REAL ESTATE

Shopping centers are the calm in a global financial storm, analyst says
The demise of the American mall is greatly exaggerated, held Sandler O’Neill analyst Alexander Goldfarb during a discussion of Brexit on CNBC. “Dead mall stories are great, but when it comes time to drive earnings cash flow in stocks, that’s where those big powerhouse malls show through,” Goldfarb said. “For the global investor looking for safety and security, [it’s] U.S. real estate.”
Good news for retailers: Rents could drop 5% this year
Retail store expansion could get a boost from lower rents in the next 12 months as real estate investment trusts react to volatility in global financial markets, according to Pacific Investment Management Co. In a report titled, “U.S. Real Estate: A Storm Is Brewing,” PIMCO portfolio managers John Murray and Anthony Clarke forecasted a drop of as much as 5% in commercial real estate prices due to a confluence of factors including public market volatility, tightened regulations, and uncertain foreign capital flows.

The 15 coolest spots in urban retail

If you want to ferret out the hottest new concepts in retailing, head to the coolest streets in the city, not the suburban mall. So states a new report from Cushman and Wakefield, which rated the 100 hippest and edgiest neighborhoods in America based on assessments from its brokers, appraisers, and property managers nationwide.
Department store retailer exiting downtown San Diego

Nordstrom plans to shutter its location at Horton Plaza, in downtown San Diego. The store, which opened in 1985, will remain open through August 26, 2016. "These are always tough decisions to make, but in taking a look at the store's performance and our business needs into the future, we believe this is the best direction to take," said Jamie Nordstrom, president of stores for Nordstrom. "We look forward to serving our loyal Horton Plaza customers at our other San Diego stores.”
Decision to close stores becomes more complicated for retailers

Some things are easier said than done. And increasingly, that notion applies to closing stores. Although analysts and investors say that retail companies need to continue to shrink their store portfolios, the decision to do has become increasingly complex for merchants, many of whom have already shed their most unprofitable locations, according to a CNBC report.
Survey: So far, so good for 2016

Retail tenants are not only reporting a strong performance for the year so far, but are also optimistic about the next six months.
Bookseller names exec to head up new restaurant group

Barnes & Noble is getting serious about restaurants. The bookseller announced it has promoted Jaime Carey, currently COO, to president of development & restaurant group, effective immediately. Carey will be responsible for overseeing the chain’s real estate development and its newly created restaurant group.
X Team Appoints Cheatham, Martin to board

Photo: Sara Martin and Dave Cheatham X Team International has announced the appointment of Velocity Retail Group’s Dave Cheatham and Welsh Companies’ Sara Martin to its board of directors. Board members are elected by the retail advisory alliance’s 35 partner offices.
Michael Glimcher steps down from the company founded by his father

WP Glimcher announced that CEO and vice chairman Michael Glimcher has resigned from the REIT founded by his father, Herbert. Board member Louis Conforti was named interim CEO at the company slated to be rebranded as the Washington Prime Group. Several other senior leadership changes were announced, including the replacement of Mark Ordan as board chairman with Robert J. Laikin, who had been the board’s lead independent director. Ordan stays on as a director.
CSA names seasoned writer/marketer as real estate editor

Chain Store Age has named Al Urbanski as real estate editor & manager; effective immediately. Al takes the reins of CSA’s online and print real estate content as well as develops marketing strategies for shopping center companies, real estate advisers and brokers, tech firms and more to leverage CSA’s retailer audience.