News

Trending Stores: REI, Washington, D.C.
REI has opened it largest location on the East Coast, a 51,000-sq.ft. flagship in Washington, D.C. The store is designed to offer members of the outdoor community a place to meet and plan adventures — and shop for outdoor gear. It includes such features as a 1,052-sq.-ft. cafe, outdoor courtyard with a fire pit and tables, and a community space that offers a robust schedule of free and low-cost classes in-store classes for cycling, paddling, fitness, hiking and camping, climbing, snow sports, photography and wilderness medicine.
AutoNation to open new format, sell auto parts
The nation’s largest auto dealership chain is expanding its brand into new areas of the automotive retail sector. AutoNation announced it will debut a new format, a standalone concept called AutoNation USA, that will be dedicated to used-car sales and also serve as service centers, offering scheduled maintenance and repair work along with express service. The company has identified 25 sites to launch the concept, with five expected to open in 2017.

Lowe’s appoints new customer experience leader

To bolster its omnichannel efforts, Lowe’s promoted Michael McDermott to chief customer officer. McDermott, who currently serves as Lowe's chief merchandising officer, will be responsible for creating experiences that best serve customers and differentiate Lowe's in an omnichannel environment. This includes lead-ing strategies, customer insights, customer experience design and market-ing.
It’s anchors aweigh at PREIT in strategic repositioning

PREIT’s stated strategic shift to pack its portfolio with more relevant anchors is moving ahead at full steam. At its Cumberland Mall in New Jersey this month, Dick’s Sporting Goods opened in a 50,000-sq.-ft. space vacated by J.C. Penney. In December, another former Penney’s space will debut as a Round One Entertainment location, and being readied for 2017 openings at other PREIT malls are Home Goods and Field & Stream stores, a Whole Foods Market, and a Legoland Discovery Center.
Boot Barn Q2 earnings meet the Street

Boot Barn’s second quarter performance rose slightly, meeting Wall Street estimates. The western-influenced specialty retailer reported $134 million in revenue for the second quarter ending Sept. 24, 2016, a 3.3% increase from $129.7 million in the prior-year period. This jump also exceeded Wall Street’s estimate of $131.61 million. Boot Barn credited the increase to 13 new stores opened over the past 12 months, and a 1.8% increase in same-store sales. Two of those stores opened the chain during the second quarter.
Former Sam's Club exec joins Boxed.com as chief merchandising officer

Boxed.com, the online wholesale shopping club with no membership fees, on Thursday named former Sam's Club executive Heather Mayo the company's chief merchandising officer. Mayo will lead the development and execution of all merchandising strategies and initiatives, and will be responsible for delivering the optimal product assortment as dictated by the brand's strategy and unique target customer profile.
SoCal center sold for $19.8 million

Town Center Plaza, an 82,000-sq.-ft. center in Palm Desert, California, near Joshua Tree National Park, has been acquired by Citivest Commercial Investments for $19.8 million. Constructed in 1993, the center’s tenants include Trader Joe’s, Michael’s, Fisherman’s Market and Grill, and Tuesday Morning. Colliers International brokered the deal on behalf of the seller, Town Center Plaza LP.
Amazon Q3 earnings jump, but still miss mark

Despite gains in the third quarter, Amazon’s stock fell 6% in extended trading. The pure-play retailer’s net sales increased 29% to $32.7 billion for the third quarter ending Sept. 30, 2016, compared with $25.4 billion in third quarter 2015. The company credits the jump to $52 million in year-over-year changes in foreign exchange rates throughout the quarter.
Cobb Theatres to open at Daytona complex in December

Cobb Daytona Luxury 12 Theatres will be the first property to start its engines at the mixed-use project rising up across the street from Daytona International Speedway in Florida. The 56,000-sq.-ft. Cineplex is a luxury play with electric reclining seats, a full-service bar, and the Cobbster’s Kitchen restaurant. It will be joined next year at the One Daytona complex by a 67,000-sq.-ft. Bass Pro Shop Outpost, a Marriott Autograph Collection hotel, 250 residential units, and another 200,000 sq. ft. of retail.
Wayfair offers more flexible financing

Wayfair is making a bold move to grab more consumer wallet-share, and compete with brick-and-mortar retailers. Complementing its private label credit card, Wayfar is offering a financing option to consumers purchasing furniture and decor. Through a partnership with financial services company Affirm, Wayfair shoppers now have the flexibility to buy now and make monthly payments for their purchases — a move that extend financing options to a broader range of customers.