Finance & Capital Management

Alimentation Couche-Tard Inc. is reportedly nearing a deal that would increase the ongoing consolidation in the convenience-store industry.   The Canadian convenience-store giant is in the lead to acquire CST Brands Inc., the Wall Street Journal reported.   CST, based in San Antonio, Texas, is a fuel and convenience-store chain with more than 1,000 stores in the southwestern U.S., New York and eastern Canada.   

PREIT announced it had completed the sale of the Washington Crown Center in Washington, Pennsylvania, to the Kohan Retail Investment Group for $20 million. The 674,000-sq.-ft. mall — 25 miles south of Pittsburgh on I-70 — is anchored by Bon-Ton, Macy's, Gander Mountain, and Sears.   

Dick’s Sporting Goods on Tuesday hit a home run, posting second quarter results that surpassed analysts’ expectations and lifting its earnings forecast for the year.   Dick's reported net income of $91.4 million for the quarter ended July 30, up from $90.8 million in the year-ago period.   Net sales increased 7.9% to $1.97 billion. Online penetration for the second quarter was 8.5% of total net sales, compared to 7.3% last year. Same-store sales increased 2.8%.   

There was no stopping TJX Cos. in its second quarter. But it sounded a cautious note about its third quarter.   For the quarter ended July 30, TJX posted a profit of $562.2 million, better than analysts’ forecasts, up from $549.3 million in the year-ago period.   Revenue increased 7% to a better-than-expected $7.88 billion. Same-store sales rose 4%, above expectations for an increase of 2% to 3%.  

The big get bigger.   The Home Depot reported record sales and net income as it revised upward its expectations for the full year.   The world’s largest home improvement retailer Tuesday morning posted second quarter sales of $26.5 billion, up 6.6% from the second quarter a year ago. Comparable store sales were up 4.7%, and up 5.4% in the U.S.   Net earnings were $2.4 billion, up from $2.2 billion.  

Consumers cooled their spending in July.

Tanger Factory Outlet Centers, Inc., acquired 100% ownership of Tanger Outlets Savannah, adjacent to the Savannah International Airport. The deal it made with its lone partner in the 420,000-sq.-ft. center included a $15 million cash payment and assignment of all outparcels on the property.   "The center is currently 99% occupied and is undergoing a second expansion to accommodate retailer demand for space," said Steven B. Tanger, president and CEO.   

A Securities Exchange Commission investigation into some loans applied for by CBL & Associates is unfounded, the company maintained in announcing the results of an independent investigation.  

To understand the current state of the Detroit real estate market, and to appreciate how and why Detroit is such a hot market today, we have to look to the past. Historical context is crucial here because, more than most cities, the story of Detroit is the story of a city shaped by its past. In many cases, the building blocks of today’s development boom are being literally and figuratively laid across foundations that were laid years ago.  

Self-service checkout technology, including dedicated lanes and smartphone apps, may translate into an increased shrinkage rate for retailers.   That’s according to a study of retailers in the United States, Britain and other European countries conducted by the University of Leicester in England, the New York Times reported.