An article with the provocative title of Is a Store Closing Tsunami Ahead? recently appeared in a real estate trade pub, and it definitely got me thinking. Because while the title of the piece might be exaggerated for effect, there are some good reasons to think that store closings will continue — and perhaps even […]
Jeff Green Partners
Dillard’s in Southgate Mall sold to Benderson
Justine Griffin / Herald-Tribune – The Dillard’s department store in Westfield Group’s Southgate Mall has been sold to local real estate development firm Benderson Development Co.
The 7.4-acre parcel is slated to be redeveloped as part of Westfield Group’s $62 million revamp of the retail center, despite now being owned by what is arguably Southgate’s main competitor.
C&W Inks Deal with Microsoft for Manhattan Flagship Store
Keith Loria / Commercial Property Executive – The Microsoft Corp. has agreed to sign a lease for a flagship store at 677 Fifth Ave. in Manhattan, occupying the entire ground through fourth floors and a portion of the lower level of the building.
Further details about the size or the company’s plans were not revealed, although Microsoft’s stores normally feature PCs running Windows 8, laptops, smartphones, Surface and Windows tablets, Xbox consoles and accessories bundled with personalized customer service.
“It’s always good to have visibility from Wall Street,” Jeff Green, president of Jeff Green Partners, told Commercial Property Executive. “Go back to the early days of Bed, Bath and Beyond, and analysts didn’t know who they were and when they put a store in SOHO, their stock went up really quickly.”
Mall will be great, but I’ll miss the food court
Justine Griffin / Herald-Tribune – I remember spending a lot of time at the food court at my local mall when I was growing up.
When I was a teenager, my mom would drop me off at the mall on a Saturday afternoon to meet some friends. For hours we would browse the aisles of what were then the coolest and hippest retailers in the mall, drooling over dresses and sweaters we couldn’t afford.
But we’d always spend our hard-earned babysitting dollars at the food court — and sometimes on movie tickets.
Even now, when I shop with my mom or family members who live just north of Tampa, we still make time for Chinese food or a chicken sandwich at the food court.
Deal Analysis: Washington Prime Finds “Something Special” in Glimcher
Gail Kalinoski / Commercial Property Executive – When Washington Prime Group was spun off from Simon Property Group Inc. in May, its leaders began looking for opportunities to acquire and redevelop assets that would have strong cash flow and add franchise value. They saw many opportunities to expand the retail REIT, but CEO Mark Ordan said they were holding “out for something special.”
Apparently, Washington Prime found “something special” in Columbus, Ohio, home of Glimcher Realty Trust.
H&M plans not a single store here… but two
Justine Griffin / Herald-Tribune – H&M, a Swedish international apparel brand known for its discount prices on trendy clothing for young men and women, plans to open two stores in Sarasota County within a year, a move that baffles some retail analysts but shows that there may be enough business to support more than one mall in the region.
H&M plans to open its second store in Sarasota County, at Westfield Group’s Sarasota Square mall property.
