REAL ESTATE

How Struggling Malls Can Find New Life
The struggles of brick-and-mortar retailers have dominated industry headlines over the past few months with an unprecedented number of store closings announced. However, while the bad news has come from all corners, specialty retailers as well as general merchandisers, it has been department stores that have perhaps attracted the most headlines.
J.C. Penney delays store closures
Shoppers hoping to get some great bargains at the 138 stores J.C. Penney has slated for closure will have to wait a little while longer. The retailer told CNBC that due to improving traffic and better-than-expected sales at the locations on the closure list it has postponed the liquidation sales and shutterings. The new closure date for the stores is now July 31, which is about six weeks later than Penney originally planned, the report said.

Walmart Supercenter christens new California center

NewMark Merrill’s decade-long quest to open a shopping center outside of San Bernardino became reality with the opening of its Walmart Supercenter anchor. The 239,552-sq.-ft. Rialto Marketplace is due to be fully operational in June, when the doors will open for tenants including Starbuck’s, Sprint, Chipotle, Les Schwab Tires, Carl’s Jr., and Ono Hawaiian BBQ.
Fast-growing beauty retailer coming to nation’s largest mall

Ulta Beauty is touching down at Mall of America. The retailer will open an 11,000-sq.-ft. location at the mammoth shopping center, which is located in Bloomington, Minnesota, in fall 2017. In addition to more than 20,000 products, Ulta Beauty will also feature an in-store offering a variety of hair, skin, and brow services.
Walgreens expanding its in-store beauty format

Walgreens is increasing its in-store beauty presence.
Legoland opens first Pennsylvania location

Joe Coradino’s experience-driven rebuilding of PREIT malls has given kids in Pennsylvania something new to build on — or, more like, in. The state’s first Legoland Discovery Center has opened in the Plymouth Meeting Mall, north of Philadelphia, pushing the percentage of the property’s dining and entertainment space above 45%, compared to an average of 17% at other PREIT malls.
Report: Eastern Outfitters LLC seeks speedy store closures

Eastern Outfitters could soon be adding to the surge of store closings among U.S. retailers. The company won a court order on Thursday, April 6, for an expedited hearing on its plan to shutter 48 of the 86 stores its operates under the Bob's Stores and Eastern Mountain Sports brands, according to Reuters.
Mexican shoppers boost Laredo outlet opening

President Trump’s real estate compadres at CBL and Horizon Group are no doubt hoping he holds off on building that wall. The companies opened The Outlet Shoppes in the Texas border town of Laredo this week and report experiencing high traffic and sales volumes, in large part due to Mexica shoppers flocking to the site.
Lincoln Park center changes hands

Riverpoint Center, a 211,000-sq.-ft. grocery-anchored center in Chicago’s Lincoln Park neighborhood, has been acquired by Federal Realty Investment Trust for $107 million. Mid-America Rea Estate brokered the sales of the center, which is anchored by Jewel-Osco, Marshalls, and Old Navy. The name of the seller was not disclosed. Riverpoint Center is located at the northwest corner of West Fullerton and North Clybourn Avenues in Lincoln Park, an affluent neighborhood on the lakefront north of downtown.
Specialty footwear giant to shutter hundreds of stores amid Chapter 11 filing

Payless ShoeSource filed for Chapter 11 bankruptcy protection amid growing competition from off-price retailers and online.

The retailer, which has some 4,400 locations in more than 30 countries, plans to immediately close nearly 400 stores in the United States and Puerto Rico as it attempts to boost its balance sheet and restructure its debt load.