Department Store

After nearly 50 years of ownership, the Carl M. Freeman Companies has sold the Cabin John Shopping Center and Mall in Potomac, Maryland, to Edens for $165 million.   Freeman parted with a property that it built in 1968 in order to amass capital for other projects, according to CEO Michelle Freeman, who assumed the helm of the company after her husband, Josh, perished in a helicopter crash.  

Bed Bath & Beyond Inc. reported less-than-expected earnings for its third quarter, hurt by continuing higher expenses and flat sales.   The retailer’s profit dropped to $126.4 million or $0.85 per share, from $177.8 million or $1.09 per share in the year-ago period.    Sales inched up 0.1% to $2.96 billion, also lower than expected.  

Finish Line missed analyst estimates for third quarter earnings, an issue the company blames on declines in its apparel and accessories categories.   The athletic specialty retailer reported revenue of $371.1 million for the 13 weeks ended Nov. 26, 2016. While this is an increase of 3.0% over the prior year period, it falls short of the consensus estimate of $411.61 million.   

While Finish Line notched up reasonable overall sales growth in its third quarter, this has been overshadowed by both very weak comparables and an almost doubling of net losses to $40.4 million.     Overall, the results are markedly worse than last quarter when total sales grew by 5.4%, aided by a 5.1% growth in comparables.  

Christmas Eve may only be a mere three days away, however 20% of adults plan to shop for holiday gifts or holiday-related items that day.   That’s according to “The 2016 ICSC Super Saturday study,” which was conducted by the International Council of Shopping Centers (ICSC) from December 8-11, 2016. The survey comprises responses from 1,025 adults of 18 years of age and older.  

Limited Stores LLC is planning to file for Chapter 11 bankruptcy protection within weeks, Bloomberg reported, and will most likely liquidate its business.  

Upscale brands are grabbing the attention of holiday procrastinators.   Three in 10 shoppers are still scrambling to finish holiday shopping, according to the National Retail Federation, and many are jumping online in search of their perfect, albeit “last minute” holiday gifts.   

Across the United States, cities have been experiencing a development resurgence. Legions of Americans are departing suburbia and returning to urban environments, with millennials leading the migration. Young adults are abandoning the suburban subdivisions they grew up in for denser, more vibrant urban settings. Consequently, once-empty lots, city blocks, and otherwise underutilized properties are being replaced with multi-use buildings that can accommodate new residences, office space, and retail.