News Briefs

Global Investment Manager Cohen & Steers and DLC Management Corp.have jointly acquired a two-property open-air shopping center complex in Fayetteville, Ark.

The acquisition is made up of two centers, Spring Creek Centre and Steele Crossing, that encompass 403,000 sq. ft. of retail space. The centers are 95% occupied by tenants that include TJ Maxx, Ulta, Best Buy, Old Navy, PetSmart, and Kohl's. Key anchors Walmart, Home Depot, and Target own their properties.

“Similar to many Sunbelt cities, Fayetteville is benefiting from national migration trends as people move to more affordable and economically attractive residential areas across the country,” said James S. Corl, head of the private real estate group at Cohen & Steers. “We believe the shopping centers are well-positioned in a dominant location to benefit from these tailwinds and we are excited to partner with DLC."

Open-air shopping centers are at their highest occupancy level of the past 16 years at 95.7% nationally, according to CoStar Group, which added that over the last five years, Northwest Arkansas’ population has grown at 4.5 times the national average. 

New York-based DLC has more than three decades of expertise in shopping centers with a focus on open-air centers. The company has a national footprint of more than 70 shopping centers and has
managed Spring Creek Centre and Steele Crossing for more than a decade.

Founded in 1986, Cohen & Steers is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo, and Singapore.

Nordstrom has given one of its executives a new title. 

The upscale department retailer has promoted Alexis DePree to COO.  DePree, who joined Nordstrom in January 2020 as executive VP and chief supply chain officer, will continue to support supply chain operations, transportation, inventory operations, enterprise operations and store operations, but with an expanded title that "better reflects the breadth of the work these teams are doing," the company said in a statement. 
 

“With Alexis's support, our teams have made meaningful progress in several different areas,” Nordstrom stated. “We’ve strengthened our supply chain network, dramatically improved our speed to customers and reduced costs. We continue to make progress implementing RFID technology and creating operational consistency across our stores. As we focus on improving operational efficiency across the business, Alexis and her team will continue to be integral to our success.”

Prior to joining Nordstrom, DePree held senior leadership roles at Amazon and Target in supply chain and distribution management. She holds a Bachelor of Science in industrial engineering from Northwestern University and a Master of Business Administration from Harvard Business School.

For the most recent financial period, Nordstrom reported mixed results with a wider than expected loss but sales that topped estimates. At the end of the quarter, the company operated 264 Nordstrom Rack stores, 93 Nordstrom stores, six Nordstrom Local service hubs and two Last Chance clearance outlets.

JCPenney is featuring a limited-edition assortment of apparel items from designers identifying as members of the LGBTQ+ community.

In recognition of LGBTQ+ Pride Month this June, the department store retailer is releasing its third annual Hope & Wonder Pride Month Collection. Net profits from the assortment will benefit the non-profit Point Foundation, the nation’s largest scholarship-granting organization for LGBTQ students in postsecondary education.

The 2024 collection’s theme is "Standing with Pride," which served as inspiration for the designs developed by JCPenney’s Creative Coalition, a cross-functional team of diverse designers who identify as members of the LGBTQ+ community and are featured in the photoshoot for the collection with members of the Pride business resource team (BRT), an internal group dedicated to creating a more inclusive workplace, and Point Foundation alumni.

Funds donated by JCPenney will support Point Foundation’s Community College Scholarship program. To date, JCPenney has funded 20 community college students throughout the United States.

Hope & Wonder is JCPenney’s private label brand that celebrates cultural observances throughout the year, including Black History Month, Women’s History Month, Asian American and Pacific Islander Heritage Month, Pride Month, Juneteenth, and Hispanic Heritage Month.

In addition to corporate contributions, all net profits from Hope & Wonder sales are donated to nonprofits selected by JCPenney associates. Since Hope & Wonder launched in 2022, JCPenney has invested more than $1 million in Hope & Wonder partnerships.

Hope & Wonder brand campaigns include JCPenney associates, community leaders, and members of the JCPenney Creative Coalition.

JCPenney, which emerged from bankruptcy in late 2020 under new owners Brookfield Asset Management and Simon Property Group, currently operates 650-plus stores across the U.S. and Puerto Rico.

National Outlet Shopping Day, the annual shopping event hosted by Simon’s Premium Outlets and The Mills properties, will take place on June 8 and 9 at Las Vegas North Premium Outlets and Las Vegas South Premium Outlets.

Highlights of this year’s savings that shoppers will find at both centers include:

• Coach: Shoppers can enjoy savings of up to 70% and receive a complimentary fragrance gift with every purchase.
• Adidas Outlet Store: Take an additional 20% off your entire purchase.
• Pandora Outlet: Buy two items and get one free on last chance items.
• Sunglass Hut: Get 50% off the second pair of sunglasses.

In addition to savings, Las Vegas North Premium Outlets will feature on-site activations such as free photo opportunities with Las Vegas Showgirls and an Elvis impersonator, a DJ, a spin-to-win prize wheel, and more.

Meanwhile, Las Vegas South Premium Outlets will offer photo opportunities throughout the center, face painting, balloon artistry, a spin-to-win prize wheel, DJs, and more. 

Simon Property Group’s portfolio of outlet malls includes Woodbury Common Premium Outlets, Orlando International Premium Outlets, Desert Hills Premium Outlets, and Wrentham Village Premium Outlets.

Trademark Property Company has added a new mixed-use center in a premier location.

The real estate firm has announced it will assume management of Legacy Place, a 427,000-sq.-ft. super regional shopping center on 43 acres located in Palm Beach Gardens, Fla. Located in Palm Beach County, the center is anchored by Barnes and Noble, Ethan Allen, The Container Store, Total Wine, Best Buy, The Capital Grill, and more, and also features traditional retail, restaurant, office, health and wellness and service uses to cater to the area’s growing population.

Since 2022, Legacy Place has executed over 96,000 sq. ft. of new leases while making significant streetscape, landscape and access improvements to accommodate demand.

“South Florida continues to experience high growth and demand, and we are thrilled to expand our national portfolio into this thriving market with Legacy Place,” said Nancy San Pedro, senior VP of asset management at Trademark. “We look forward to building on the success Legacy Place has already seen by implementing our proven approach to leasing and merchandising, community-focused programming and creative placemaking strategies.”

Trademark’s mixed-use, retail and institutional services portfolio now spans 18 properties and includes Galleria Dallas, Lincoln Square, Left Bank, WestBend, Waterside, 5000 S Hulen and Alliance Town Center in Dallas-Fort Worth; Market Street – The Woodlands in The Woodlands (Houston); Annapolis Town Center in Annapolis, Maryland; and North Point in Alpharetta (Atlanta); among others.

Direct-to-consumer (DTC) dog supplies retailer Bark, Inc. has added a former leader to its C-suite.

Meghan Knoll will rejoin the company as chief direct-to-consumer officer, effective June 3, and will lead the company's DTC operations. She will report to Bark founder and CEO Matt Meeker.

Most recently, Knoll served as the CEO of Cat Person, a subscription-based cat food company backed by Harry’s Labs. Prior to that, she spent over seven years at Bark, where she held various roles, including general manager of Super Chewer, one of the brand’s subscription programs, and more recently, senior VP of DTC. Before her time at Bark, she held senior roles at Nickelodeon and Viacom.

“On behalf of the entire team, I am thrilled to welcome Meghan Knoll back to Bark,” said Meeker. “During her seven-year tenure with us, Meghan made significant contributions across the organization, including leading our Super Chewer product from inception to becoming our second-largest revenue generator. Meghan will rejoin us to drive accelerated growth of our DTC channel. Alongside Michael Black and Michael Parness, two recent leadership hires, I believe we have an exceptional commercial team poised to drive profitable, long-term revenue growth.”

Founded in 2011, Bark serves pet parents nationwide with themed toys and treats subscription programs, BarkBox and Bark Super Chewer, as well as custom product collections through its retail partner network, including Target and Amazon.

“The team has made impressive progress within the direct-to-consumer channel in the past 18 months,” said Knoll. “I am confident that we are primed to capitalize on that work and drive exceptional new customer experiences and sustainable long-term channel growth.”