US retail sales rose by a seasonally adjusted 0.4% in August, according to the Commerce Department, beating economists' forecast for a 0.2% increase. The report shows a 1.6% month-over-month increase in sales for nonstore retailers, a segment that includes online shopping. The segment gained 16% compared with last year.
WeWork parent The We Co. outlined governance changes in a regulatory filing, and sources say the company will market shares next week ahead of a trading debut later this month. The firm's valuation is expected to be significantly less than the $47 billion obtained in a funding round this year and could be less than $20 billion.
The US Treasury Department is considering issuing a 50-year bond in 2020 to capitalize on low interest rates and to offset fast-rising borrowing costs, Secretary Steven Mnuchin says. Bonds with maturity of more than 30 years were evaluated, then abandoned, by the Treasury in 2017, but Mnuchin says there is demand for them.
Sales at the Mall at Prince George's in Maryland have risen 23% to $557 per square foot in the past year, and traffic climbed 20% for the 12-month period ending July 31, according to owner Pennsylvania Real Estate Investment Trust. The REIT spent about $30 million on renovations last year.
About one-quarter of the more than 16,200 condo units finished in New York City since 2013 are unsold, according to StreetEasy. New projects are still moving forward, but prices have fallen at some new towers.
Thirty-six percent of seniors housing and long-term care executives see acquisitions as the top growth opportunity, and 30% pointed to repositioning as the best route, according to a survey by Capital One. Fourteen percent cited new development as the top growth opportunity.
Executives see a positive outlook for the industrial sector in 2020 despite the impact of tariffs and concerns about an economic slowdown. Focusing on Class A assets is one way to minimize risk in the current economic climate, they said.
Old Navy will open about 75 new stores annually with plans to grow from about 1,200 to 2,000 locations in North America. The growth plans, which come as Old Navy prepares to spin off from parent Gap, will focus largely on small, underserved markets, Old Navy CEO Sonia Syngal said.
A majority of economists say a significant increase in US core consumer prices last month is unlikely to keep the Federal Reserve from reducing interest rates next week, but it could make further cuts before year-end less likely, a Reuters survey finds. "The Fed will still cut rates next week to provide added insurance in the event that the trade war escalates, but it might think twice about moving again in October if core inflation shows any further spark," BMO Capital Markets economist Sal Guatieri says.