News

InvenTrust buys adjoining centers in Pembroke Pines
Acquisition-minded Inventrust Properties has announced the purchase of two adjoining centers in Pembroke Pines, Florida, for a total of $163 million. Following completion of an expansion project later this year, the two will total 389,000 sq. ft. The dominant Westfork Plaza is anchored by Costco and Regal Cinemas and includes Ross Dress for Less, T.J. Maxx, and Petco. The adjoining Paraiso Parc is a Publix- anchored center with restaurants including Firehouse Subs and necessity-based retail.
Amazon Q4 profit surges, but sales fall short
Amazon had a very good holiday, but wasn’t quite as stellar as the Street predicted. The retail giant’s net sales increased 22% to $43.74 billion in the fourth quarter, lower than analysts had expected. The company’s outlook for the fourth quarter also fell short of expectations. Net income, however, surpassed analysts’ estimates, and jumped to $749 million, compared to $482 million in fourth quarter 2015.

Report: Shoppers increase online grocery orders, but want more value

More shoppers are buying groceries online, but a majority are ready to switch grocers in favor of a better online experience. This is according to the “2017 Grocery eCommerce Forecast,” a report from Unata, which surveyed over 500 U.S. shoppers about online grocery shopping habits, intent and barriers. Details revealed that 31% of U.S. shoppers are likely to order groceries online in 2017, up from 19% of shoppers that bought groceries online in 2016.
Nordstrom Rack headed to downtown LA

Nordstrom Rack is going to set up shop in a rapidly expanding area of Los Angles. The retailer will open an approximately 27,000-sq.-st. store in fall 2017 at FIGat7th, an open-air center in the heart of downtown Los Angeles (DTLA) owned and operated by Brookfield Property Partners L.P. The new Nordstrom Rack will join Target, H&M, Victoria's Secret, MAC and other retailers and restaurants at the center, which located at 7th & Figueroa Street.
Pet specialty retailer empowers associates with mobile-delivered data

PetSmart has a new strategy to keep its 55,000 employees informed and abreast of key insights. When the 1,500-store retailer wanted to improving data accessibility across its enterprise, it turned to mobility. The chain began its mobility effort by developing one mobile app in 2010. By leveraging the MicroStrategy 10 mobility platform from long-time partner MicroStrategy, the company now has nearly 20 internal apps that deliver key insights to senior leaders and associates across the enterprise, the company said.
Report: Target pulls back on innovation to focus on the fundamentals

On the heels of a less than stellar holiday, Target Corp. is scaling back on some parts of its innovation agenda in order to concentrate on its core business. The Minneapolis Star Tribune reported that Target has scrapped its highly secretive e-commerce startup called Goldfish, and also has shelved a prototype for a store of the future, complete with robots, that was due to be built soon.
Retailers unite to stop border adjustable tax

Retailers, trade organizations and business leaders are teaming up and taking steps to stop the border adjustable tax proposal. The Retail Industry Leaders Association (RILA) joined more than 120 other trade associations and businesses to launch “Americans for Affordable Products,” a national campaign aimed at ending the border adjustable tax. The tariff, which is a component of the tax reform proposal under consideration in the U.S. House of Representatives, would impose a 20% tax on all imported goods.
Commentary: Employers Have Opportunity with Big Labor
Report: Identity fraud hits record high

Identity fraud is at an all-time high, and despite industry efforts, fraudsters continue to rack up victims. According to the “2017 Identity Fraud Study,” the number of victims increased by 16%, rising to 15.4 million U.S. consumers in the last year — a record high since Javelin Strategy & Research began tracking identity fraud in 2003.
Consumer confidence backs off 15-year high

Consumer confidence slipped slightly in January after reaching a 15-year high in December, though outlook for the present overrode the outlook for the future. The index now stands at 111.8 (less than an expected 113), down from 113.3 the previous month.