At 87.7% in March, retail rent collections are "now within 3% to 4% of where rent collections were prior to the crash," according to Mark Sigal, CEO of Datex Property Solutions. National tenant rent collections reached 91.8% for the month and collections for non-national tenants clocked in at 83.7%.
Investors are eyeing open-air shopping centers that remained operational during the pandemic and can be used for other types of businesses including medical offices and fitness centers, according to Chris Decoufle, a senior member with the capital markets retail team at real estate services firm CBRE. Consumers visit open-air shopping centers twice as often as they do enclosed malls, and spend three times as much time at open-air malls, Decoufle said.
Sea Life Aquarium and the Legoland Discovery Center have pushed their opening dates from May until summer at American Dream Mall. The mall, a mix of entertainment and retail, has faced other delays including the opening of luxury retailers.
Union Kitchen is moving ahead with plans for a business incubator and grocery at JBG SMITH and LCOR's Eckington Yards mixed-use project in Washington, D.C. The 11-story building will also house retail space and almost 180 condo units.
Updating private-label offerings, upgrading store interiors and highlighting new national partnerships have helped Target prepare for in-store customers, who are starting to return to brick-and-mortar sites, often buying more than they came for, Target CEO Brian Cornell said. As the COVID-19 vaccine rollout continues, "those that have been shopping with us through order pickup or drive up or Shipt are now celebrating that occasion by physically coming back in our stores," Cornell said.
Kohl's will add menswear from Tommy Hilfiger at more than 600 stores and on its e-commerce site later this year, the retailer said Tuesday. Tommy Hilfiger will join other brands that have recently partnered with Kohl's, including Sephora, TOMS, Lands' End and Eddie Bauer, and Kohl's will also add an "elevated in-store experience" to showcase the Tommy Hilfiger brand in about 100 stores.
Lululemon will test a resale program called "Like New" in California and Texas starting next month, through which customers can trade in used leggings and other workout wear in stores or through the mail for Lululemon gift cards. The retailer is teaming with Trove on the new program, which will likely grow to include online resale in June.