Real Estate

Gordmans is being rescued from liquidation — at least, part of it.    Stage Stores won a bid to acquire about half of Gordmans’ stores. The Omaha, Nebraska-based department store chain filed for Chapter 11 on March 13.    The retailer’s bid edged out Jeff Gordman, the former CEO of Gordmans, who also made a play to revive the bankrupt 106-store department store chain.   

Trusted national news sources such as the Wall Street Journal and New York Times continue to augur the fall the mall, but many American towns won’t give them up without a fight.   One such is Racine, Wisconsin, whose City Plan Commission advanced a scheme to revitalize the failing Regency Mall by forming a tax increment district (TID) around the 134-acre site that includes out-lots housing Target, Home Depot, Toys R Us, and the High Ridge Center.  

Dollarama ended the year with a strong fourth quarter, an increase it credits to higher customer spending.   For the fourth quarter ended January 29, 2017, the Canadian discount retailer’s sales increased by 11.5% to $854.5 million. The chain’s gross margin was 41.4% of sales, compared to 40.8% of sales.  

Shop!, the global non-profit trade association dedicated to enhancing retail environments and experiences, has announced the winners of its 46th year annual store design competition, and a specialty store took top honors.    

The online giant is bolstering its fleet of warehouses in the Lone Star State.   Amazon’s newest fulfillment center will be in Katy, Texas — its 10th in the state. The 1 million sq ft. facility will employ 1,000 associates who will pick, pack and ship larger-sized customer items, such as music equipment, sports gear and electronics.  

Going local is the big trend in retail center food and beverage options, so why not for retail brokerage houses?   That’s the tack CBRE is taking in its Seattle office with the hiring of two long-time leasing pros from Washington State-based Wallace Properties, which lays claim to scouting out the best locations from “Olympia to Bellingham and from Seattle to Spokane.”  

Cumberland Farms, a convenience store fixture in New England and central Florida for half a century, once fielded more than 1,000 stores. Today it has pared down to 600 stores as it transforms itself from a strip-center and gas station dairy store to a chain of freestanding, modern C-stores providing food service and gasoline, along the lines of Quik Check and Wawa.  

The online giant is about to break ground on another fulfillment center.   The new facility, which will be more than 1 million sq. ft., will be located in Clear Brook, Virginia. The fulfillment center will employ more than 1,000 full-time associates who will be responsible for picking, packing and shipping larger customer items, such as big-screen televisions, kayaks and patio furniture.  

Plummeting retail occupancy rates have Manhattan landlords in a generous mood.   According to a Bloomberg report, Manhattan landlords are offering their retail clients such giveaways as interior redesigns and moving expenses to keep storefronts from going dark.  

Colliers International has announced the hiring of Wayne L. Kasbar as managing director in its Parsippany, New Jersey, office. He will focus on the retail sector.   Kasbar comes to Colliers from Silbert Realty & Management Company, where he oversaw the brokerage team covering New Jersey, New York, Pennsylvania, and Connecticut. Prior to that, he spent five years at Trammel Crow, now part of CBRE, leaving there as VP of brokerage services.