REAL ESTATE

Upper 5th Avenue is most expensive retail street but rental value on decline
Rental values on the two most expensive retail streets in the world have decreased as retailers balance the demands of physical and online shopping. The upper part of Fifth Avenue (49th to 60th Streets) in Manhattan narrowly beat out Hong Kong’s Causeway Bay in DTZ/Cushman & Wakefield’s annual Main Streets Across the World report, which tracks 462 of the top retail streets around the globe, ranking them by their prime rental value.
PetSmart reaches store milestone
PetSmart continues to expand its brick-and-mortar presence across North America. The company has opened 1,500th store, in Sheridan, Colorado. The location is one of approximately 80 new stores the pet specialty retailer is opening in 2016 in new markets as well as in convenient locations in current markets.

Macy’s rolling out off-price pop-ups for holidays

Macy’s is expanding its off-price concept, Macy’s Backstage, in a pop-up format. In a test, the department store retailer is placing Backstage pop-ups in 45 existing Macy's stores in time for the holiday shopping season, the Cincinnati Business Journal reported.
Butler names new marketing director

Butler Enterprises has named a Gainesville insider to promote and market its Neighborhoods at Butler project in that Florida college town. The complex’s new director of marketing, Mary Reichardt, arrives at Butler from the Visit Gainseville-Alachua County Tourism Development Office, where she served as marketing chief. There, she created the county’s first brand strategy to establish awareness across the U.S. and in Europe.
Whole Foods wooing shoppers with in-store restaurants, bars

Whole Foods Market is upping its game. In the face of growing competition, the supermarket chain has been adding restaurants, bars and tap rooms to its stores, reported The Orange County Register. In select locations in California, Whole Foods is adding in-store outposts of a popular fast-casual eatery, Mendocino Farms, to its stores.
Innovative store platform allows Macerich malls to host hard-to-find and new retailers

Macerich is rolling out a plug-and-play concept that allows it to bring new retailers to its centers in a most untraditional way. The mall owner announced it is expanding its portfolio for WithMe, an interactive physical store platform that allows brands to set up limited-time shops in a most expedient way. WithMe offers brands a fully portable, pre-fabricated and high-tech retail environment that blend the best of online and offline shopping.
Report: Fashion retailer exiting the outlet store business

Kenneth Cole is closing all its stores in outlet centers. The company plans to shutter its 63 outlet stores within the next six months, Bloomberg reported. The move will leave the brand with two brick-and-mortar stores, both full priced, with one in downtown Manhattan and the other in Arlington, Va.
Sailmaker dropping anchor on Fifth Avenue

One of the world’s largest sail manufacturers is sailing into Manhattan, but it won’t be selling its award-winning sails. North Sails will open its third retail store on Nov. 16, in Manhattan. The company opened its first store in August, in Annapolis, Md., followed by a location in Newport, Rhode Island.
Macy’s in real estate pact with Brookfield; sells SF men’s store

Macy’s has signed an agreement that could lead to more downsizing of its valuable real estate portfolio. It also has entered into deals to sell one of its stores in San Francisco, and one in Portland, Oregon.
Home décor chain to open in-store cafe

Bed Bath & Beyond is going local in Brooklyn, New York. The home décor chain’s upcoming store in the Sunset Park section of Brooklyn will include a cafe that will feature local items, brooklynpaper.com reported, along with a coffee bar. The 120,000-sq.-ft. store will also offer cooking classes. Other features will include a “Born in Brooklyn” department spotlighting items made in the borough as a means of supporting local manufacturers, according to the report.