Real Estate

Macy’s to close 35 to 40 stores
Cincinnati -- The ax fell at Macy’s on Tuesday.

In the name of optimizing its omnichannel approach, Macy's said it plans to close between 35 and 40 namesake stores in early 2016 even as its moves ahead with expansion of its new off price format, Macy’s Backstage.
Starbucks, Panama City, Panama
Starbucks Coffee Company's first store in Panama is located in Panama City, in the Street Mall shopping center. With a 28-ft. high ceiling, the focal point of the 3,304-sq.-ft. store is a one-of-a-kind custom made hanging mobile, designed to represent the Geisha coffee plant, which signifies the birth of the coffee industry in Panama.

Tween, teen fave going really big in Philadelphia

Philadelphia – Five Below is opening its largest location to date, in its home city of Philadelphia.

The extreme-value retailer, which targets tweens and teens with goods priced at $5 or less, will open a two-story, 13,000-sq.-ft. store next to its headquarters on Thursday, Sept. 10.
Sears protects pension fund

Hoffman Estates, Ill. – Sears Holding Corp. is protecting the assets of its pension fund following the creation of its Seritage Growth Properties real estate investment trust (REIT).

The company has entered into a five-year agreement with Pension Benefit Guarantee Corp. (PBGC) to guarantee that it will continue to make required contributions to the fund.
Five Below opening flagship in Philly

Five Below is opening its largest location to date in its hometown.
Macy's to close as many as 40 stores

In the name of optimizing its omnichannel approach, Macy's said it plans to close between 35 and 40 department stores at undisclosed locations in early 2016 while moving ahead with expansion of its off price format.
European fast-fashion retailer opens DC on eve of U.S. expansion

New York -- An Irish fast-fashion leader is getting ready to make its U.S. debut.

Primark, known for its value prices and on-trend fashions for the entire family, leased a 677,000-sq.-ft. distribution center to support its entry into the United States.
On the Level: Shoppers Want More From Their Retail Environments

Photo: The Cordish Companies and the City of Norfolk (Virginia) broke ground recently on Waterside District, a redevelopment of the waterfront.
The Shops at Metropolis under new ownership

Plainfield, Ind. -- Mid-America Real Estate Group announced that its corporate investment sales team recently brokered the sale of The Shops at Metropolis located in Plainfield, Indiana. Chicago-based Core Equities purchased the 131,195-sq.-ft. center anchored by Burlington Coat Factory and The Room Place.

Joe Girardi and Rick Drogosz of Mid-America Real Estate Corporation were the brokers in the transaction on behalf of Dallas-based Tabani Group.
Roosevelt Field enters its final stage of redevelopment

Garden City, N.Y. -- Simon announced that Roosevelt Field, located in Garden City, New York, has entered its final stages of redevelopment, and also released the names of retail brands to occupy the new two-level retail wing. Most of the stores, with some opening early September, will make their Long Island debut. The new wing will lead to the area's first Neiman Marcus store opening in February 2016.
Levin Management becomes exclusive leasing agent for two New Jersey properties

North Plainfield, N.J. -- Levin Management announced it has been named the exclusive leasing agent for two New Jersey properties: Whiting Town Center in Whiting Township and Fords Shopping Center in Woodbridge Township.

Whiting Town Center is a 118,000 sq. ft. grocery-anchored property with a mix of retail, restaurant and service tenants. Earlier this year Levin was retained by new ownership to continue its role as managing agent for Whiting Town Center.
Apple’s next-gen store design: Three early details

New York -- Apple is getting ready to unveil its next generation of store design — and the industry is already buzzing over the details.

Unfortunately, there aren’t many available — and the few that are don’t seem very revolutionary. What little specifics known about the store are based on remarks made by Rick Millitello, who presented the new store plan on behalf of Apple to the Germantown Design Review Commission for review. (And yes, it was approved.)

Here are three details: