Department Store

Los Angeles — Retail rents in the world’s most expensive markets will rise further in 2014 due to a shortage of available prime locations combined with a lack of new development, according to CBRE Group’s third quarter report on the world’s prime global retail markets.

Hong Kong (US$4,333 per sq. ft.) remains the world’s most expensive retail market by a substantial margin. Hong Kong houses the highest representation of luxury retailers among all global cities. With a healthy tourist market and a lack of available space.

Genesco, the company behind Lids and Journeys, is the latest company to express concern about the holiday season and lower fourth-quarter expectations after producing a solid third-quarter performance.

Charleston, S.C. -- Despite some early negative reaction to stores opening on Thanksgiving, shoppers ultimately embraced the idea of an extended “Black Friday” and came out for a full weekend of spending, according to the Christmas & Holiday Shopping Forecast released by America's Research Group and Inmar. Survey results show almost three-quarters of shoppers spent part of at least one day of the weekend in stores.

Hoffman Estates, Ill. — In a not-so-unexpected move, Sears Holdings Corp. on Friday said it had filed to spin off its Lands' End unit.

Sears has been selling or spinning off assets during the past few years as it struggles to turn around its business. The company sold its Orchard Supply Hardware Stores and its Sears Hometown and Outlet Stores businesses last year. In October, Sears said it would consider strategic alternatives for its line of auto centers. Sears also is selling some store leases in Canada.

Quebec City, Quebec – La Maison Simons will open a 113,000-sq.-ft. flagship at Square One Shopping Centre in Mississauga, Ontario in spring 2016. The two-level Simons store will be the retailer’s first store in Ontario and represents a $52 million investment and will occupy a large portion of the existing Sears store as part of Square One's ongoing development projects.

The Model S is the world’s first premium sedan built from the ground up as an electric vehicle and has been engineered to elevate the public’s expectations of what a premium sedan can be. Model S has received many of the industry’s most prestigious awards and accolades during its first year on the market.

Houston — Simon Property Group has announced four new leases for The Galleria in Houston.

Rolex will open an 1,800-sq.-ft. store next summer in Galleria I. Taking 2,815 sq. ft. Tourbillon will open its first Houston store in Galleria II in the early summer of 2014. Tod’s will debut in Houston with a 2,000-sq.-ft. store opening in Galleria I in early summer 2015. Trina Turk will open a 1.400-sq.-ft. store in the fall of 2014 in Galleria I.

The retail industry will lose an estimated $8.76 billion to return fraud this year, and $3.39 billion during the holiday season alone, according to the National Retail Federation’s 2013 Return Fraud Survey. Overall, 5.8% of holiday returns are fraudulent, up slightly from 4.6% last year.