REAL ESTATE

September 15 deadline set for bids on Hastings leases
Bids to assume the leases of 120-plus Hastings Entertainment stores will not be accepted after Sept. 15, announced RCS Real Estate Advisors. The chain’s inventory was earlier purchased by Hilco Merchant Resources and Gordon Bros. Retail Partners after the music, movie, and video game chain was unable to emerge from Chapter 11. Hastings Entertainment was founded in 1972 by Sam Marmaduke, who as head of Western Merchandisers first convinced Walmart to carry music and continued to supply the chain until 1994.
Belk to test standalone store for private-label brand
Department store retailer Belk is giving its Crown & Ivy private-label brand its very own freestanding location. The brand, which Belk launched in in 2014, will open a store at Crabtree Valley Mall, Raleigh, North Carolina, according to a report by the Charlotte Observer. Crown & Ivy offers preppy-styled apparel for women.

The Body Shop continues global expansion efforts

The Body Shop is staking a new claim in South American as it opens its first location in Chile. Lured by a population of 17.8 million, and a stable and prosperous customer base, The Body Shop’s new store is located in Santiago, Plaza Egaña Mall — a property that is called the most sustainable mall in Chile.
Ikea to open pop-up restaurant

Ikea is giving new meaning to do-it-yourself retailing. The home furnishings giant will open a pop-up DIY restaurant in the Shoreditch section of London where patrons will build their own meals, serving as the chef and preparing food for their group.
Outdoor specialty retailer to make Philadelphia area debut

Gander Mountain is making its first foray into the Philadelphia area. The retailer will open a 52,700-sq.-ft. store at the Warrington Crossing development in Warrington, Pa., on Sept. 8. It will be the 12th Gander Mountain location in Pennsylvania.
Lowe’s Foods opens at master-planned community in North Carolina

Lowe’s Foods rang in retail this week at Morganton Park South in Southern Pines, North Carolina, opening a 50,000-sq.-ft. anchor store in the center that is part of the 188-acre Morganton Park master-planned community. Lowe’s, which recently executed a re-branding, is a fixture in North Carolina, where it has done business since 1954. Its neighbors in the center are still to be determined. Leasing agent Lincoln Harris reports that most of the 21,000 remaining square feet in the center remains available.
Report: Retail rents rising and vacancy rates falling in 2016

Though it forecasts a stronger-than-anticipated closure season, Cushman & Wakefield sees average retail rents ending the year 4.6% higher than they were in 2016. The company’s U.S. Macro Forecast released this week said that consistent demand for space in Class A retail centers is the biggest factor in rental-rate growth. Cushman analysts also predict that 2016 will see a drop in the retail vacancy rate to 5.8% from 6.6% last year — though they see it moving back up to 6% in 2017.
Sales keep sliding at J.Crew

J. Crew Group’s efforts to pump up sales at its core brand didn’t quite take off in the second quarter. Total revenues at J.Crew Group decreased 4% to $569.8 million in the second quarter. Total same-store sales fell 8%, its eight consecutive quarterly decrease, with a 9% decline at the company’s namesake brand and a 3% increase at Madewell. J. Crew reported a net loss of $8.6 million, compared with $13.6 million a year ago.
After 47 years, Florida retailer sets its sights on second location

The story of Hy’s Toggery has been in the making for nearly half a century. What began in 1969 as a move by company founder Hy Wakstein to establish his own high-end menswear operation after 20-plus years in the industry would ultimately become a brand that has matured into one of the most respected independent clothiers in the southeast.
Aeropostale: Not dead yet

Aeropostale may still live to see another day thanks to a last-minute bid. In a development that no one saw coming, a consortium of landlords, liquidators and others joined together to make a $243.3 million offer to save 229 Aeropostale stores, Fortune reported. The group includes General Group Properties, Simon Property Group, Gordon Brothers Retail Partners, Hilco Merchant Resources, and Authentic Brands Group.