Mass Merchant

For retail tenants and landlords alike, use and exclusive use clauses, which refer to the terms written into a lease that dictates what is and is not permitted by both parties, are a critically important part of the tenant-landlord relationship and lease negotiation process. It is also a potentially contentious subject that will not only affect a retailer’s operational specifics, but can have a profound impact on the bottom line.   

Macy’s is not joining the ranks of retailers and mall operators who plan to close their doors on Turkey Day.     That’s according to BestBlackFriday.com, which tracks retailers' holiday hours and promotions. The research company said it received confirmation from five U.S. shopping centers that their Macy's locations would open at 5 p.m. Thursday.     

Southfield, Michigan-based Versa Development has purchased Cascade Crossing in Sault Ste. Marie for $11.5 million.    Mid-America Real Estate Corp. handled the sale on behalf of the seller, DDR Corp.   Situated at the junction of Interstate 75 and 3 Mile Road in the Canadian border town, the 276,361-sq.-ft. center is anchored by Kohl’s, J.C. Penney, TJ Maxx, and Jo-Ann Fabrics.  

Thinking about setting up shop between 49th and 60th Streets on Manhattan’s Fifth Avenue? Better be prepared to pay big bucks.   The upper part of Fifth Avenue is the most expensive retail street in the world (based on rental value), with rents rising to a whopping $3,500 per square foot in 2015, according to the 27th edition of Cushman & Wakefield’s report, Main Streets Across The World.  

Clint Pierce is joining Shoe Carnival as its VP, divisional merchandise manager for athletic footwear.   Pierce, who will oversee the athletic footwear category for the entire enterprise, will report to Carl Scibetta, executive VP, chief merchandising officer.    Most recently, Pierce served as senior VP, general merchandise manager for footwear and apparel at Sports Authority.   

Macy’s on Friday became the first department store retailer to open an in-store Apple shop.   The shop is located on the main floor of Macy’s New York City flagship in Herald Square. Similar to in-store Apple shops at Best Buy, it features light wood tables. The product line-up includes iPhones, iPads, MacBooks, and Apple watches.  

Save-A-Lot may be facing a possible spin-off from parent company Supervalu, but the chain is still bullish about its future.    Supervalu is expected to announce the fate of its discount grocery banner next week, the St. Louis Post Dispatch reported, with Toronto private equity firm Onex Corp. the leading bidder if Supervalu does pursue a sale. 

An assessor processes your annually filed personal property tax return and assigns a value based on the cost of and age of your store fixtures. Is that assessment correct?    Increasingly the answer is “no” in a fast-changing retail environment in which online sales are turning in-store shelves into museum pieces. Online sales have increased 75.8%, to $341.7 billion, over the past five years alone. Statista forecasts that to double by 2020.