in SoHo in 1983, when it was mainly an industrial neighborhood, and then moved to the far west side of Chelsea, where she opened the Comme des Garçons store in 1999.

Posted on May 31, 2013

Featured Article
Gap Profit Skyrockets

During the last few years, clothing retailer Gap has offered new, more fashionable designs in an effort to stage a comeback with brands that have hipper stores like Zara and Forever21. For the quarter that ended on May 4, Gap Inc. posted net income of $333 million, up 42.9% from $223 million the previous year.

The San Francisco-based company, the largest U.S.-based apparel retailer, saw total revenues rise 6.9% to $3.73 billion, ahead of the $3.68 billion consensus estimate and against year-ago sales of $3.49 billion.

Around 86% of the company’s revenue comes from North America, while a push into international markets has produced mixed results. European sales were fairly flat, while in Asia, revenue rose 14.7%. Gap is pushing its namesake chain in the Chinese market and Old Navy in Japan.

Posted on May 31, 2013

Featured Article
Giant Toys “R” Us Times Square Flagship Potentially Vacant by 2016
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Rumor has it that Toy’s “R” Us plans to leave its giant flagship location in Times Square at 1514 Broadway by 2016. The space, featuring 100,000 square feet and a Ferris wheel, would increase in rent to more than $50 million a year at current market levels for next year. “This is by far one of the most valuable retail spaces in the city to hit the market in a long time,” said Glenn Rufrano, CEO of Cushman & Wakefield, Inc.

Cushman and Wakefield, and specifically Brad Mendelson, is overseeing the upcoming vacancy on behalf of the landlord Charles Moss. They have been quietly marketing the space at the Global Retail Real Estate Convention, the ICSC conference held in Las Vegas every year.

Posted on May 28, 2013

Featured Article
Retail Rents Rise in Prime Manhattan Locations

The best Manhattan shopping corridors continue to thrive as rising consumer confidence, an improving job market, and a growing economy have driven demand during the last six months. According to The Real Estate Board of New York’s (REBNY) Spring 2013 Retail Report, rising asking prices and heavy foot traffic in these areas make the Manhattan retail real estate sector one of New York City’s most robust.

The limited space in prime corridors already presents high rents, and they continue rising as demand increases. The most significant jumps in asking rents have been along the following corridors since spring 2012:

Lower Fifth Avenue (between 42nd and 49th streets) rose 21% to $1,092 per square foot.
The Flatiron shopping corridor along Broadway between 14th and 23rd streets saw a significant increase in asking rents with a 50% increase to $322 per square foot.

Posted on May 28, 2013

Featured Article
Nordstrom to Expand Partnership with Topshop
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Last year, two department store giants joined forces and opened in-store Topshop departments in 14 Nordstrom locations. At the time, British retailer Topshop only had three U.S. locations (it has since added a fourth), and the Nordstrom collaboration was a great way to infiltrate several markets. Each Nordstrom location created a 2,500-square-foot Topshop department as well as a 1,500-square-foot Topman section for the brand’s menswear line.

After a strong customer reaction, Nordstrom Inc. said the collected will be added to another 28 stores in late September or October, and then to an additional 30 stores in early 2014.

“It behooves both Topshop and us to get it going as quickly as possible,” said Pete Nordstrom, president of merchandising. “I would say in general it’s been productive—more productive than the average department in women’s. So, when you combine that with the fact that it attracts a lot of new customers as well, it’s been a good thing for us.”

Posted on May 24, 2013

Featured Article
Woodbury Commons Getting a $170 Million Makeover

Woodbury Commons Premium Outlets brings shoppers together from all over the world. The amazing outdoor maze of shops located an hour’s drive north of New York City boasts 13 million visitors a year, who flock to the retail center because of its large variety items, prices, and styles. Now, for the first time in 15 years, Woodbury is being redesigned.

“This is one of our oldest outlet centers. It was built in 1985, and this is its first complete overhaul. It really was time,” explained Danielle DeVita, a senior VP at Simon Property Group. The renovation project will cost $170 million, and will begin next month. It is expected to be completed in 2016, and will expand the outlet center by 60,000 SF, totaling 900,000 SF!

The outlet business is growing rapidly, with more and more people shopping in them. Outlets reported sales of $12.3 billion over the last 12 months, which is 14% higher than the previous year. On the other hand, the apparel market had sales of $200 billion, growing less than 3% from the previous year.

“We have customers that literally fly into JFK, get in a cab, and go directly to the outlets, fill up their luggage and return home again. If you go on a Tuesday in February, it is still packed,” said DeVita.

Posted on May 22, 2013

Featured Article
Michael Azarian
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Michael joined the Manhattan division in 2007 as an Associate to Vice Chairman and Partner John Ciraulo, exclusively covering Gramercy Park, Flatiron, NoMad, Kips Bay and Murray Hill. In 2009, he was promoted to Senior Associate, in 2010 to Associate Director of Sales and then in 2011 to Director of Sales. In 2012, Michael was [...]

Posted on May 21, 2013

Featured Article
DDR Buys Stake in 30 Shopping Centers for $1.46 Billion

Earlier this month, DDR Corp., owner of shopping centers that include big-box retailers, agreed to purchase the portion of 30 retail centers from Blackstone Group for $1.46 billion. Blackstone Real Estate Partners VII and DDR own 44 shopping centers in a joint venture.

The two companies acquired all 44 shopping centers together last June, in a deal that valued the properties at $1.43 billion, including debt. Blackstone owned 95% of the venture that purchased the portfolio from EPN Group.

The venture put fresh capital into some of the properties and succeeded in raising the total occupancy rate from about 90% to around 92%.

This deal is expected to close in the fourth quarter, and will transfer the Blackstone fund’s 95% equity ownership in 30 of the shopping centers to DDR. Blackstone will retain 95% interest in the 14 properties not being acquired, and DDR will keep its 5% stake, said DDR.

Posted on May 21, 2013

Featured Article
Urban Density, Lower Manhattan from NoHo at Night, New York City

As investor appetite for retail condominiums continues to grow, three, highly-visible retail properties–home to Tribeca restaurant favorites The Harrison at 355 Greenwich Street (a.k.a., 28-30 Harrison Street); Flor de Sol at the adjacent 361 Greenwich Street; and soon-to-vacate Five Guys Burgers and Fries at 496 LaGuardia Place–located at the crossroads of Soho and Noho, are on the market priced at $11 million, exclusively through Eastern Consolidated.

Eastern’s Senior Director Adelaide Polsinelli is spearheading the marketing efforts for the retail condominiums on behalf of the seller, a foreign investor. The three prime retail spaces, in the most sought-after downtown locations, may be purchased as a package or separately.

The ground floor and basement at 355 Greenwich Street will be occupied by The Harrison – a Mediterranean-inspired modern-American bistro with a wine bar and outdoor table space along Greenwich Street–until 2016.

Popular Spanish-Mediterranean restaurant Flor de Sol, a chic tapas restaurant and bar known for its signature sangria and homemade patatas, will remain at 361 Greenwich until 2023. Both retail condominiums are located in the heart of Tribeca, just two blocks from the No.1 subway station at Franklin Street and a few short blocks from the 1, 2, 3 subway station on Chambers Street.

Posted on May 20, 2013

Featured Article
ICSC RECon Las Vegas

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 [...]

Posted on May 18, 2013

Featured Article
Entertainment Tenants Can’t Save All Struggling Retail Centers

As some big-box chain retailers struggle during the age of showrooming, retail landlords and managers look to entertainment and restaurant tenants to fill vacant spaces. According to the National Real Estate Investor, the logic behind this is that while traditional retailers may be taken out by websites like Amazon, movie theaters and restaurants are more immune to online competition because much of what they offer is experience-based.

In regard to the future of power centers, for example, R.J. Hottovy, a retail analyst with Chicago-based research firm Morningstar, notes that “there will be a lot more non-traditional tenants—restaurants, lifestyle brands, entertainment concepts. [Tenants] that don’t necessarily have pressure from online retailers: you are looking for somebody who has that natural protection.”

Posted on May 16, 2013

Featured Article
ICSC: The Global Retail Real Estate Convention (RECon) May 19-22, 2013

The ICSC Global Retail Real Estate Convention (RECon) event is right around the corner! From May 19-22, 2013, retail real estate professionals from all over the world gather together for a few days of networking, deal making, and educational opportunities. There are going to be over 30,000 attendees, and 1,000 exhibitors, making it the largest industry convention. Whether you want to attend educational sessions, find your next deal, meet retailers to discuss new or old leases, demo the latest industry products, or meet industry professionals from all sides of the business, RECon is the place to be. This convention is a must attend industry event for shopping center executives, brokers, landlords, retailers, financial companies, and economic development professionals.

RECon allows professionals to meet and network with more people in FOUR days than would be possible in an entire year!

Posted on May 15, 2013

Featured Article
Eastern Consolidated PRESS RELEASE: Soho Sensations: 2 Retail Assets Are On The Sales Block Priced At $35 Million
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Eastern Consolidated Tapped to Market Two Separate Properties:

121 Greene Street and 349 West Broadway

High-End Retailers Warby Parker and Proenza Schouler

Just Signed Long-term Leases on Greene Street; West Broadway is Vacant

New York, NY – May 10, 2013 – A rare opportunity to acquire two exceptionally well-located retail assets in the heart SoHo—arguably Manhattan’s most sought-after shopping mecca–has come to market through Eastern Consolidated, now promoting the sale of 121 Greene Street, an occupied 4,000-square-foot retail condominium; and 349 West Broadway, a vacant 1,800-square-foot retail cooperative.

Eastern Consolidated’s David Schechtman, executive managing director, Lipa Lieberman, senior director and Gary Meese, director, financial services are acting on behalf of the seller, locally-based owner/operator Yassky, in the forthcoming sale of the approximate 6,000-square-foot retail portfolio priced at $35 million.

Posted on May 15, 2013

Featured Article
McDonald’s Most Visited U.S. Business in March

Consumer spending experienced a resurgence in March, and restaurant chains benefited greatly, according to a retail-traffic study from Placed Insights. As a category, restaurants did well, making up nine of the 20 most-visited businesses in the country, but McDonald’s beat out competition to land the number one spot.

The report claims that 49% of consumers visited the fast food giant during the month. Not far behind was Walmart, which saw 38.8% of consumers visiting one of its locations. Other top businesses included Subway, Burger King, Starbucks, Wendy’s, Walgreens, CVS, Taco Bell, and Target.

Restaurants dominated not only in terms of total foot traffic, but also because they were among the fastest-growing business categories in terms of improved visits that month compared to January 2013.

Posted on May 14, 2013

Featured Article
Guest Blogger Michael Stoler: Amazon Focusing on 50 Plus Customers
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As the population increases each and every day, retailers are pursuing this market, which has more disposable income.

Needless to say, the Internet retailer Amazon is interested in this market and has launched its 50 + Active and Healthy Living Store, which features hundreds of nutrition, wellness, exercise and fitness, medical, personal care, beauty, entertainment items and more, all in a single destination for customers in the 50 + age range.

Visitors to Amazon’s new 50 + Active and Healthy Living Store will find a selection of items in the following categories:

Posted on May 13, 2013

Featured Article
Claire’s Filing for IPO

Claire’s, the teen accessories and jewelry retailers, recently filed for an IPO of up to $100 million. As of February 2, Claire’s operated 3,477 stores with both the Claire’s and Icing names. They have 2,700 locations in North America, Europe, and China, plus another 400 franchised stores, and another 380 Icing stores.

Over the last four years, the company has opened 443 new stores, and its net sales have increased to $1.56 billion from $1.34 billion. That said, Claire’s is loaded with buyout debt.

In 2007, when Apollo Management L.P. bought Claire’s for $31 billion, Claire’s was debt-free. The deal saddled Claire’s with $2.4 billion of long-term debt, as the economy crashed. Accordingly, the IPO the company filed for will be used to pay off debt. It is not known yet how many shares the company planned to sell.

Claire’s, however, has managed to rebound, adding stores around the country and building up its revenue. The accessories chain will still consider brand expansion into places like Brazil, Russia, and Australia.

Posted on May 10, 2013

Featured Article
Chick-fil-A to Open 102 Locations in 2013

This year, Atlanta-based Chick-fil-A expects to create 6,200 new jobs by opening 102 new locations across the country.

In April, the fast food giant opened its latest nontraditional unit in Hartsfield-Jackson Atlanta International airport. Located at gate 21 on Concourse C, it is being operated by HMSHost, the first airport licensee partner for the company. It is the chain’s fifth airport partnership with HMSHost, including airports in Birmingham, Ala., Cincinnati, Minneapolis, and Orlando.

“We are thrilled to once again partner with HMSHost to bring Chick-fil-A to the passengers and staff at the Hartsfield-Jackson Atlanta International Airport,” said Dan T. Cathy, the company’s president and COO. “We know our freshly prepared food and excellent service on both sides of the counter have been missed by millions of travelers from all over the country who pass through the airport.”

Posted on May 9, 2013

Featured Article
Shake Shack Opening in Grand Central Terminal

Shake Shack is finally taking strides towards opening a new location by Grand Central, after two years of lawsuits, bankruptcy, and an eviction notice for the previous tenant. Zocalo, a Mexican eatery, vacated its space on the lower level of Grand Central Terminal at the end of April for the infamous burger, fries, and shakes retailers, Shake Shack, to open up. It is expected to open later this year.

“It’s very exciting to think we’ll have a Shake Shack housed within such an iconic New York City landmark,” said a spokesman for Shake Shack. They officially took the space on May 1, over two years after news was released of their pending arrival. “We are pleased to be able to move forward at last with out ongoing effort to re-bid the retail spaces in Grand Central. Doing so in a regularized, periodic way ensures that the public receives the maximum benefit for this valuable retail space,” explained a Metropolitan Transportation Authority spokesman.

Posted on May 8, 2013

Featured Article
Steiner’s East Village Conversion to include 11,356-SF of Retail Space, According to Ripco
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After representatives for developer Douglas Steiner filed permits to demolish Mary Help of Christians, a listing on Ripco Real Estate leads us to believe that the residential tower will also contain retail space. However, plans are still awaiting approval, and rent prices were not included for the property in the listing.

The church, school, and rectory located at 181 Avenue A between East 11th and East 12th streets will be rebuilt as a residential space with 140 units, and the ground floor includes 11,356 square feet, and the possible basement space is 11,508 square feet. According to the listing, the frontage is 150 feet on Avenue A and 70 feet on 11th Street.

Posted on May 7, 2013

Featured Article
Waterbridge Capital Adds to Brooklyn’s Retail Development

Waterbridge Capital LLC, a company grounded by British real estate investor Joel Schreiber, recently closed a large deal covering basically an entire block in the heart of Williamsburg with big plans for retail expansion. Waterbridge paid $30 million in order to gain control of the block between Bedford and Driggs Avenues, and North 3rd and North 4th Streets. About a year ago, the company closed on the western half of the block, and this recent deal covers the rest of the block.

Waterbridge has been in talks to bring high-end retail tenants to the area, which currently houses a Foodtown grocery store, and a laundromat. This deal can be seen in conjunction with the move towards pricier retail tenants in Williamsburg. The area is booming with new, upscale retailers, and becoming a trendy retail destination. Additionally, another investment group announced plans to build a Whole Foods store on Bedford Avenue.

“The property’s average in-place rent on Bedford is $54 per square foot, however market rents along Bedford are three to four times that amount, demonstrating the significant upside potential of this asset. With 175 feet on Bedford, we have the ability to offer tenants anywhere from 1,000 square feet to 10,000 square feet. This parcel is the only one available along Bedford that offers both big box retailers and local businesses retail space of this scale,” explained David Kessler, the Director of Acquisitions of Waterbridge Capital.

Posted on May 7, 2013

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