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Carrefour to purchase 127 European shopping malls
Paris -- French retailing giant Carrefour has joined an investment group aiming to acquire more than a 100 shopping malls in France, Spain, and Italy.
According to a New York Times report, the $2.7 billion deal will add 127 malls to Carrefour’s current 45-mall portfolio. The plan is to create a new, separate property company in which Carrefour would hold a 42% stake. Institutional investors would hold the rest.
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Retailers may have happy holiday after all
More Americans now say they are loosening the purse strings in advance of the holiday season, and fewer say they are tightening their belts, according to a recent Citi national survey.
Only 35% said they would be spending less than last year, reflecting the lowest level of holiday budget cutbacks since the financial crisis. As many as 63% of Americans plan to spend more (11%) or the same (52%) on holiday shopping this year.