Real Estate

Neiman Marcus’ debt burden just got heavier.   The luxury retailer will make interest payments over the next six months with new debt to preserve its cash and bank line of credit.   Instead of making a current $29 million cash interest payment on $600 million notes due in 2021Neiman Marcus will issue more bonds to holders to cover the 9.5% interest, the Dallas News reported.  

Orchestra is entering the United States, both online and off.    The 23-year-old French children’s and maternity fashion brand has launched its first English language website. The retailer will make its U.S. brick-and-mortar debut, opening newborn/children's clothing store at King of Prussia Mall, King of Prussia, Pa.  

One of the fastest-growing regions in the nation--in both jobs and population — will be home to another retail-heavy mixed-use project.   RPS development and High Street Residential, a Trammel Crow unit, will be building 342,000 sq. ft. of retail and restaurant space encompassing 23 buildings in Allen, Texas, according to the Dallas Morning News.  

Store closings are commonplace. Online shopping options grow. From time immemorial, stores were built with brick-and-mortar. Better materials for today would be innovation and experiences.    We in the field of store design are seeing some promising signs that an evolution is underway.   

Time was in New York City that new restaurants sprang up in the ground floors of old brownstones in Midtown or tenement buildings in Greewich Village and were deemed worthy or not by the demanding standards of Manhattanites. Not so in New York’s newest neighborhood.  

Bass Pro Shops has lowered its bid for Cabela’s.   Under the amended merger agreement, Bass Pro will acquire Cabela’s for $61.50 per share in cash for a total deal value of approximately $5.0 bil-lion. On October 3, 2016, Bass Pro has agreed to pay $65.50 per share in cash for Cabela’s in a deal valued at $5.5 billion.  

Tough times have caught up with Rue 21.   The struggling teen apparel chain plans to close nearly 400 stores nationwide, the Associated Press reported. The shutterings will leave the retailer with about 700 stores nationwide.   Rue 21 confirmed the news in a post on its Facebook page, calling it a “difficult but necessary” decision.   

A new retail experience is giving shoppers — and sports fans — the chance to feel like a professional athlete.   Mizuno, one of the world’s largest specialty sporting goods manufacturers and the official baseball gear partner of the Atlanta Braves, has entered the U.S. retail arena with the opening of The Mizuno Experience Center. It is the first retail store to open at The Battery Atlanta, a 400,000 sq. ft. mixed-use development located just outside the Braves’ new home, Sun Trust Park.