Discount Store

I’m sure I’m not the only one who has some pretty vivid memories of back- to-school shopping: getting dragged out alongside my mother to buy new outfits and a few No. 2 pencils. Now, it seems like everyone in the retail world is finding a way to join the party.

Parma, Ohio — Phillips Edison & Company has broken ground on The Shoppes at Parma — formerly Parmatown Mall. Phase I will focus on infrastructure. Work will include new lighting, new sidewalks and the restoration of the parking lots. In addition, the contractor will prepare out-parcels for development. Phase I will wrap up this fall.

New York -- Starwood Capital Group LLC, the investment firm headed by real estate developer Barry Sternlicht, has joined the bidding for Saks Inc., according to a report by the New York Post. Starwood Capital invests in retail, office and residential real estate.

The bid by Starwood is worth about $2.5 billion, or $17-$18 per share, according to the report. The amount is roughly equal to a previously existing bid from Canadian retail conglomerate Hudson’s Bay, which also owns the Lord & Taylor department store chain.

Columbus, Ohio — Glimcher Realty Trust has released the tenant list for The Outlet Collection | Seattle, which is nearing completion of a major, $35 million renovation. The renovation is transforming the center into a designer fashion outlet mall.

The tenant list includes several retailers new to center. They are Coach, Nike, Michael Kors, J. Crew, Brooks Brothers, Loft Outlet, H&M and Sketchers.

Boston -- Although Target has narrowed Walmart’s basket advantage, the world’s largest retailer continues to demonstrate its price advantage, according to Kantar Retail’s semi-annual pricing study.

With an overall branded basket 2.4% less expensive than Target’s, Walmart’s overall price gap has still remained within a few percentage points of Target’s, although its lead has narrowed since the last iteration of the study. Importantly, Target’s edible basket was within cents of Walmart’s.

Washington, D.C. – Compared to a record-breaking back-to-school shopping season in 2012, this year’s back-to-school season will not be as impressive. New figures from the NRF and Prosper Insights show that families with school-age children will spend an average $634.78 on apparel, shoes, supplies and electronics, down about 8% from $688.62 last year. Total spending on back-to-school is expected to reach $26.7 billion.

Seattle -- Nordstrom has announced plans to open a 35,000-sq.-ft. Nordstrom Rack at Palm Beach Outlets now under construction in West Palm Beach, Fla., in the fall of 2014.

Given the choice of shopping at only one retailer for the rest of their lives, millennial parents chose Walmart over several other popular retailers.
The study of the millenials, those age 25 to 34, was conducted by Vision Critical, and not surprisingly showed the demographic group changed purchasing habits and behaviors after starting a family.