Martha and Macy's: A Good Marriage?
Apr 5, 2006
Martha Stewart may be moving uptown—to Macy’s from Kmart, according to reliable sources. An announcement from Macy’s owner Federated Department Stores could come as early as this afternoon. ...
Bottom Feeders Circling Mills
Mar 29, 2006
The woes of Mills Corp. continue to pile up—including a formal probe by the Securities and Exchange Commission, which was disclosed last Friday. But as the prospects for the company as a public REIT dim, investors are see a bright future for Mills shares in a takeover play. Hedge funds and institutional investors are buying up Mills shares, betting that somebody is going to pay a premium to snap up the beleaguered developer. ...
Kimco’s Puerto Rico Play Shows New Strategy
Mar 22, 2006
Kimco Realty Corp.’s entrance into Puerto Rico this week fits into two of the company’s main growth strategies: international expansion and a growing focus on driving revenue through asset management rather than through solely buying and selling properties....
Grounds for Contamination
Mar 15, 2006
Fuel accounted for 60 percent of the $400 million c-store revenue last year—according to the National Association of Convenience Stores. But the stores make only pennies on the gallon, with average revenue of $80,000 a week, and there is plenty of pressure from competing retail sectors. Moreover, the fuel tanks add what could be an expensive environmental concern from leaking fuel tanks or gas spills....
Once More Into the Breech
Mar 8, 2006
Sears Holdings, which was created by the November 2004 $11 billion acquisition of Sears, Roebuck & Co. by Kmart, is said to be tightfisted in negotiating a new contract with her. (The merger closed March 24, 2005.) The Chicago Tribune reported that Sears Chairman Edward Lampert, a multimillionaire former hedge fund manager who orchestrated the takeover, wants the household diva to accept less money while expanding her Kmart license to include Sears stores. ...
Does General Growth Have A Rouse Problem?
Mar 1, 2006
General Growth’s surprise miss on its fourth-quarter FFO stemmed, in part, from problems with the community development business it inherited as part of its $12.6 billion acquisition of the Rouse Co., completed in late 2004. During the fourth quarter, General Growth posted FFO were $0.91 per share, about 10 percent off what it had projected. Its FFO from master-planned communities was 3 cents per share less than projected. Seasonal income at the properties was also 3 cents per share less than expected. GGP CFO Bernie Friebaum said the company’s wrong projections partly stemmed from 2005 being the first full holiday season during which it was operating properties from the Rouse Co. portfolio. ...
Retail Developers Visit Crescent City
Feb 22, 2006
Some 600 retail real estate professionals descended on New Orleans for the first time since last year’s crippling hurricanes as ICSC held its annual Gulf South show at the Hilton New Orleans Riverside. That’s down from 740, but organizers consider it a strong turnout given the questions hanging over the region....
Going. Going. Gone. Online Auctions Sell Real Estate
Feb 15, 2006
Imagine a world where wining and dining and months-long real estate negotiations are a thing of the past. Imagine if deals got signed, sealed and money delivered quicker than it takes to play a game of golf. Welcome to the nascent world of online retail real estate auctions, the latest twist in the growing auction market. “It's an interesting concept,” says David Birnbrey, chairman and co-chief executive of the Shopping Center Group, an Atlanta-based retail real estate firm that represents big box tenants. “You're seeing it with homes — there isn't any difference.” Birnbrey says he would try the concept. “It might be the best way to maximize your investment,” he says. ...
Yonkers: A Tale of Two Cities
Feb 8, 2006
Retail developers tackle downtown redevelopment and suburban mixed-use in the same sprawling city For decades, the City of Yonkers has loomed as a tempting but daunting target for retail development. The fourth-largest city in New York State, it cuts a long swath from the Bronx border into some of the ritziest real estate in upscale Westchester County. But, in the past week, two developments—representing two vastly different development challenges—finally won the green light. ...
Mixed-Use Proliferates
Feb 1, 2006
Time was when mixed-use developments were experimental, even controversial. Did people really want to live above the store? The answer, increasingly, is ‘yes’ as retail developers continue to add residences, offices, even hotels to their mixed-use complexes with the goal of squeezing as much profit out of the projects as possible. ...
Mega-Albertson's Deal Redraws Industry Map
Jan 25, 2006
Just as the Sears/Kmart and Federated/May mergers underscored the diminishing role of department stores (and therefore danger signs for the traditional mall), the proposed $17.4 billion buyout and break up of Albertson's Inc., has similar implications for strip centers. Moreover, the presence of Kimco Realty Corp. in the deal continues a company trend in profiting from a distressed retailer's real estate. ...
Private Equity Firms Likely Buyers for Lord & Taylor, Parisian
Jan 19, 2006
It's that time of year again, when, following the success or failure of the critical holiday season, retailers evaluate their future strategies. That often leads to big changes and this year is no exception: Saks Inc. and Federated Department Stores Inc. both have decided to lighten their loads, putting the Parisian and Lord & Taylor chains, respectively, up for sale. ...
Glimcher, Oxford Properties Ring In New Year With Joint Venture
Jan 5, 2006
The New Year started with the continuation of one of 2005's biggest trends as Columbus, Ohio-based Glimcher Realty Trust became the latest U.S. REIT to pair up with a foreign pension fund. Unlike its cohorts, however, Glimcher didn't look down under to Australia. Instead, it tapped the Great White North and has partnered with Oxford Properties Group, a real estate company owned by the Ontario (Canada) Municipal Employees Retirement System (OMERS). ...
Construction Costs Could Cause Delays
Dec 29, 2005
A growing number of retail projects could be put on hold in 2006 as the price of construction materials continues to rise as much as, or more than, 2005. ...
NY Transit Strike Pinches National Chains
Dec 22, 2005
New York retailers are preparing for a grim holiday season, as the city's transit workers remain on strike for the second day -- with no new talks scheduled between the Transport Worker's Union and the Metropolitan Transit Administration. If the walkout continues through Christmas, December sales could take a hit, analysts say. ...
