REAL ESTATE

NBA to open flagship on Fifth Avenue — again
The National Basketball Association is set to open a flagship on Manhattan’s Fifth Avenue next week. And according to media reports, it includes lots of attenting-getting flourishes.

The centerpiece of the new three-level store, which comes some four years after the NBA closed its previous flagship on Fifth Avenue, will be a 32-foot-tall basketball net with 31,000 LEDs that reaches up to the second floor, Women’s Wear Daily reported. The net, visible from the street, is topped with sculpture designed to replicate a basketball tread.
OpEd: Fewer Good Tidings at the Mall for Holiday 2015
I hate to be the bearer of bad tidings, especially during the season to be jolly, but I’m a realist. And though I wish happy holidays for all, I must tell mall retailers to steel themselves for another disappointing holiday season. Deloitte is expecting seasonal sales growth of 3.5% to 4% this year, ahead of inflation but below the 5.2% growth of last year — but don’t expect malls and department stores to see that growth. A disproportionate share of holiday sales will go to the humble discount stores, far away from the fancier shopping centers.

PREIT's Springfield Town Center sales exceed $500 PSF in its first full year

Springfield, Va. -- PREIT announced that Springfield Town Center in Springfield, Virginia, has recorded $505 PSF in sales for tenants less than 10,000 sq. ft. open during the center's first full year of operation, 18% above the company's portfolio average as of September 30, 2015.

The newly redeveloped 1.35 million sq. ft. regional mall was acquired by PREIT March 2015 and celebrated its grand re-opening in October 2014 after undergoing a dramatic renovation and rebranding.
Winning with retail real estate in 2016

Occupancy costs are among the largest expenses for any retailer. Total lease obligations can exceed long term debt in many companies, reducing profitability and hindering growth. It doesn’t have to be that way though if operators follow four simple rules of retail real estate.
Budget family-fashion retailer continues to expand

Forever 21 is growing its its lower-priced format, F21 RED.

The chain has opened three new stores, with locations in Brooklyn, New York; San Diego, California and Kendall, Florida. The Brooklyn store is 35,000 sq. ft., while the San Diego and Kendall locations are more than 20,000 sq. ft.

Forever 21 launched F21 RED, which carries merchandise for men, women and children, in the first quarter of 2014. There are currently more than 20 F21 locations in the United States.
Empire Outlets to get innovative food hall

The retail comeback of the New York City borough of Staten Island continues.

BFC Partners, which is developing Staten Island’s 340,000-sq.-ft. Empire Oulets center, announced it will develop an artisanal food market showcasing the best local and international purveyors for the center.

BFC is partnering with the creative team behind Gansevoort Market on the project.
This city is a retail melting pot

When it comes to retail diversity, Manhattan is about as inclusive as it gets.

A first-of-its-kind survey of 906 existing retailers in three of Manhattan’s leading shopping districts (SoHo, Fifth Avenue, and Madison Avenue) found a virtual “United Nations” of merchants originating from 26 countries. The Cushman & Wakefield study found that nearly four out of 10 retailers – 39% -- originate from outside the United States.
Din Tai Fung to open in Downtown Seattle

Seattle -- Madison Marquette announced that Din Tai Fung will open at Pacific Place located in downtown Seattle, in the summer of 2016. With only six U.S. restaurants, Din Tai Fung will be located in a 9,216 sq. ft. space on level four of the shopping center.

Din Tai Fung currently operates more than 100 locations worldwide with branches in Japan, the United States, South Korea, Singapore, China, Hong Kong, Indonesia, Malaysia, Australia, Thailand and most recently in Dubai.
Largest U.S. furniture retailer celebrates milestone store — with 100 more on tap

Photo: (left to right) Thu Xuan, Thuy Nga, Duong Quoc Nam, Shari Wagner, Kevin Wagner, Minh Hua, and Robin Lim (PRNewsFoto/Ashley Furniture Industries, In)
eBay teams with Westfield to sell unwanted holiday gifts

eBay has come up with a clever solution to help Americans solve a common dilemma: what to do about unwanted holiday gifts.

The online marketplace retailer will operate pop-up selling stations in three select Westfield shopping centers across the country during “Boxing Weekend” from Dec. 26 (Boxing Day) to Dec. 27. The stations will be located at Westfield San Francisco Centre, San Francisco; Westfield Garden State Plaza, Paramus, New Jersey; and Westfield Hawthorn Center, Vernon Hills, Illinois.