Department Store

Dining and entertainment square footage continues to replace that of department stores in PREIT’s mall portfolio.   Last week the Philadelphia-based developer announced that it had signed leases to fill vacated Sears space at two of its properties. Five Below and an unnamed off-price furniture retailer will join Burlington in the former Sears at the Magnolia Mall in Florence, South Carolina.   

Gen Z shoppers are gearing up to hit the stores for back-to-school purchases — and their top destination is Walmart.    Thirty-six percent of boys and girls cite Walmart as their first choice for back-to-school shopping, more than double that of any other retailer, according to a survey conducted by strategic retail advisory firm HRC Retail Advisory.    

Retailers who fail to promote back-to-college offers and savings this year do so at their own peril.   

The TJX Companies will debut a new, off-price home store concept in August.    HomeSense will open its initial U.S. location on  August 17, in Framingham, Mass.  Three additional stores are planned by the end of 2017, with locations in East Hanover, N.J., Ocean Township, N.J., and Westwood, Mass.  

Beleagured Sears Holdings is borrowing yet more money from CEO Eddie Lampert's hedge fund.    Lampert's hedge fund, ESL Investments, has agreed to give the company a new line of credit, valued at $200 million. On July 13, Lampert's ESL Partners entered into a short-term line of credit loans, which carry a maturity date of 151 days and a fixed interest rate of 9.75% per year, Sears said.  

Ross Stores continues to build out its store footprint at an aggressive pace.   The off-price retailer opened 21 Ross Dress for Less stores and seven dd's Discounts locations across 15 different states in June and July. The openings are part of the company's plans to add approximately 70 Ross and 20 dd's locations in 2017.   

It's a nightmare for brides-to-be.  

Retail tenant specialist Jack Gray has joined Mid-America Real Estate’s Minnesota operation. He will be representing clients that include Starbucks, Buffalo Wild Wings, and Mills Fleet Farm.   Gray arrives at Mid-America from an internship on Cushman & Wakefield Northmarq’s industrial brokerage team.   Gray is a recent graduate of University of St. Thomas, where he earned a Bachelor’s degree in marketing.