Events

The Westfield Group has agreed to purchase the Port Authority of New York and New Jersey’s remaining 50% interest in the World Trade Center’s retail square footage. The purchase price is US$800 million. Following the transaction, expected to close early next year, Westfield will own 100% of the retail space, which totals 365,000 sq. ft.

Waldorf, Germany -- Black Friday social mentions more than doubled those of Cyber Monday this year. But a new infographic from SAP shows that consumers felt the most excited and happy about Cyber Monday.

Washington, D.C. – The National Retail Federation estimated that the retail industry added 13,500 jobs in November, and 268,500 year-over-year.

The Bureau of Labor Statistics Employment Situation report showed that November total nonfarm payroll employment rose by 203,000, with the unemployment rate at 7%.

Houston -- Simon Property Group announced today that four new, high-end retailers, Rolex, Tod's, Trina Turk and Tourbillon, will be added to the retail mix at The Galleria shopping center in Houston. Gucci, Tory Burch, Zara, Sephora and Club Monaco will also execute lease renewals and expansions in 2014. In addition, Chanel has renewed its lease and will be renovating the boutique.

Details of 2014 activity at The Galleria in Houston include:

Washington, D.C. -- The retail industry will lose an estimated $8.76 billion to return fraud this year, and $3.39 billion during the holiday season alone, according to the National Retail Federation’s 2013 Return Fraud Survey. Overall, 5.8% of holiday returns are fraudulent, up slightly from 4.6% last year.

New York -- In a continued effort to return the Port Authority of New York and New Jersey to its core mission, the Board of Commissioners today approved the sale of the agency’s remaining 50% joint venture in the World Trade Center retail project to the Westfield Group for $800 million.
 

Issaquah, Wash. -- Costco Wholesale Corp's November same-store sales missed analysts' expectations, hurt by lower gasoline prices and weak foreign currencies.

Same-store sales were up 2% in the four weeks ended Dec. 1, including the impact of fuel sales and foreign exchange, short of the 3% gain analysts expected.

November net sales rose 5% to $8.78 billion.

Excluding the negative impact of foreign exchange and falling gasoline prices, same-store sales rose 4%.

Menomonee Falls, Wis. – Kohl’s will keep its doors open for more than 100 hours straight, beginning at 6 a.m. on Friday, Dec. 20 through 6 p.m. on Christmas Eve, Tuesday, Dec. 24. Kohl’s is also offering free gift boxes and a “no questions asked” returns policy that offers full refunds and exchanges for purchases made with a receipt or on a Kohl’s charge card.

Sidney, Neb. – Cabela’s plans to open a 42,000-sq.-ft. Cabela’s Outpost store in Bowling Green, Ky. The store will be Cabela’s second in Kentucky, joining the Louisville location, and is scheduled to open in the fall of 2014.

Cincinnati -- Macy’s announced an agreement for Macy’s and Bloomingdale’s stores to anchor the new Mall at Miami Worldcenter, to be built in downtown Miami. Current plans call for the stores to open in fall 2016.

Miami Worldcenter, a major mixed-use project with retail, hotel, residential and convention space, is being planned by The Forbes Company and Taubman Centers.