Department Store

“Now Trending” is an exclusive online series to chainstoreage.com, featuring trending topics that impact the retail real estate landscape.

In the final push to capture last minute sales, Macy’s has resorted to giving away $4.5 million in cash to customers at its stores across the country.

The promotion, which was not offered last year, was announced in a press released distributed at noon on Saturday, Dec. 19. The company said it would distribute $10 gift cards to the first 250 customers at 600 of its stores from Sunday, Dec. 20 through Tuesday, Dec. 22. The cards are only redeemable in store and must be used during the three day promotional window.

Springfield, Va. -- PREIT announced that Springfield Town Center in Springfield, Virginia, has recorded $505 PSF in sales for tenants less than 10,000 sq. ft. open during the center's first full year of operation, 18% above the company's portfolio average as of September 30, 2015.

The newly redeveloped 1.35 million sq. ft. regional mall was acquired by PREIT March 2015 and celebrated its grand re-opening in October 2014 after undergoing a dramatic renovation and rebranding.

Mahwah, N.J. – It took close to a year, but Ann Inc., owner of the Ann Taylor and Loft banners, has followed the wishes of major shareholders including Engine Capital LP and Red Alder LLC and agreed to an approximate $2.15 billion buyout from specialty apparel rival Ascena Retail Group Inc. Ascena, whose store brands include Lane Bryant and Dressbarn, will acquire Ann Inc. for $47 in cash and stock per share, a 21% premium over Ann Inc.’s May 15 closing price.

Westfield Corp. announced Monday it has sold five of its U.S. shopping malls — totaling more than 6 million sq. feet of retail space across four states — to help fund a property development program. The move is line with the company’s recent strategy to focus on its flagship assets, which include the new World Trade Center mall, due to open in spring 2016.

Buy online, pick up in store capabilities are being rolled out to all of Kohl’s nearly 1,200 stores this spring after a successful 100 store pilot program during the holidays.

And that just the beginning of the digital initiative the company has planned.

The addition of pick up in store to Kohl’s omnichannel offering puts the retailer on equal footing with others in the industry who have recognized in store pick up has quickly become a basic expectation shoppers have of retailers who operate physical stores.

I hate to be the bearer of bad tidings, especially during the season to be jolly, but I’m a realist. And though I wish happy holidays for all, I must tell mall retailers to steel themselves for another disappointing holiday season. Deloitte is expecting seasonal sales growth of 3.5% to 4% this year, ahead of inflation but below the 5.2% growth of last year — but don’t expect malls and department stores to see that growth. A disproportionate share of holiday sales will go to the humble discount stores, far away from the fancier shopping centers.

Click and collect services are designed to provide an omnichannel shopping experience that combines the simplicity of ordering online and the immediacy of in-store pickup. But according to the Washington Post, this holiday season many retailers’ click and collect offerings have left much to be desired. [Washington Post]