REAL ESTATE

Penney refinancing real estate loan
J.C. Penney Co. said Wednesday it is proposing to refinance a $2.25 billion senior secured term loan, and to extend the maturity of the loan, which is currently set at May 2018. The transaction is expected to be complete in June.

Penney also reported positive same-store sales for its quarter-to-date through Memorial Day.
Saks to exit one of nation’s most upscale malls
Saks Fifth Avenue plans to shutter its 107,000-sq.-ft. store at The Mall at Short Hills, in Short Hills, New Jersey, amid plans to open a flagship in a huge retail and entertainment center in the state.

As previously announced, the upscale retailer plans to open a store at the under-construction, three-million-sq.-ft. American Dream Meadowlands mega-center, in East Rutherford, New Jersey.

Gap exec moving over to specialty athletic retailer

A store development executive from Gap Inc. has been tapped to head up real estate for Foot Locker. Foot Locker announced the appointment of Scott Martin as senior VP – real estate, effective June 13. Martin succeeds Jeffrey Berk, who retired in April after almost 20 years with the company.
Leases for 320 Sports Authority stores to go to auction

Sports Authority’s remaining 320 store leases will be auctioned in June.
The current state of retail market trends in the Midwest

For anyone looking at the current state of retail in the Midwest, one of the most fascinating things to track is how some of the macro trends we see in the marketplace today are the end result of years (sometimes decades) of evolutionary change.
Five Takeaways from RECon 2016

Over the last 12 annual trips I’ve made to Las Vegas for ICSC’s RECon real estate convention (which officially makes me a rookie in this industry of 20-, 30- and 40+-year veterans), I have always been able to detect some distinct trends.

That doesn’t as much make me a trend-watcher as it does a good listener. The retailers and shopping center operators and brokers who attend RECon each year tend to talk avidly in the aisles about the current events shaping the retail real estate industry.
A fresh take on ‘Retailtainment’ and future of fun

Retail has been the foundation of shopping centers throughout their existence, but new entertainment concepts are making inroads in traditional retail venues.
Tiffany doesn’t sparkle with Q1 misses; will open 11 stores

Tiffany & Co. missed Wall Street expectations for profit and revenue in a lackluster start to fiscal 2016, but still plans to open 11 new stores worldwide.

The retailer reported net earnings of $87 million during the first quarter, down 17% from $105 million the same period a year earlier. Lower gross profit and higher selling, general and administrative (SG&A) expenses drove the reduction in profit.
Holland a perfect fit as ICSC chair

Members of the International Council of Shopping Centers (ICSC) elected Elizabeth Holland as chairman, marking only the fourth time in the past 59 years a woman has chaired the organization.

Holland brings a unique skill set to the role given ICSC’s top legislative priority and the upcoming presidential election. The period following the inauguration of a new president is always a critical time in Washington, heralding what is traditionally the most active time in the legislative cycle, according to ICSC.
Taubman talks mobile, malls and Millennials at RECon

Taubman Centers COO William Taubman offered insights on shoppers, property trends and how technology is changing the fundamental experience and brand promise of shopping centers.

To watch his wide ranging conversation with ICSC’s Jesse Tron, click here.