Mass Merchant

New Century Commons, a shopping center in Delray Beach, Florida, has been purchased by Menin Development for $33 million, according to a report in the Sun Sentinel.

Seller of the 84,551-sq.-ft. center was Linton 510 LLC, which faced uncertainty over the future of one of its anchors, Sports Authority, which filed for bankruptcy in March. Questions about cash flow going forward complicated the closing of the sale, though a Menin spokesman told the South Florida newspaper that several retailers have inquired about the Sports Authority space.

Macerich’s new outdoor shopping complement to Green Acres Mall in Valley Stream, N.Y., just got three steps closer to a full house for its planned grand opening this fall. 24-Hour Fitness, Sonic Drive-In, and Ulta Beauty have all committed to space at Green Acres Commons, a 335,000-sq.-ft. retail center.  

The recent vote by the United Kingdom to leave the European Union will have the biggest retail impact on companies that have high U.K. exposure, including U.S. off-price giant TJX Cos., MarketWatch reported.    Swedish fast-fashion giant H&M is also among the retailers to be most impacted. The United Kingdom is the company’s third largest market, behind Germany and the United States. 

For the third year in a row, Walmart hosted more than 450 entrepreneurs during the company’s “Made in the USA” Open Call event held Tuesday, June 28 at its corporate headquarters in Bentonville, Arkansas. The event, part of Walmart’s fourth annual U.S. Manufacturing Summit, is designed to find products made, assembled or grown in the U.S.  

The demise of the American mall is greatly exaggerated, held Sandler O’Neill analyst Alexander Goldfarb during a discussion of Brexit on CNBC.   “Dead mall stories are great, but when it comes time to drive earnings cash flow in stocks, that’s where those big powerhouse malls show through,” Goldfarb said. “For the global investor looking for safety and security, [it’s] U.S. real estate.”  

If you want to ferret out the hottest new concepts in retailing, head to the coolest streets in the city, not the suburban mall. So states a new report from Cushman and Wakefield, which rated the 100 hippest and edgiest neighborhoods in America based on assessments from its brokers, appraisers, and property managers nationwide.  

Retail store expansion could get a boost from lower rents in the next 12 months as real estate investment trusts react to volatility in global financial markets, according to Pacific Investment Management Co.   In a report titled, “U.S. Real Estate: A Storm Is Brewing,” PIMCO portfolio managers John Murray and Anthony Clarke forecasted a drop of as much as 5% in commercial real estate prices due to a confluence of factors including public market volatility, tightened regulations, and uncertain foreign capital flows.

Walmart Canada has appointed Lee Tappenden, COO, Walmart Canada to the position of president and CEO, Walmart Canada, effective Aug. 15.   Tappenden joined Walmart in 1996 and has held a number of global leadership roles with the company, including chief merchandising officer with Walmart Japan and VP of merchandising for the international division.