REAL ESTATE

Mid-America to handle leasing for Macy’s Minneapolis landmark
Mid-America Real Estate has been tapped to handle the marketing and leasing of the Macy’s building being redeveloped in downtown Minneapolis. Located on the corner of South 7th and Nicollet Mall, the landmark store that was originally Dayton’s will tie together its street and skyway levels and fill them with entertainment providers, a food hall, and traditional retailers new to the market. 601w Companies and United Properties are the developers.
Fitch: ‘Location, Location, Location’ still applies, possibly now more than ever
The growth of e-commerce and the increasing emphasis on delivery speed as well as pick-up services for retail goods will likely precipitate a convergence of industrial distribution and retail real estate.

Retailers in control at RECon

For retail professionals, the International Council of Shopping Centers’ Spring RECon Convention in Las Vegas is the highlight of the year. There’s always so much to take in, and every year comes with its singular storylines. Here were some of the more dramatic ones at play convention floor: Food-focused foot traffic
It’s a tenants’ market at retail centers

Despite the rash of recent store closings, leasing activity is strong at malls and shopping centers as retailers take advantage of favorable terms. That’s the take of Mizuho Securities analysts following conversations with major broker organizations at the International Council of Shopping Centers RECon Show in Las Vegas last week.
Ikea in Southeastern expansion

Ikea is looking to open its second location in Tennessee. The home furnishings chain plans to submit plans to the Metropolitan Government of Nashville and Davidson County, Tennessee, for a store in the Nashville area. Construction of the 341,000-sq.-ft. proposed Ikea could begin in spring with an opening in summer 2020.
RECon Report: New times, not end of times, for physical retail

As the International Council of Shopping Centers shut the doors on its RECon show in Las Vegas this week, Chain Store Age asked top brokers and third-party managers for their take on the temperature of physical retail. Not quite sick, not quite well, but certainly out of rehab and hard at work on recovery, was the general diagnosis.
Olshan reports good start for 2017

Among several developers reporting positive signs for leasing at the RECon Show in Las Vegas was Olshan Properties. Head of Retail Ken Marshall said media reports about retail’s downfall did not ring true at his company. “The first few months of 2017 generated significant leasing activity throughout our highly-diversified retail portfolio and, most notably, within our retail holdings that are housed in mixed-use environments,” he said, noting that the trend began last year.
VIP lounges coming to brick-and-mortar retail?

Great personal experiences are what separate brick-and-mortar retail from its virtual cousin on the Web, and high-end experiences will soon be coming to luxury stores. That’s one of 10 key elements to increase foot traffic introduced at RECon this week by Vicki Eickelberger, managing director of Big Red Rooster, a store design unit of JLL.
One Daytona speeds to finish

The 300,000-sq.-ft. mixed-use center being erected by International Speedway Corporation across from Daytona Speedway is filling up fast. Three new tenants have signed on to One Daytona. Sister brands Clair de Lune, a home fragrance store, and Kasa Living, a home décor shop are Canadian brands making their first appearance in the region. Joining the development’s food and beverage roster is Built Custom Burgers, a build-your-own burger concept offering up a long list of toppings at no additional charge.
PREIT puts two malls on the market

PREIT’s mall-pruning program picked up during the retail real estate industry’s big RECon show. As the show floor opened in Las Vegas, the Philadelphia-based company announced it had put up for sale Logan Valley Mall in Altoona, Pennsylvania, and Valley View Mall in LaCrosse, Wisconsin. PREIT reported it had received unsolicited interest in these properties and was willing to dispose of them to increase its cash position.