Real Estate

Teen apparel retailer files for bankruptcy protection
A month after it announced it would close 400 stores, the other shoe has dropped at Rue 21. The Warrendale, Pennsylvania-based retailer announced it has filed for Chapter 11 bankruptcy protection and entered into agreements with some of its lenders to reduce the company's debt and provide additional capital in support of its restructuring. The company, which expects to continue normal business operations throughout the process, listed its assets and liabilities in the range of $1 billion and $10 billion, according to its court filing.
Report: Discount Drug Mart to be anchor tenant at former Giant Eagle location
Discount Drug Mart will take over a long-vacant anchor space here at a former Giant Eagle location at The Shoppes of Oakwood Square, something that may give a big boost to the shopping center, reported Columbus Parent. DDM signed a 15-year lease to occupy about 30,000 sq.-ft. of space, the news outlet added.

Massachusetts mall 100% leased for first time in 30 years

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.
Chicago’s largest grocer to buy Strack & Van Til stores

Jewel Food Stores (Jewel-Osco), a wholly-owned subsidiary of Albertsons Companies, is expanding its footprint in Indiana. Jewel-Osco said it has entered into an asset purchase agreement with Central Grocers to acquire 19 Strack & Van Til stores and other certain assets. Strack & Van Til is owned by Central Grocers, which filed for bankruptcy protection at the beginning of May.
Legendary outdoor gear retailer to open first urban store

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.
Anchors wanted for two South Carolina centers

Southeastern Grocers’ announcement it would close six Bi-Lo stores in South Carolina leaves two Wheeler centers anchors, and the REIT has put out a call out for replacements. CEO Jon S. Wheeler said his company would entertain a grocer or non-grocer to fill the vacancies at Cypress Shopping Center in Boiling Springs and Shoppes at Myrtle Park in Bluffton. Bi-Lo will shut down operations at the 47,260-sq.-ft. Cypress store and the 37,900-sq.-ft. Myrtle Park store in June.
Inland acquires Chicago-area multifamily property

Inland Real Estate Acquisitions has purchased an 85-unit residential property with ground floor retail in Vernon Hills, Illinois. Constructed in 2010, The Commons at Town Center is a six-story structure consisting of 85 multifamily units and 10,609-sq.-ft of retail space. Current tenants are Sam Martirano Salon & Spa, Hawthorn Dental Associates, Eight Piece Rolls, Design Studio Jewelry, and Giuseppe’s Pizza Restaurant.
REI in gym partnership

Outdoor retailer REI is setting up shop in a fast-growing gym niche. REI and Momentum TM Indoor Climbing are launching REI Co-op Climb, which will serve as a hub for climbing gear, programming and events at each of Momentum’s new climbing gyms. Expert instructors from REI’s Outdoor School will help Momentum members and guests gain skills and confidence through gym to crag classes.
Indochino beefs up senior management with Guess veteran

An online menswear brand that is expanding its store footprint has expanded its senior team. Vancouver, Canada-based Indochino has appointed Randy Binning as VP of retail operations. The 15-year Guess Inc. veteran most recently served as director of stores for Guess and Marchiano Canada. Prior that he was a regional director for Guess. Binning is charged with leading a consistent and exceptional customer experience across all locations and ensure continued profitability as the company continues to grow.
CBL sells two Tennessee malls, culminates portfolio initiative

CBL continued to reduce its credit position with the disposition of mall assets this week and announced the dawning of a new day for the company. The mall owner and developer closed on the sale of two Tennessee properties for a total of $53.5 million — Foothills Mall in Maryville and College Square in Morristown. Proceeds of the sales, CBL reported, were used to reduce outstanding balances on its lines of credit.
Analysis: Turning around Macy’s not for the faint of heart

The first set of results under Macy's new CEO, Jeff Gennette, are not good. Indeed, they are decidedly gloomy and represent a significant deterioration over recent quarters. That this worsening comes off the back of feeble prior year numbers - when comparables fell by 6.1% and net income by 40.4% - only adds to the sense that Macy's is on a slippery slope.
Big earnings, sales miss for Macy’s

Macy’s reported disappointing earnings for its first quarter, as its sale continued to slide. Macy's posted a first quarter profit of $71 million, or 23 cents a share, down from $116 million, or 37 cents a share, in the year-ago period. Excluding some costs, Macy's adjusted per-share profit fell to 24 cents from 40 cents, below analysts' expectations for 35 cents.