Department Store

Regency Centers, a major player in grocery-anchored centers with 307 properties, and Equity One, owner of 98 retail properties, have signed an agreement to merge. Regency will continue as the surviving public company and, it claims, assume the position as the largest shopping center real estate investment trust.   The combined company is expected to have a total market capitalization of approximately $15.6 billion.   

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.  

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.  

Shopko, in partnership with First Bankcards, is launching its first private label credit card program.   The new Shopko Credit Card, which can be used at any Shopko throughout the United States, will offer discounts, periodic deferred interest promotional financing offers and automatic gift card rewards, in addition to in-store instant approval.   

The CFO of Neiman Marcus has resigned after 15 months on the job.   Donald Grimes has resigned as COO and CFO of the luxury retailer, effective immediately. No reason was given for his departure. But in an SEC filing, the company said Grimes's resignation "was not the result of any disagreement regarding any matter" related to its "operations, policies or practices."   Grimes joined Neiman Marcus in June 2015, after a seven-year stint at Wolverine World Wide where he was CFO. 

Macerich is rolling out a plug-and-play concept that allows it to bring new retailers to its centers in a most untraditional way.    The mall owner announced it is expanding its portfolio for WithMe, an interactive physical store platform that allows brands to set up  limited-time shops in a most expedient way. WithMe offers brands a fully portable, pre-fabricated and high-tech retail environment that blend the best of online and offline shopping.    

Kenneth Cole is closing all its stores in outlet centers.   The company plans to shutter its 63 outlet stores within the next six months, Bloomberg reported. The move will leave the brand with two brick-and-mortar stores, both full priced, with one in downtown Manhattan and the other in Arlington, Va.  

Barneys New York is charting a different course this holiday season.   The luxury retailer is known for its satirical, often outrageous holiday window displays. But this year Barneys’ windows, in response to what it called “the world's current climate of chaos and divisiveness,” will be built around the themes of love, peace and joy.