Sign up to receive news
from The Retail Report

Click Here

Industry News
*Content provided by third-party sources.
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!

More Information
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.

More Information
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.

More Information
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.

More Information
Featured Article
CBRE Expands Retail Services by Acquiring Fameco
Screen Shot 2013-09-30 at 12.47.32 PM

Last week, CBRE expanded their retail presence by acquiring the Philadelphia based retail real estate company, Fameco. “Everything we do with our business is client-focused and it was clear to us that this merger was going to deliver to our most important clients – both institutional and private – exactly what they’re looking for in a real estate services provider,” explained Robert Walters, executive managing director for CBRE in Philadelphia.

CBRE had recognized a gap in its commercial real estate span, and had an eye on Fameco for quite some time now. “We saw an opportunity but we also saw a need [and we knew] if we truly want to be the retail market leader, we needed to fill that void and align ourselves with a great company like Fameco. Looking around at Fameco, we immediately saw, like us, a premier company, market-leading within the retail brokerage space, and we saw culturally a potential fit,” said Walters. Fameco has a great reputation in the retail real estate world, particularly in Pennsylvania, New Jersey, and Delaware. Their pool of services includes retailer representation, agency leasing, investment sales, and land brokerage.

Posted on September 30, 2013

Featured Article
Scoop to Join Brookfield Place Lineup
Scoop

Scoop is the latest retailer to sign on to the Brookfield Place project in downtown Manhattan. Brookfield Place, formerly the World Financial Center, is undergoing a $250 million renovation focused on turning the site into a shopping and dining destination. On the retail side, the project has 250,000 square feet of space to fill with luxury and contemporary brands. The 2,000-square-foot store at Brookfield Place will be Scoop’s 19th location.

“Scoop sets the tone for our collection of contemporary retailers,” said Ed Hogan, Brookfield’s national director of retail leasing. “I love that they are a multibrand retailer. Their commitment says that this neighborhood is mature and ready for a sophisticated retailer.”
“We already have such a loyal New York following that adding another location makes perfect sense,” Scoop CEO Susan Davidson added.

Posted on September 26, 2013

Featured Article
Macy’s Blends In-stone, Online
MACYS

Macy’s Inc. has ramped up its strategy to increase cross-selling between its brick-and-mortar locations and its online store. Cincinnati-based Macy’s aims to cut excess inventory while getting items to customers faster by expanding its network of fulfillment departments to 500 stores. The backroom operations add shipping capabilities at two-thirds of Macy’s locations, allowing them to fill both online orders and orders from locations where an item is out of stock.

“If you want something at a store and they don’t have it, it’s a missed sales opportunity,” said Fitch Ratings analyst Monica Aggarwal. “Fulfillment departments are about maximizing revenue.”

At one store in the Cincinnati area that has been part of the ship-from-store program since 2012, a typical day involves shipping 50 to 60 orders to customers ordering items out of stock from other locations. If that’s the norm, then Macy’s could be shipping between 25,000 and 30,000 orders every day from the 500 stores. Additionally, during one of the chain’s one-day sales, the volume tends to land closer to 75 to 100 orders, and during the holiday season after Thanksgiving, it can reach 300 to 400 orders per day. (Macy’s has not given out actual numbers for the program.)

Posted on September 25, 2013

Featured Article
La Boulange Joins Starbucks in New York City Stores
photo1-6

“We need to bring great food to great coffee,” explained Pascal Rigo, the vice president of Starbucks’ food, and the owner of La Boulange. Before this, food was basically an afterthought, but with this new partnership, Starbucks will now be able to compete in the lunch market as well. In comparison to a lunch fast food restaurant like Subway, Starbucks serves a similar number of people during lunchtime, but a fraction of the number of lunches. While Subway serves 140 lunches, Starbucks only serves 8.

Posted on September 24, 2013

Featured Article
Bollard Group Puts Retail Portfolio on Market, Wants $200M
Screen Shot 2013-09-20 at 1.50.48 PM

Boston-based Bollard Group, a venture capital firm, is selling its strip mall portfolios in Massachusetts and New Jersey. The Boston Business Journal says that this could end up being the biggest retail deal of the year.

In the 1990s, led by its president Anastasios Parafestas, Bollard paid $96.6 million for the 28 Class B centers including the Micro Center mall on Memorial Drive in Cambridge, Vinnin Square in Swampscott, Meadow Plaza in Westborough, and the National Wholesale Liquidators strip center in Dorchester. These malls house a variety of retailers ranging from Starbucks to Marshalls.

Posted on September 20, 2013

Featured Article
Gary Alterman
G_Alterman

Gary Alterman is an Executive Vice President with RKF, specializing in both landlord and tenant representation. With more than 35 years of experience, he has completed numerous transactions on behalf of owners and retailers throughout New York City and its suburbs. Among the many retailers Gary has represented are Ann Taylor LOFT, Men’s Wearhouse, Dean [...]

Posted on September 19, 2013

Featured Article
Major Food Group’s Parm to Open at Brookfield Place in Financial District
Screen Shot 2013-09-17 at 2.21.37 PM

Major Food Group is a New York-based restaurant and hospitality company founded by Jeff Zalaznick, Mario Carbone, and Rich Torrisi. This particular restaurant group strives to find restaurant locations that are significant to the history of food in New York, and also to New York itself. According to their website, “We aim to bring each location we operate to life in a way that is respectful of the past, exciting for the present, and sustainable for the future.”

Brookfield Office Properties announced that Parm, one of Major Food Group’s restaurants, will be the first new, sit-down restaurant to join the collection of eateries along Vesey Street at Brookfield Place in Downtown Manhattan. Parm’s new location is going to occupy 4,100 SF at 250 Vesey Street. Steve Baker of Winick Realty represented Parm in this deal. Parm currently has locations on Mulberry Street and at Yankee Stadium.

Posted on September 17, 2013

Featured Article
Westfield Sells Seven U.S. Malls to Starwood
westfield

Australia’s Westfield Group has agreed to sell stakes in seven U.S. shopping malls to an affiliate of Starwood Capital Group for $1.64 billion. Starwood will own and manage the majority interest while shopping mall giant Westfield will keep a 10 percent equity interest in the properties.

Westfield is exiting properties in the U.S. with lower productivity and fewer redevelopment opportunities, mostly in the Midwest and north-west, to reinvest in higher-return assets and projects both in the country and overseas. It divested seven U.S. malls in April 2012 to Starwood for $1 billion and sold half stakes in six Florida malls to O’Connor Capital Partners for about $700 million in March, while maintaining management rights.

“We are focused on redeploying our capital into superior retail destinations in major cities through divesting non-core assets and introducing joint venture partners into our high quality portfolio of assets,” Westfield co-chief executive Peter Lowry said in a statement.

Posted on September 17, 2013

Featured Article
Guest Blogger Michael Stoler: The Battle of the Grocery Stores for Top Locations in New York City
Screen Shot 2013-09-16 at 9.19.45 AM

In a time when baby boomers were growing up, the grocery chains in New York City included Waldbaum’s, Daitch Shopwell, Foodtown, A & P, Big Apple and Bohack. In the 21st century, purveyors of fresh grocery and produce are paying higher rents and searching for up and coming neighborhoods.

Earlier in the 21st century, Whole Foods gained a major foothold at the Time Warner Center with the opening of its store in the basement of the Time Warner Center. Today’s, it’s most active competitor is the Upper west side chain of Fairway, who will be the anchor in another Related Companie development, this time the first office tower in the Hudson Yards. Earlier this month, the company announced it will lease retail space in the first office tower, on the corner of West 30th Street and 10th Avenue. The company has leased nearly 46,000 square feet and will open in 2015.

Both of these chains were interested in opening a market in the chic Williamsburg section of Brooklyn. This time the Texas based grocery chain finally signed the lease to open 37,000 square foot store on North Fourth Street between Bedford Avenue and Berry Street.

Posted on September 16, 2013

Featured Article
Apple Unveils Two New iPhone Versions
iphone

This past Tuesday, Apple announced two versions of the iPhone: an updated model of its high-end model, and a new, more inexpensive model. CEO Tim Cook introduced the iPhone 5s, which will replace the iPhone 5. Additionally, the iPhone 5c will roll out later this month as an option for a younger, less affluent market. It is priced at $99 for an entry-level model in the U.S. with a two-year wireless service contract.

The iPhone 5s comes in black, white, or gold, and basically looks like its predecessor, the iPhone 5. Notable internal differences include an improved A7 processor, a camera with improved flash and more features, and a fingerprint scanner for security. Pricing begins at $199 for 16 GB of storage with a wireless contract, $199 for 32 GB, and $399 for 64 GB.

The iPhone 5c sheds the aluminum case worn by the iPhone 5s in favor of a plastic, customizable shell. Users can choose from five colors: blue, green, pink, yellow, and white. With a contract, this model will be available for $99 with 16 GB of storage or $199 for 32 GB.

Posted on September 12, 2013

Featured Article
Neiman Marcus Sells for $6B
neimans

Luxury retailer Neiman Marcus has sold for $6 billion. Major shareholders Warburg Pincus and TPG, which concentrate 98.07% of the equity, sold to Ares Management and the Canada Pension Plan Investment Board (CPPIB) seven years after the company was taken private for $5.1 billion. Warburg and TPG sunk in $1.2 billion to fund the leveraged buyout.

Selling the company to Ares and CPPIB was an alterative the former private equity backers had mulled, even as they had fined for an initial public offering of Neiman Marcus. Regulatory documents show Warburg and TPG meant to IPO in order to exit the investment, as none of the capital would have gone back to the company.

Retailer Neiman Marcus counts 79 stores and over 6.5 million gross square feet. The company sits on $2.7 billion in long-term debt, including debentures expiring in 2028. The company runs 41 Neiman Marcus stores, two Bergdorf Goodman locations in Manhattan, and 36 Last Call outlet centers.

Posted on September 12, 2013

Featured Article
South Bronx Retail Headed for New Developments
incubator

South Bronx office tenants are very frustrated with the lack of retail in the neighborhood. Hunts Point, South Bronx, an industrial area is severely lacking in food and coffee options. The new tenants of the Sunshine Bronx Business Incubator have helped “breathe life” into the BankNote Building. That said, the building owner Cheni Yerushalmi spent $600,00 last year in renovations. Yerushalmi explained to Crain’s, “There aren’t those charming places where you can go and just have a lunch break at the corner.” Compared to the other two incubators that Yershalmi runs in NoHo and west TriBeCa in Manhattan, there is no place to even grab an espresso.

Hopefully, this will all change in the near future. There is a lot of planned retail development in the area. Red Lobster, McDonald’s, and Deals are set to move by Spring of 2015 into the mall called the Crossings at Southern. The mall is slated to open just four blocks from the BankNote Building. It is already 60% leased, according to a principal in the mall’s owner, the Prusik Group.

Posted on September 11, 2013

Featured Article
Guest Blogger Michael Stoler: Resale Stores Growing, Especially Upscale Stores
resale02

Throughout the nation there are many thrift shops selling used clothing, furniture and other personal properties. These stores can be found in urban neighborhoods, retail strip shopping centers and other venues.

As opposed to the idea of “thrift” many people are now purchasing upscale clothing at consignment retailers. Consignment shopping is now chic and growing by the consumer and the retail locations. As reported in Forbes, upscale consignment shops offer mostly “gently used” designer clothes and accessories that the original purchaser no longer wants (or, perhaps, fits into). The consignor traditionally gets 30% to 40% of the sale price, with the shop keeping the rest, although online consignment services now offer sellers a larger cut.

Posted on September 10, 2013

Featured Article
Press Release: MPI Announces Madewell Signs New Long Term Lease at The Gate at Manhasset
MADEWELL_LOGO

Manhasset, New York, September 9, 2013 — MPI, Mall Properties, Inc., one of the country’s leading private owners, developers and managers of commercial real estate, today announced that casual women’s retailer Madewell has signed a new ten year lease at The Gate at Manhasset. The store, expected to open mid-November, will be Madewell’s sixth store in New York.

Madewell will be occupying 3,180 square feet at The Gate at Manhasset joining such well known and popular co-tenants as Crate & Barrel, Urban Outfitters, The Gap, Lululemon, Abercrombie and Fitch and Athleta.

“With an exciting blend of upscale retail, The Gate at Manhasset has clearly developed into one of Long Island’s premier and preferred destinations for luxury shopping,” said Jim Davis, MPI Vice President of Leasing. “In the past two years alone a full half-dozen new stores have opened at The Gate at Manhasset and Madewell will be an excellent addition to our prominent lineup of retailers.”

Posted on September 10, 2013

Featured Article
Retailer Yankee Candle Sold for $1.75B
Yankee Candle

Yankee Candle, the nation’s largest maker of scented candles, sold for $1.75 billion in cash to Jarden Corp. New York-based Jarden owns more than 100 brands including Crock-Pot slow cookers, Rawlings baseball equipment, and Sunbeam home appliances. The company’s strategy includes buying leading brands in specialized niches and expanding sales.

Yankee Candle operates about 560 stores in the U.S. and Canada. Its gross margins, or profit after production costs, were close to 57% last year. Jarden is acquiring the candle business from private-equity firm Madison Dearborn Partners LLC, which bought Yankee Candle in 2007 for $1.4 billion cash and the assumption of $300 million in debt.

Yankee Candle chief executive Harlan Kent said being part of Jarden should increase the company’s marketing and technology, and lead to more overseas sales.

Posted on September 9, 2013

Featured Article
Lowe’s Completes Acquisition of Orchard Supply
Untitled

Home improvement retailer Lowe’s has completed acquiring the majority of assets of Orchard Supply Hardware Stores Corporation for $205 million in cash. Orchard is a Sears spinoff that filed for bankruptcy in June, and acquiring it is a crucial move for Lowe’s; increasing square-footage in the California market brings significant opportunities for the company to improve its top line and profitability.
Orchard’s smaller-format stores located at prime locations of the region are likely to bolster the company’s market positioning and will facilitate Lowe’s to capitalize on the under-penetrated markets.

Lowe’s operates through 110 stores in California, but its presence is significantly lower than its competitor, The Home Depot, Inc. and arguably one of the reasons why it has been lagging in terms of performance. Being the world’s second largest home improvement retailer, Lowe’s remains well positioned to benefit from the housing market recovery. The company is closing underperforming stores and its strategy of enhancing customer-shopping experience and merchandising transformation is likely to help it generate incremental sales.

Posted on September 4, 2013

Featured Article
Ariel Schuster
Screen Shot 2013-09-04 at 1.57.25 PM

Ariel Schuster has more than 11 years of real estate experience.  He is an Executive Vice President with RKF, specializing in both landlord and tenant representation.  Ariel joined RKF in 2001; since that time his roster of landlord clients has grown to include such prestigious owners as Related Companies, RFR Realty, The World-Wide Group, Edward [...]

Posted on September 4, 2013

Featured Article
Guest Blogger Michael Stoler: Urgent Care Providers Seeking Retail Sites Around the City
Screen Shot 2013-09-03 at 10.47.47 AM

With the potential closing of two hospitals in the Borough of Brooklyn coupled with the waiting time to visit hospital emergency rooms, more and more urgent health care centers are opening throughout the city and the suburbs.

According to the American Academy of Urgent Care Medicine, Urgent Care Medicine is the provision of immediate medical service offering outpatient care for the treatment of acute and chronic illness and injury. Urgent care does not replace your primary care physician. An urgent care center is a convenient option when someone’s regular physician is on vacation or unable to offer a timely appointment. Or, when illness strikes outside of regular office hours, urgent care offers an alternative to waiting for hours in a hospital Emergency Room.

For many patients, Urgent Care centers are the main place to go for care – especially on weekends or evenings when their primary-care physicians don’t have office hours. Only 29% of primary care doctors have after-hours coverage. The wait time to see a provider is typically half an hour or less, compared to a multi-hour wait time in many Emergency Departments. And patients can often see a doctor, as opposed to a nurse practitioner if they go to a retail clinic. Moreover, a number of Urgent Care centers offer imaging and other services not found in retail outlets. Employers, insurers and other payers also benefit from urgent-care centers, which charge only a fraction of what an ED visit would cost. And employees can get back to work sooner instead of spending half the day in the ED.

Posted on September 3, 2013

Featured Article
Nordstrom Expands Topshop Partnership
topshop

Topshop’s West Coast expansion is continuing. Following the opening of its Los Angeles flagship at The Grove and its capsule inside Nordstrom’s Irvine and Costa Mesa locations, the British retailer will open inside Americana at Brand’s Nordstrom on September 20th.

Last fall, Topshop and Topman partnered with Nordstrom to open mini stores within the department store.

“I am excited about this next phase of the partnership between Nordstrom and Topshop and Topman,” Topshop founder Sir Phillip Green said in a release. “I always believed that Nordstrom’s multi-channel presence was the decisive factor in partnering with them in the USA, and we are looking forward to the further expansion across so many great cities, and refining our presence within their stores and on-line. Hopefully there will be even more to come!”

Posted on September 3, 2013

@RetailMLS
Featured Broker
Job Board
your first ad
Videos
Videos
Introducing RetailMLS.com

  • See More
Links
Links