Retail

Irvine, Calif. -- Hanley Investment Group announced that Ed Hanley, Kevin Fryman and Eric Wohl negotiated the sale of an 88,000-sq.-ft. Kohl's Department Store, located in the Los Angeles area. The single-tenant triple-net leased property sold for $21,950,000, representing a historic national record-breaking low cap rate of 4.80%. 



Washington, D.C. -- Consumers are opening up their pocketbooks for St. Patrick’s Day, according to the National Retail Federation’s St. Patrick’s Day Spending Survey.

The survey, conducted by Prosper Insights and Analytics, finds that nearly 127 million Americans are planning to celebrate the traditional Irish holiday and will spend an average of $36.52 on green garb, festive food and more, compared to $35.78 last year.

Dallas -- Trademark Property Co., the operating partner for The Shops at Highland Village, has announced a multi-million dollar renovation of the 352,000-sq.-ft. shopping center that includes enhanced common area improvements, upgraded landscaping, new amenities for adults and children, updated facades, and new signage throughout the property.

New York -- Coach announced it will open its first Paris flagship, timed to coincide with the brand’s 75th anniversary. The store, located on the famed Rue Saint-Honoré, is expected to open this fall.

Irving, Texas – The Michaels Companies Inc. has launched online arts and crafts classes taught by instructors and industry experts through an exclusive partnership with Creativebug, a subscription-based provider of online DIY instruction. Accessible anytime, anywhere, the video classes provide the novice crafter with basic techniques, such as beginning calligraphy and paper crafting, while also teaching more advanced skills and projects.

New York -- Bealls Inc., the 100-year-old Florida-based department store retailer, is developing a specialty store concept, called Bunulu, which will debut by the end of 2015.

The new banner, which already has its own website, Bunulu.com, will target a younger demographic, and feature coastal-inspired active lifestyle apparel and accessories for both men and women. National brands will be featured.

Sunbury, Pa. – Decreasing pretax income helped reduce net income at Weis Markets Inc. 12% to $13.9 million in the fourth quarter of fiscal 2014 from $15.7 million in the year-ago period. Net sales rose 4% to $713.8 million from $686.4 million, while same-store sales increased 3.5%.

The company attributed its sales increases to its pricing programs, which were fully implemented in the first quarter. Its results also benefited from strong sales increases in pharmacy, HBC and its fresh departments.

New York – A Dutch court has reportedly set aside a $449.5 million arbitration payment Tiffany & Co. had been ordered to make to Swiss watchmaker Swatch Group AG in December 2013. According to the New York Times, a three-member panel of judges ruled in favor of a counterclaim Tiffany filed in March 2014.