Real Estate

Restaurants are the current darlings of the shopping center developers. It was reported last year that Americans spent more money at bars and restaurants (a total of nearly $55 billion) than they did on groceries. In case you were wondering how big a deal that is, consider this: It was the first time in recorded history that that was the case. But that’s not the only reason that shopping center owners are mad for restaurants. They are also hubs of social activity that contribute to that all-important and often elusive experiential energy.  

The Shops at Stonehenge in Chesterfield County, Virginia, south of Richmond, will be sold in a foreclosure auction this week, according to a report in the Richmond Times-Dispatch.  

Nordstrom Rack announced it would open its first Baltimore store at The Shops at Canton Crossing in spring 2019. It will be part of the center’s 90,000-sq.-ft. Phase II addition, which is expected to begin construction in November.  

In a move that could attract more tech start-ups, New York City will be the home to one of the newest innovation labs.   The 250,000-sq.-ft. “Union Square Tech Hub,” which was announced in December, will include 58,000 sq. ft. of “fluid space” for startups, and a 36,500 sq.-ft. tech training center, reported TechCrunch.   

Nike has brought its experiential retail format to Miami Beach. The company has opened a two-story, digitally connected, 31,000-sq.-ft. store on Lincoln Road, in the heart of Miami Beach.   Similar to Nike’s new store in Manhattan’s SoHo, the Miami location is designed to deliver the best of Nike products and personalized, immersive experiences services through a series of unique spaces. These include zones dedicated to running, soccer and basketball where consumers can try out the brand’s latest products.

Declining mall traffic is taking a toll on Perfumania.   Perfumania Holdings Inc. has hired advisers to explore strategic alternatives, including a debt restructuring, Reuters reported. It also plans to negotiate with landlords to exit some of its 313 Perfumania stores.   The company recorded debt of approximately $164 million on Oct. 29 and $2.1 million in cash and cash equivalents, the report said.  

The Wendy’s Co. is bullish on expansion.   The chain wants to add approximately 1,000 locations by 2020, reported Nation’s Restaurant News.    

Thomas “TJ” Drought, who spent nearly 20 years in the employ of WP Glimcher, has joined Steiner + Associates as an executive VP.  

A new company is interested in The Limited.   Sunrise Brands LLC has bid for the bankrupt apparel retailer’s e-commerce business and intellectual property, a move that challenges a $26.3 million offer from private equity firm Sycamore Partners, Reuters said.   

Target plans to renovate its downtown Minneapolis flagship, adding an array of new features.   The discounter will invest $10 million in a full-store remodel for the location, which opened in 2001, reported The Journal.     Less ambitious updates are planned for other Target stores in the Twin Cities area.