Budgets/Spending/Market Size

Philadelphia — Pennsylvania Real Estate Investment Trust has completed the previously announced sale of South Mall in Allentown, Pennsylvania, for $23.6 million. Net of closing costs, settlement pro-rations and credits, proceeds from the transaction totaled approximately $23.1 million.

In addition, PREIT has entered into an Agreement of Sale to dispose of its two remaining non-core malls — Nittany Mall and North Hanover Mall.

Washington, D.C. - A clear majority of Americans say social media has no effect at all on their purchasing decisions. According to a new Gallup poll, 62% in the U.S. say Facebook and Twitter, among other sites, do not have any influence on their decisions to purchase products.

Suburban Atlanta will be home to Keurig Green Mountain’s new manufacturing facility used to produce new cold products resulting from its new partnership with Coca-Cola.

Boston – The Massachusetts House of Representatives has approved a bill that would gradually raise the state’s minimum wage from its current hourly rate of $8 to $11 by 2017, which would make it the highest state minimum wage in the country.

The state Senate has already approved the bill, which is expected to be approved by Gov. Deval Patrick (D) after a procedural Senate vote. Under the legislation, the minimum wage would rise to $9 per hour on Jan. 1, 2015; to $10 on Jan. 1, 2016; and finally to $11 on Jan. 1, 2017.

It looks like more consumers prefer to do their back-to-school and back-to-college shopping online. According to a study from e-commerce marketing technology provider HookLogic and polling company Qriously, 35% of consumers shop for back-to-school suppliers online, while 34% shop in-store and 33% shop both channels (some totals equal more than 100% due to rounding).

New York – Online is the leading channel for consumers to perform both back-to-school and back-to-college shopping. According to a study from e-commerce marketing technology provider HookLogic and polling company Qriously, 35% of consumers shop for back-to-school suppliers online, while 34% shop in-store and 33% shop both channels (some totals equal more than 100% due to rounding).

Cincinnati – Kroger Co. reported a 4% increase in its first-quarter profit, helped by the addition of Harris-Teeter, which the grocery giant acquired in January 2014. Kroger raised its net earnings and same-store sales forecast for the fiscal year.
   
The company earned $501 million in the quarter, up from $481 million in the year-ago period. The payment of $56 million to withdraw from two pension funds negatively impacted Kroger’s net earnings.

Fort Worth, Texas – Promotions took their toll on profitability at Pier Imports Inc. during the first quarter of fiscal 2015. The company reduced its earnings guidance for fiscal 2015.

Net earnings fell 25% to $15.1 million from $20.3 million in the same quarter of fiscal 2014.

Total sales for the first quarter were $419.1 million, a 6.1% increase from $394.9 million in the year-ago quarter. Same-store sales increased 6.3%, attributable to increases in total brand traffic, conversion and higher average ticket.