Department Store

Wilder Companies executives have an image upgrade in mind for the Nod Brook Mall in Avon, Connecticut, a 100,000-sq.-ft. open shopping center they bought this week. The affluent bedroom community outside Hartford boasts an average household income of almost $160,000, according to Wilder, which will recast the center as The Shops at Nod Brook.  

From investments to support omnichannel initiatives to energy efficiency programs and equipment upgrades, prioritizing and approving capital expenditures has become increasingly complex for retail CFOs.

“Retail CFOs are performing a high wire balancing act these days,” said Rod Sides, vice chairman and retail and distribution practice leader for Deloitte. “Online sales are growing while the traditional business is flat to declining, but still accounts for 80% of the revenue.

Amazon Books is headed to Hudson Yards, the massive redevelopment underway on New York’s west side, according to a report in the New York Post.   The online retailer debuted its bricks-and-mortar retail format last November, at University Village in Seattle, and is set to open a second location, in San Diego, this summer. A third location, at Washington Square Mall, in Tigard, Oregon, is expected to open this fall. The Hudson Yards location would be Amazon’s East Coast beachhead.  

Entertainment concepts are the future of retail fun

Retail has been the foundation of shopping centers throughout their existence, but new entertainment concepts are making inroads in traditional retail venues.

Even in mixed-use venues, it’s generally accepted that a critical mass of traditional retail is the highlight, and that other uses are complementary pieces, designed to drive traffic and support the retail component.

The J.C. Penney Co Inc. is reportedly developing a new IT facility in a popular overseas location.   

Macy’s may be flailing, but the department store icon can’t be accused of taking its struggles lying down. As sales were falling 7.4% in the first quarter of 2016 (numbers that represented the fifth straight quarter of declining sales, and capped off a year in which Macy’s stock prices were nearly halved at 47%), Macy’s continues moving forward on plans to roll out its new off-price Backstage concept – both as a series of new stand-alone stores and as in-store locations integrated inside a number of existing Macy’s stores.

Racine, Wisconsin’s planning commission has overturned the local Regency Mall’s policy to suit the signage requirements of new retailers there, according to a report in The Journal Times.   When J.C. Penney closed its doors at the CBL & Associates-owned mall, the vacant space was favorably distributed among three new tenants. All three, however, had issues with the space allotment for their signs.   

Parents are increasing their back-to-school budgets, although overall spending is stagnant compared to recent years.   According to a new survey of 1,830 U.S. parents of elementary through college students by Mintel, 52% of respondents plan to spend more on back-to-school (BTS) shopping than in 2015. Only 4% plan to spend less, with 44% planning to spend the same. However, overall planned BTS spending dropped to $68 billion in 2015 after ranging from $73 - $76 billion annually from 2010-2014.