News

Report: Last-minute shopping boosts holiday spending
Holiday procrastinators may have saved retailers this year. A jump in consumer spending in the final home stretch helped to offset a slow start to the U.S. holiday shopping season, and is likely to help many retailers beat sales forecasts, Reuters reported.
Center near Rams stadium site completes first redevelopment phase
Phase one of a $15 million redevelopment of a 304,755-sq.-ft. neighborhood center in Inglewood, California, has been completed, according to owner NewMark Merrill. Initial improvements at Crenshaw Imperial Plaza focused on remodeling the DD’s Discounts and 99 Cents Only stores. In Phase 2, a two-story building will be demolished to make room for a Planet Fitness and a 14,215-sq.-ft. retail building. A 15,000-sq.-ft. Mission View Charter School will also be part of the new mix in the center, which NewMark Merrill purchased in 2015.

In San Antonio, adaptive re-use continues brewing

Early in the 20th Century, the Pearl Brewery in San Antonio was the largest in Texas, and it continued to be a renowned site in the city until brewing operations were shut down in the 1980s. It remained vacant until Rio Perla purchased it in 2001 and set about transforming it into the Pearl Brewery/Full Goods Warehouse, a 26-acre mix of residences, retail, offices, and gathering places.
British online fashion retailer makes bid for Nasty Gal

Los Angeles-based Nasty Gal, which filed for bankruptcy protection in November, may soon have a British owner. Boohoo.com is bidding $20 million (£16.3 million) for the brand and its customer databases as the “stalking horse” candidate. Based in Manchester, England, Boohoo specializes in fast-fashion and targets teens and young women, the same audience as Nasty Gal.
L’Occitane ups technology in New York City flagship

L’Occitane has gone high-tech in its New York City flagship. Located in the Flatiron District of Manhattan, the renovated store seeks to addressing the demands of today’s shoppers for immediacy and information while also channeling the rich heritage and culture of the brand’s Provence, France, roots.
Grocery retailer gets EPA Platinum certified

New Seasons Market in Mercer Island, Washington, has gone platinum. The new supermarket received EPA GreenChill Platinum Certification for its efforts in reducing refrigerant emissions (by at least 95%). The 37,000-sq.-ft. store uses a natural refrigerant solution designed for minimal greenhouse gas emissions and superior energy efficiency.
Rent the Runway raises new round of funding amid expansion

Rent the Runway’s total investment keeps growing. The dress rental business announced it has closed on a $60 million round of funding, led by Fidelity Management and Research Company with additional money from such existing investors as Bain Capital Ventures and Highland Capital Partners. Total investment in the company now stands at $190 million.
Plenty of people shopped on Christmas Day

Nothing like doing a little shopping as presents are being unwrapped. E-commerce traffic volume on Christmas Day shattered all previous records according to Verizon Enterprise Solutions’ Holiday Retail Index report. The report finds that traffic continued to build into the Christmas weekend, and reached feverish pitch on Christmas Day which also coincided this year with the first full day of Hanukkah.
Retailers delivered this holiday season

The majority of retailers managed to keep their shipping promises this holiday. That’s according to Kurt Salmon’s annual Holiday Shipping study, which found that 97% of retailers successfully processed and delivered orders to customers on their last guaranteed shipping date before Christmas. according to Kurt Salmon’s (part of Accenture Strategy) annual Holiday Shipping study. This compares to 87% in 2014 and 95% in 2015.
FTC expected to rule on Walgreens-Rite Aid merger before Trump takes office

The U.S. Federal Trade Commission will rule on the Walgreens Boots Alliance-Rite Aid merger before the Trump Administration takes office on Jan. 20, according to the New York Post. The newspaper added approval of the transaction is “not guaranteed.” “It is most likely [FTC] Chairwoman Edith Ramirez addresses it before she leaves,” a source close to the situation told the news outlet, and not leave it to a Republican-led FTC.
Downtown Detroit mixed-use property opens

The comeback of downtown Detroit, led by the expansive District Detroit project under construction, was advanced this week with the opening of The Scott at Brush Park. The upscale, mixed-use development of Broder & Sachse Real Estate and Sachse Construction is located about eight blocks north of District Detroit on Woodward Avenue.
Fred’s swallows poison pill

Fred’s Inc. is playing defense. The Memphis-based retailer on Tuesday adopted a shareholder rights plan, or “poison pill,” less than a week after news surfaced that an activist investor had amassed a big stake in the company. It also comes approximately one week after Fred’s announced it had agreed to purchase 865 divested Rite Aid stores as part of the expected Walgreens Boots Alliance-Rite Aid merger. The acquisition would more than double Fred’s store count.