Finance & Capital Management

NEW YORK — With the Nordstrom name often associated with high fashion, it is surprising that the retailer does not already have a flagship in New York City. In 2018, however, that will all change when the first full-line Nordstrom's store opens in the Columbus Circle area of Manahttan.

The store is being built by Extell Development Company and will occupy 285,000 square feet.

New York -- The U.S. Supreme has just ruled that, while the individual mandate to buy health insurance is unconstitutional, this key part of President Obama’s signature healthcare law can stay as part of Congress’s power under a taxing clause.

In other words, the Supreme Court says that the government will be allowed to tax people for not having health insurance.

MATTHEWS, N.C. — Dollar stores continue to thrive in this consumer-conscious economy, and Family Dollar is no exception.

The dollar store chain reported a total sales increase of 9.6% to $2.36 billion for the third quarter, compared with $2.15 billion for the same period last year. Same-store sales rose 5%, helped by increased customer traffic and strong performances in the seasonal, electronics and consumables categories.

New York -- Confirming the rumors that have swirled for the last few days, Seattle-based Nordstrom said Thursday that it has found a site for its full full-line department store in New York City.

The 285,000-sq.-ft. flagship will open along the 57th Street corridor at 225 West 57th – between Broadway and Seventh Avenue – at a site owned by Extell Development Co.

The store is expected to open in 2018.
 

WASHINGTON — The U.S. Supreme Court has given the government permission to tax people for not having health insurance, essentially approving the individual mandate in President Obama's healthcare law.

“The Affordable Care Act's requirement that certain individuals pay a financial penalty for not obtaining health insurance may reasonably characterized as a tax. Because the Constitution permits such a tax, it is not our role to forbid it, or to pass upon its wisdom or fairness,” the court said in the ruling.

Abilene, Kan. -- Duckwall-Alco said Thursday it is officially changing its name to Alco Stores, Inc. An amendment at Wednesday’s annual shareholder meeting was approved. The company’s ticker symbol on NASDAQ is now “ALCS.”

The 111-year-old chain has 216 locations in 23 states, mostly in small-town environments. Plans are on tap to open five new stores in fiscal 2013 and eight underperforming stores are slated to be closed.

Spartanburg, S.C. -- Denny's Corp. said Wednesday that it has opened its first restaurant in the Dominican Republic as part of a development agreement with Grupo Nahas, which owns and operates the Intercontinental Hotel and Holiday Inn, among others, in Santo Domingo. 

Located in the Food Court of the Las Americas International Airport in Santo Domingo, the new restaurant represents Denny's first airport location worldwide.

I mentioned briefly in my last column that I’ve been a little puzzled by what seems to be an industry-wide reluctance to design and develop, and in many cases redevelop centers into, true mixed-use venues. It’s not that our industry doesn’t get excited about mixed-use spaces — they clearly do. But, something is getting lost between the glamorous articles and design concepts, and the real-world execution.