REAL ESTATE

Report: Retail rents rising and vacancy rates falling in 2016
Though it forecasts a stronger-than-anticipated closure season, Cushman & Wakefield sees average retail rents ending the year 4.6% higher than they were in 2016. The company’s U.S. Macro Forecast released this week said that consistent demand for space in Class A retail centers is the biggest factor in rental-rate growth. Cushman analysts also predict that 2016 will see a drop in the retail vacancy rate to 5.8% from 6.6% last year — though they see it moving back up to 6% in 2017.
Sales keep sliding at J.Crew
J. Crew Group’s efforts to pump up sales at its core brand didn’t quite take off in the second quarter. Total revenues at J.Crew Group decreased 4% to $569.8 million in the second quarter. Total same-store sales fell 8%, its eight consecutive quarterly decrease, with a 9% decline at the company’s namesake brand and a 3% increase at Madewell. J. Crew reported a net loss of $8.6 million, compared with $13.6 million a year ago.

Chain Store Age debuts SPECS ‘Ambassadors Club’

Chain Store Age unveils its first-ever SPECS/2017 Ambassadors Club, created to recognize 12 retailers who have made significant contributions to the industry and to SPECS, the annual Retail Event for Store Innovation. Produced by CSA, SPECS is attended by retail and food-service executives involved in the planning, design, construction and maintenance of stores and restaurants nationwide.
Canadian c-store giant buying up more U.S. stores

On the heels of the biggest deal in its history, Canada’s Alimentation Couche-Tard Inc. has entered into yet another deal to expand its U.S. footprint. The retailer has signed an agreement to buy 53 stores in Louisiana, primarily in the Baton Rouge market, from American General Investments and North American Financial Group for an undisclosed price.
Feed and entertain them, and they will come

Photo: Steelblue There’s a reason that dining and entertainment destinations are the key success components at retail centers these days: They are e-commerce-proof, the two marketplace options that continue to draw traffic and post upward-trending numbers. Spending at restaurants has grown faster than any other retail category since the recession, according to the Commerce Department, pushing dining dollars past grocery dollars for the first time.
Next location of Amazon Books revealed

Amazon Books has confirmed plans for its fourth physical location. The retailer will open a store in Chicago, in the city’s Lakeview neighborhood, Crain’s Chicago Business reported. The 7,200-sq.-ft. location will be on the site of what was formerly a bar and grill. "We're excited to be coming to Chicago," an Amazon spokesperson said in the report.
Busy September for off-pricer

Saks Fifth Avenue Off 5th is opening three stores on Sept. 1, two north of the border. The retailer is set to open its first-ever locations in Canada’s Alberta province, a 31,900-sq.-ft. store at South Edmonton Common, Edmonton, and a 30,000-sq.-ft. store at CrossIron Mills, Rocky View. In addition, the off-pricer is opening a 23,000-sq.-ft. store at El Paseo Square, Palm Desert, California, also on Sept. 1.
Wine bar signs on at The Summit in Kentucky

The Summit at Fritz Farm has signed CRU Food & Wine bar to a growing roster of gourmet dining establishments at the $156 million project under construction in Lexington, Kentucky. The Summit, scheduled to open next spring, will feature 1 million-sq.-ft. of retail, 306 apartments, a boutique hotel, and 48,000 sq. ft. of Class A office space, according to developer Bayer Properties.
Five Below’s store count to reach big number

Five Below continues its rapid expansion. The extreme-value retailer will open its 500th store in Trexlertown, Pennsylvania, on Sept. 9.
Sporting goods retailer expands New York footprint

Modell’s Sporting Goods will open two stores in the New York metro area on August 25, bringing its total store count to 156 locations. The openings include Modell’s 11th location in Brooklyn, and a store in in Mount Kisco. Both locations will feature a wide selection of top brands such as Nike, Under Armour, Adidas, Reebok, Spalding and more.