News

Tupperware sells Florida center for $121 million
Crosslands Shopping Center, a joint development of Tupperware Brands and O’Connor Capital Partners, has been sold for $121 million just two years after opening in Kissimmee, Florida, according to a report in the Orlando Business Sentinel. The Hampshire Companies, a New Jersey-based real estate firm, announced that it had acquired the center on behalf of an unnamed foreign investor. Crosslands is located within the Osceola Corporate Center, not far from Tupperware headquarters in Orlando.
Report: Back-to-school spending to jump 33%
Shoppers are opening their pocketbooks for back-to-school spending this year. Parents expect to spend an average of $1,642 on back-to-school expenses this year, up significantly from $1,239 in 2015, according to the American Express Spending & Saving Tracker report. Parents are expected to spend more on musical instruments this ($267 vs. $194 in 2015), along with mobile devices ($172 vs. $125 in 2015).

Study: Self-service checkout technology may encourage shoplifting

Self-service checkout technology, including dedicated lanes and smartphone apps, may translate into an increased shrinkage rate for retailers. That’s according to a study of retailers in the United States, Britain and other European countries conducted by the University of Leicester in England, the New York Times reported.
Off-pricer updates website to fuel online growth

Stein Mart has launched a new website that gives shoppers a more personalized shopping experience. Developed in partnership with Kibo, a cloud-based unified omnichannel commerce platform, the updated site is powered by the Kibo e-commerce platform. As part of Stein Mart’s overall omnichannel strategy, the feature-rich and responsive designed site gives the retailer the same experience across all of its retail touch-points.
Retail sales stall in July

Consumers cooled their spending in July.
Teen retailer names its first chief digital officer

Tilly’s has appointed Jon Kubo to serve in the company’s newly created position of chief digital officer, effective Aug. 15. Kubo will oversee e-commerce and digital marketing to define a long-term vision for the specialty retailer’s digital commerce efforts and create consistency in digital consumer experiences across all interaction points.
Schimenti Construction to unveil nine new stores at One World Trade Center

Schimenti Construction will play a major role in the opening of the Westfield World Trade Center retail center and transportation hub in downtown Manhattan on Aug. 16. The Ridgefield, Conn.-based firm served as the general contractor for nine stores in the new retail and center, developing spaces for Banana Republic, H&M, Fossil, Victoria’s Secret, Under Armour, COS, Breitling, & Other Stories, and Cole Haan.
Milwaukee Pick ‘n Save center sold

Chicago-based Newport Capital Partners purchased a 69,749-sq.-ft. center anchored by Pick ‘n Save the Milwaukee area. Terms of the deal, brokered by Mid-American Real Estate Corp., were not disclosed. Other tenants in the center at the Intersection of I-41/45 and Mayfair Road in Wauwatosa include Firehouse Subs, Mattress Firm, and Supercuts. The sellers were New York-based DRA Advisors and Atlanta-based RCG Partners.
Tanger gains full ownership of Savannah outlet center

Tanger Factory Outlet Centers, Inc., acquired 100% ownership of Tanger Outlets Savannah, adjacent to the Savannah International Airport. The deal it made with its lone partner in the 420,000-sq.-ft. center included a $15 million cash payment and assignment of all outparcels on the property. "The center is currently 99% occupied and is undergoing a second expansion to accommodate retailer demand for space," said Steven B. Tanger, president and CEO.
Toy exec joins Gap board

The chief executive of Hasbro Inc. has joined the board of directors of Gap Inc., effective Aug. 12. The retailer said it is adding Brian D. Goldner to its board as the merchant focuses on its “next era of retail.” His appointment comes shortly after Gap posted a disappointing sales for the second quarter.