Discount Store

Dining and entertainment square footage continues to replace that of department stores in PREIT’s mall portfolio.   Last week the Philadelphia-based developer announced that it had signed leases to fill vacated Sears space at two of its properties. Five Below and an unnamed off-price furniture retailer will join Burlington in the former Sears at the Magnolia Mall in Florence, South Carolina.   

The TJX Companies will debut a new, off-price home store concept in August.    HomeSense will open its initial U.S. location on  August 17, in Framingham, Mass.  Three additional stores are planned by the end of 2017, with locations in East Hanover, N.J., Ocean Township, N.J., and Westwood, Mass.  

Ross Stores continues to build out its store footprint at an aggressive pace.   The off-price retailer opened 21 Ross Dress for Less stores and seven dd's Discounts locations across 15 different states in June and July. The openings are part of the company's plans to add approximately 70 Ross and 20 dd's locations in 2017.   

Chain Store Age’s “Fastest-Growing Acquirer” for 2016 continues to be hard at it in 2017.   Phillips Edison has purchased Sierra Del Oro Towne Center in Corona, California, about midway between Los Angeles and Palm Springs, for $28.6 million, it was announced this week.  

A wholesale club giant beats out specialty retailers to rank as the nation's favorite home furnishings retailer.    Costco Wholesale Corp. is ranks first among consumers when it comes to home furnishings, according to a study by Market Force Information. With a composite loyalty score of 72%, Costco earned the top spot. But Ikea was a close second, with a score of 70%.    

An uptick in college student enrollment will give a big boost to retailers' second biggest shopping season.    Combined back-to-school and back-to-college spending is projected to reach $83.6 billion, up more than 10% from last year’s $75.8 billion, according to the National Retail Federation’s annual survey conducted by Prosper Insights and Analytics.   

Walmart is making it easier for parents to stay on their game during this year's back-to-school shopping season.   According to the National Retail Federation, this year's season is expected to be a strong one and start early. Walmart is rolling out new services to help shoppers easily find what they are looking for — in stores and online.  

Retailers who wait until late summer this year to launch back-to-school deals are only hurting themselves, because early shoppers will spend more than late starters.    That's according to Deloitte's "2017 Back-to-School Survey," which also detected a big shift in where back-to-school will be shopping this year. One thing that hasn't changed: In-store still prevails.