News Briefs

A 121,000-sq.ft. open-air shopping center in the St. Louis suburbs has new owners.

Des Peres Corners has been acquired by Cohen & Steers Income Opportunities REIT (CNSREIT) and Phillips Edison & Company, Inc. The acquisition was made through a programmatic joint venture targeting $300 million in equity and owned 80% by CNSREIT and 20% by PECO.

Located in Des Peres, Mo., Des Peres Corners was built in 2009 and is anchored by a 74,000-sq.-ft. Schnucks grocery store. The property is 90% occupied, with other tenants including local business and well-known eateries such as Five Guys and Jimmy John’s. Des Peres is recognized as a top suburban market for its proximity to high-profile employers in the area, 30 colleges and universities and a highly-rated local school system.

The joint venture between the two real estate firms will focus on grocery-anchored open-air centers. Open-air shopping centers are at their highest occupancy level of the past 16 years at 95.7%, according to real estate analytics provider CoStar Group.

"We are pleased to partner with CNSREIT on this joint venture and first acquisition,” said Jeff Edison, chairman and CEO of PECO. “This joint venture increases PECO's access to growth capital and increases the acquisition universe available to us. We believe this joint venture will generate attractive returns for both partners."

As of March 31, 2024, PECO managed 304 shopping centers, including 284 wholly-owned centers comprising 32.4 million sq. ft. across 31 states, and 20 shopping centers owned in one institutional joint venture.

Consumers will soon need an appointment to shop in the Saks Fifth Avenue store on Post Street in San Francisco’s Union Square. 

The news was confirmed in a report by The San Francisco Examiner, which said that the move to appointment-only shopping is set to start on Aug. 28.

 “We’re always looking for innovative ways to optimize our store experience to match luxury consumers’ evolving expectations, including meeting our customers where and how they want to shop with us,” a spokesperson for the luxury retailer told the Examiner in a statement.

“We look forward to serving our San Francisco customers with this new experience,” the spokesperson said, adding that the switch is “enabling associates to offer customers more refined services tailored to their preferences.”

[READ MORE: Closures take S.F. retail vacancies to a record high in Q1]

The move comes as a host of different retailers — from Nordstrom to Anthropologie — have closed stores in the downtown area amid declining customer traffic and reports of crime. The Union Square area has a 20.6% retail vacancy rate, according to the Examiner.

People who purchase a new appliance primarily because of the price are far less satisfied than those who purchase for long-term benefits such as energy savings or a product guarantee/warranty.

That’s according to the J.D. Power 2024 U.S. Appliance Satisfaction Study which found that consumers who purchased for short-term savings because of a sale have an overall satisfaction of 714 (on a 1,000-point scale) and those who purchased because the product was environmentally friendly or had a warranty or guarantee have an overall satisfaction of 777 and 770, respectively. 

Additionally, only 38% of those who purchased for price say they “definitely will” purchase the same brand again compared to 56% for those who purchased because the appliance was environmentally friendly.

When it comes to retailers, Costco (718) ranks highest in customer satisfaction among appliance retailers, followed by The Home Depot (716) and P.C. Richard & Son (709).

“Buying a home appliance based on price is similar to purchasing a plane ticket,” said Michael Taylor, senior managing director of retail intelligence practice at J.D. Power. “When people purchase on a discount or at low-end prices, it does not guarantee high satisfaction. Saving a buck on a durable good purchase today often comes at the expense of long-term satisfaction when buying a home appliance.”

Samsung led all other brands in the appliance categories, including cooktops, freestanding range; wall over-the-range microwave, front-load as well as top-load clothes washers; clothes dryers and refrigerators. KitchenAid ranked highest in customer satisfaction among dishwashers.

The 2024 Appliance Satisfaction Study is based on 15,917 evaluations from customers who purchased home appliances during the past 12 months. The study was fielded from January through March 2024.

Michaels is expanding its delivery options through new partnerships with DoorDash and Uber Eats.

In the coming weeks, customers across the United States will be able to shop Michaels’ assortment of arts and crafts supplies and componentry, home decor, party planning essentials and more on both platforms and enjoy same-day delivery from more than 1,200 store locations. In addition to DoorDash and Uber Eats, Michaels will continue to offer same-day delivery through Instacart.

“Convenience, choice, and flexibility are central to a best-in-class omnichannel experience, and it's more important than ever to deliver on that promise to our customers,” said Heather Bennett, executive VP of marketing and e-commerce at Michaels “Our partnerships with DoorDash and Uber Eats enable us to expand our same-day delivery offering, making our assortment available wherever and however customers want to shop while reaching new audiences and adding value for core customers.”

[READ MORE: Michaels turns physical stores into omnichannel supply chain hubs]

The delivery news follows other recent enhancements to Michaels’ customer experience including lowering prices on over 5,000 items, launching birthday parties and expanded class options, and further evolving the MakerPlace platform for both buyers and sellers.

Michaels operates over 1,300 stores in 49 states and Canada.

Alabama-based Hibbett has new owners.

The athletic-inspired fashion retailer has completed its acquisition by U.K.-based global sportswear giant JD Sports Fashion plc in a transaction valued at approximately $1.1 billion. Hibbett is now part of JD and will no longer be a stand-alone publicly traded company. 

Mike Longo will continue as president and CEO of Hibbett and Jared Briskin will assume the role of COO. The company will maintain its corporate headquarters in Birmingham, Ala.

The acquisition significantly boasts JD Sports' U.S. footprint, giving it a national presence. As of May 4, Hibbett operated 1,169 namesake, City Gear and Sports Additions stores in 36 states nationwide.

[READ MORE: Hibbett partners with Walmart, Salesforce for online delivery]

“Hibbett and City Gear will continue to have significant growth opportunities thanks to our strong vendor relationships with highly coveted brands, best-in-class omni-channel platform and efficient supply chain operations,” said Longo. “In addition, our store footprint is complementary and incremental to the other existing JD locations in North America. Above all, we will continue to provide an outstanding consumer experience in underserved communities by offering a unique and compelling product mix that appeals to our fashion-conscious shoppers.”

JD Sports entered the U.S. market in 2018 with its purchase of The Finish Line. In 2021, it purchased California-based Shoe Palace and, two months later, athletic footwear and apparel streetwear retailer DTLR Villa. The company, which also has a presence in France, Spain and South Korea, had 3,300 stores worldwide as of May 2024.

New tenants are arriving at the Runway Playa Vista mixed-use property on Los Angeles’ westside.

Located north of Los Angeles International Airport and just miles from the ocean, the property consists of more than 220,000 sq. ft. of retail space with anchor tenants like Whole Foods Market and Cinemark Theaters. 

Two tenants have already opened their doors at the property: Dri/kit, a maker of zero proof beverages for celebratory moments, and Black Beauty Collective, a specialty beauty shop featuring brands from Black founders, are the latest to open at the center.

Looking ahead, the property, which recently received a $9.1 million upgrade that included adding an acre of green space, will welcome the following tenants:

• Wild Child Gym, a boutique children’s play space, will open in June.
• Tia, a healthcare home for women, integrating comprehensive primary care, gym, mental health, and wellness, will open in July.
• Boba The Great, Larchmont’s specialty drink maker, is arriving this fall 
• Jack Henry, a men’s grooming and wellness studio, is set to open late June.
• Monarch Athletic Club, a science-backed one-stop health club offering movement, health, and wellness under one membership, is scheduled to open in early 2025.

[READ MORE: Store Expansion News: June update]

“We welcome the new arrivals to Runway and the Playa Vista community,” said Stenn Parton, founder and CEO of Prism Places, the firm that operates the property. “Runway offers the Westside of Los Angeles an experience our guests can’t find in many places today in Los Angeles — convenient, family friendly, and safe. Runway continues to thrive in today’s market, a true testament to the strength of the community of Playa Vista and its ability to maintain this momentum going forward!”