Tenant Update

An online clothing brand best known for its signature shirts that are designed to be worn untucked is going to open at Mall of America, in Bloomington, Minnesota.    Untuckit will open a 1,300-sq.-ft. outpost  at the giant mall this fall. It will be the company's first store in Minnesota, and carry shirts for both men and women.      

Mid-America Real Estate has been tapped to handle the marketing and leasing of the Macy’s building being redeveloped in downtown Minneapolis.   Located on the corner of South 7th and Nicollet Mall, the landmark store that was originally Dayton’s will tie together its street and skyway levels and fill them with entertainment providers, a food hall, and traditional retailers new to the market. 601w Companies and United Properties are the developers.  

Despite the rash of recent store closings, leasing activity is strong at malls and shopping centers as retailers take advantage of favorable terms.   That’s the take of Mizuho Securities analysts following conversations with major broker organizations at the International Council of Shopping Centers RECon Show in Las Vegas last week.   

Among several developers reporting positive signs for leasing at the RECon Show in Las Vegas was Olshan Properties.   Head of Retail Ken Marshall said media reports about retail’s downfall did not ring true at his company. “The first few months of 2017 generated significant leasing activity throughout our highly-diversified retail portfolio and, most notably, within our retail holdings that are housed in mixed-use environments,” he said, noting that the trend began last year.  

Dollar Tree is making headway on its strategic move into the nation’s most densely populated state.   The value chain has executed five leases at locations in New Jersey, the largest a 12,230-sq.-ft. inline space at Plainfield Plaza, a grocery-anchored center in Plainfield, according to R.J. Brunelli, Dollar Tree’s real estate representative in the state.   Other locations:   Toms River: 10,200-sq.-ft. freestanding space on Route 37

West Elm will be opening its first Fort Worth location in rebranded urban retail development in the town’s Cultural District.   Heretofore known as West 7th, The Woodmont Company decided to call upon a more colorfully named street in the neighborhood to rebrand the shopping and entertainment district as Crockett Row at West 7th.  

Leasing agent Dan Waldman clearly hasn’t read all the news reports about the demise of the American mall.   In 2015, when Waldman took over leasing for the Walpole Mall in Walpole, Massachusetts, 80,000 of the property’s 400,000 sq. ft. lay vacant. This week, his Waldman & Associates announced that the mall was 100% leased for the first time in 30 years.  

L.L. Bean is going to set up camp in Boston.   The Freeport, Maine-based retailer will open its first permanent, full-line store in an urban location in spring 2018, in the Seaport District of Boston. The store will feature active and casual apparel, outerwear, and footwear, as well as outdoor lifestyle gear curated for residents and visitors of Boston. At 8,600 sq. ft., the Boston outpost will be significantly smaller than Bean’s traditional retail footprint.