Mass Merchant

More than 100 retailers and trade associations, including Walgreens Boot Alliance, Rite Aid, Walmart and Target, have joined the Americans for Affordable Products coalition in an effort to stop the Border Adjustment Tax, otherwise known as BAT, which is a component of the U.S. House Republican tax reform proposal.  

Levin Management Corp. has been named as the exclusive managing agent for two New Jersey shopping centers — Raintree Towne Center in Freehold and Mansfield Plaza in Hackettstown.   The 134,000-sq.-ft. Raintree is anchored by a Stop & Shop supermarket and includes CVS, Starbucks, and Hallmark. It is located on Route 537 near the CentraState Medical Center and Freehold Raceway Mall.   Mansfield Plaza, a 156,000-sq.-ft. property, features a 14-screen Cinepolis complex and a ShopRite supermarket.

Dillard’s has signed an agreement to move into a shuttered Macy’s store at the Layton Hills Mall in Layton, Utah, north of Salt Lake City. Construction on the 160,000-sq.-ft. site is set to begin in April, looking toward a fall 2017 opening.  

A blockbuster deal in retail could be on the horizon. Or not.   Canada’s Hudson's Bay Company has approached Macy’s about a takeover, reported The Wall Street Journal, citing people familiar with the matter.   The talks between the companies are in the early stages and could lead to something other than an acquisition, according to the Journal, such as a deal for Macy’s real estate, which could be valued at roughly $14 billion. The talks could also go nowhere.

Walmart continues to test new store concepts.    The chain has opened a 2,500-sq.-ft. convenience store, complete with a fuel station, in Rogers, Ark., at the entrance of a Wal-Mart Supercenter, The Northwest Arkansas Democratic Gazette reported.   

Amazon had a very good holiday, but wasn’t quite as stellar as the Street predicted.   The retail giant’s net sales increased 22% to $43.74 billion in the fourth quarter, lower than analysts had expected. The company’s outlook for the fourth quarter also fell short of expectations.   Net income, however, surpassed analysts’ estimates, and jumped to $749 million, compared to $482 million in fourth quarter 2015.  

CBL has worked out sales-leaseback deals with Sears Holdings to take ownership of five Sears department stores and two Auto Centers located at company malls in the Southeast. The deal was consummated for $72.5 million.  

Acquisition-minded Inventrust Properties has announced the purchase of two adjoining centers in Pembroke Pines, Florida, for a total of $163 million. Following completion of an expansion project later this year, the two will total 389,000 sq. ft.   The dominant Westfork Plaza is anchored by Costco and Regal Cinemas and includes Ross Dress for Less, T.J. Maxx, and Petco. The adjoining Paraiso Parc is a Publix- anchored center with restaurants including Firehouse Subs and necessity-based retail.