News

$33 million renovation planned for Hawaii’s largest mall
Washington Prime Group has announced a $33 million renovation plan of Pearlridge Center in Aiea, Hawaii, near Pearl Harbor. The 1.2 million-sq.-ft. property is the largest retail center in the state, consisting of Uptown and Downtown complexes joined by a monorail.
Off-pricer expanding
Nordstrom Rack is bullish on Chicago. The retailer announced plans to open a store at Mellody Farm in Vernon Hills, Ill. The property, which is being developed by Regency Centers, is located 30 miles north of downtown Chicago. The approximately 30,000-sq.-ft. store, scheduled to open in fall 2018, will be the 15th Rack store in Chicagoland following the announcement of new locations in Kildeer, Ill., and Schererville, Ind., which are opening this spring.

Survey: Retail execs optimistic about 2017

Retailers executives are bullish on 2017. That’s according to a survey from TD Bank, which polled 173 retail executives at the National Retail Federation’s annual Big Show in New York City. Seventy-four percent of the retailers said they believe sales will increase in the next 12 months. What’s more, 81% of the retailers reported that they met or exceeded their revenue goals in 2016. In other key findings:
Former retail landmark transformed

An historic department store building that closed its doors and has been empty for 30 years — long enough for a tree to start growing inside it — has been given a brand new lease on life.
Forest City sells Bronx center for $32 million

Forest City announced it has closed on the sale of Shops at Bruckner Boulevard in the Bronx to Urban Edge Properties for $32 million. The seller expects to net $9.2 million in the transaction.
Coming soon: Target Pay?

Target Corp. is entering the mobile payments arena. Following similar moves by such competitors as Walmart and Kohl’s, the discounter plans to introduce mobile payment features to one or more of its own apps, according to a report by Recode.
Microsoft taps LinkedIn exec to head up tech

Kevin Scott is joining Microsoft in the newly created role of chief technology officer (CTO). Scott most recently served senior VP of infrastructure at LinkedIn, which Microsoft purchased in June for $26 billion.
Cinemark to renovate theatres at New Jersey center

Cinemark and XD will be upgrading all 16 of its auditoriums at CooperTowne Center in Somerdale, New Jersey. The renovated theaters will include electric-powered, oversized recliners, and movie-goers will be able to reserve them ahead of time via computer or smartphone. XD theaters feature wall-to-wall and floor-to-ceiling screen with enhanced JBL sound systems.
Former Brookstone CEO joins specialty jewelry retailer

Luxury Brand Holdings, parent company of Ross-Simons and Sidney Thomas, has appointed James M. Speltz as president. Speltz will join the company’s board and oversee all business activities. Most recently, he was COO for Teikametrics, a software and service provider to Amazon.com third-party merchants.
CEO of women’s apparel chain out in abrupt departure

The CEO of Lane Bryant has stepped down just four months after receiving a big promotion. Linda Heasley has resigned as chief executive of plus-sized apparel retailers Lane Bryant and Catherines, which are owned by Ascena Retail, The New York Post reported. Heasley was appointed CEO of Lane Bryant in 2013, after a successful six year stint as chief executive of The Limited. She was given the additional title of CEO of Catherines this past October as part of a company reorganization.