News

Woodbury’s Anything but Common
In the course of interviewing experts for this month’s open-air report, I heard two admiring references to Woodbury Common. It wasn’t the first time I’d heard the Simon Premium Outlet center used as an exemplar of traits modern retail should strive for — things like great customer experience, well-curated stores, and good food. I thought it time that I take a drive up to Orange County, N.Y., and see what all the fuss was about.
Report: Target in store renovation push
In the wake of a disappointing quarter, Target Corp. is making long-term investments in its future. The discounter plans to spend $7 billion in cash during the next three years as it lowers its prices and invests in its stores, with renovations planned for some 600 locations, reported CNBC. "We can't capture that market share if we're presenting an old, tired store," Target CEO Brian Cornell said.

Open-Air, Three Ways

Three different centers, three different owner/managers, three different recipes for shaping open-air centers to local tastes
Chris Ressa does not put a lot of stock in the word “experiential.” Though it’s become a companion to the word “retail” in the real estate industry, DLC Management Corp.’s senior VP of leasing finds it not up to the task of describing what’s too often missing at shopping venues.
Quincy Mall works with town to land Slumberland

With just over 50 stores, Quincy Mall is hardly the biggest regional center in the nation, but it’s a big deal in the rural Mississippi River town of Quincy, Illinois, just a skiff’s ride from Mark Twain’s hometown of Hannibal, Missouri. And it was big news in Quincy when the J.C. Penney in the Cullinan-owned property closed shop.
Starbucks to use new upscale format to make Italian debut

Starbucks Coffee Company will open for business in Italy for the first time in late 2018. The coffee giant plans to open a 25,500-sq.-ft. Reserve Roastery outpost in late 2018 in Milan, in the historic, turn-of-the-century post office building in the city’s center. The Milan Reserve Roastery will be the first Starbucks Roastery to open in the Europe, Middle East and Africa region, and the fifth, globally. It is the first of additional Starbucks stores the company plans to open in Italy.
Five Items a Retailer Should Have in its Lease

Changes in the retail landscape call for changes in lease agreements, as well
With long-time anchors leaving malls, urgent care clinics moving into neighborhood centers, and online sellers applying pressure from all sides, retailers should take a new approach in structuring their lease agreements with property owners, say experts from both sides of the negotiations table.
Decoding the Code

Newest ASHRAE standard reduces LPD allowances
The ANSI/ASHRAE/IES 90.1 energy standard provides a model energy code to jurisdictions interested in regulating the energy-efficient design of commercial buildings. ASHRAE recently published the 2016 version, which supersedes the 2013 version.
The U.S. Department of Energy recognizes the 2013 version as the national energy reference standard. Starting in October 2016, all states were required to have an energy code in place at least as stringent as 90.1-2013 or justify why they could not comply.
Breakout Retailers

CSA’s annual award program honors five growing brands
Innovation in retail means breaking down barriers, navigating a fiercely competitive marketplace and making connections with increasingly demanding customers. In this section, Chain Store Age profiles five retailers that are succeeding in both. They are the winners of CSA’s Breakout Retailers Awards.
Target misses bullseye in Q4 as profit, sales fall; gives weak 2017 outlook

Strong online sales were not enough to help Target Corp. overcome a very disappointing fourth quarter, whose sales and earnings were far below Wall Street expectations. And the discounter offered a weak outlook for 2017. Target on Tuesday issued a full-year profit forecast that was far below market expectations, and said it plans to invest more money into enhancing its digital online platform and cutting prices. The chain said it would sacrifice gross margins this year to stay ahead of the competition.
Off-pricer tops earnings expectations

The off-price segment continues to be one of the brightest spots in brick-and-mortar retail. Ross Stores on Tuesday reported earnings per share for the fourth quarter ended January 28, 2017 of $.77, up 17% from the prior year, on net earnings that rose 14% to a better-than-expected $301 million. But the retailer offered a cautious outlook amid economic and industry challenges. Ross’ sales quarter grew 8% to $3.5 billion. Same-store sales increased 4%.