Apparel

Encina Business Credit, has provided a $30 million debtor-in-possession (DIP) facility to American Apparel, which recently filed for Chapter 11 bankruptcy protection.   

It’s an odd partnership — at least at first glance.   Neiman Marcus has entered into a partnership with Rent the Runway, which lets shoppers rent pricey designer dresses as opposed to buying them (at a luxe store like Neiman Marcus).       

The 400,000-sq.-ft. retail component of The Source, a new mixed-use project in Buena Park, California will be opening next month, according to developer M+D Properties.   A highlight of the center will be the nation’s first CGV Cultureplex, a concept pioneered by the South Korean movie theater chain CJ CGV. It features 4DX theaters with motion seats and ScreenX, which employs six screens and projectors to surround viewers with movie images.  

Rental values on the two most expensive retail streets in the world have decreased as retailers balance the demands of physical and online shopping.   The upper part of Fifth Avenue (49th to 60th Streets) in Manhattan narrowly beat out Hong Kong’s Causeway Bay in DTZ/Cushman & Wakefield’s annual Main Streets Across the World report, which tracks 462 of the top retail streets around the globe, ranking them by their prime rental value.    

The Mall at Prince Georges in suburban Washington, D.C. will welcome a 16,000-sq.-ft. DSW location and an 11,000-sq.-ft. ULTA in second quarter 2017. The signings are part of PREIT’s ongoing strategic plan to re-outfit its centers with “in-demand” retailers.   “The property has just begun its transformation into an elevated, vibrant shopping and dining destination commensurate with the development that has occurred in the surrounding area,” said Joseph F. Coradino, CEO of PREIT.  

In a good omen for the upcoming holiday season, consumers spent more than expected in October, as U.S. sales rose more than expected.        Retail sales increased by 0.9% over September and grew 2.2% on a year-over-year basis, according to the National Retail Federation. The calculations excluded automobiles, gasoline stations and restaurants.  

Gap Inc. has appointed Teri List-Stoll as executive VP and CFO, effective January 17, 2017.   List-Stoll will succeed Sabrina Simmons, whose departure was previously announced. Simmons will shift into an advisory role through the end of the company’s fiscal year.     Most recently, List-Stoll held the position of executive VP and CFO for Dick’s Sporting Goods. She left Dick’s in August 2016.     

Macy’s is expanding its off-price concept, Macy’s Backstage, in a pop-up format.   In a test, the department store retailer is placing Backstage pop-ups in 45 existing Macy's stores in time for the holiday shopping season, the Cincinnati Business Journal reported.