Department Store

Philadelphia -- PREIT announced it has completed the sale of four additional non-core malls. This is a milestone achievement for the company that signifies the near-completion of non-core mall disposition effort with one remaining mall being marketed for sale.

Mall disposition transactions include:
• Lycoming Mall in Pennsdale, Pennsylvania, anchored by J.C. Penney, Sears, Bon-Ton and Macy's sold for $26.35 million.

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For retail analysts and consumers alike, what’s going on in the apparel sector is fascinating and, in fact, confounding. While the root causes may not seem exactly crystal clear, the implications will be clear and unambiguous.

To sophisticated landlords and property managers, co-tenancy provisions contained in commercial leases are routine and (relatively) unexciting. Unfortunately — and perhaps as a result — such clauses are often overlooked. But a co-tenancy default can have a significant impact on a landlord’s bottom line, so landlords and their agents who manage their properties should understand how these provisions operate and the remedies to which a tenant is entitled in the event of a default.

Macy’s CEO and other top executives are feeling the pain of the chain’s disappointment financial performance in 2015. The board decided to award no bonuses after the chain fell short of its sales, cash flow and earnings goals, Macy’s said in a regulatory filing, according to Bloomberg. [Bloomberg]

If the major suppliers of soft goods such as clothing and accessories to retail stores are a bellwether of the economy, then the coming months are looking to provide a jolt as 75% of these suppliers expect retail sales to significantly outpace the gross domestic product for the spring and summer shopping season.

That’s one of the major findings of a new survey conducted by Capital Business Credit.

As it moves to distance itself from the turbulence that marked its past two years, American Apparel Inc. has named three apparel industry executives to its revamped board of directors.

The retailer, which emerged from bankruptcy protection in February, appointed Paul R. Charron, former CEO of Liz Claiborne, as chairman, the Los Angeles Times reported.

Ross Stores has ambitious store expansion plans for 2016—and sees plenty of potential beyond that.

The off-price retailer opened a total of 22 Ross Dress for Less and six dd’s Discounts stores across 15 different states in February and March.

The new locations are part of the company’s 2016 expansion plans to add approximately 70 Ross and 20 dd’s Discounts locations throughout the year.

Philadelphia -- CBRE Group announced that Steven H. Gartner has been appointed to managing director of retail for the Greater Pennsylvania Region. Gartner will lead CBRE’s retail brokerage platform throughout the region, driving growth and creating a cohesive and collaborative service offering for retail clients, as well as continue to actively maintain strategic client relationships both in Philadelphia and across the country.