Retail sales grew 4.1% to $730.2 billion during the November and December holiday season, according to NRF, coming close to the top end of the group's holiday forecast that projected growth of between 3.8% and 4.2%. "This is a strong finish to the holiday season, and we think it's a positive indicator of what's ahead," NRF President and CEO Matthew Shay said.
Centurion American Development is in the design phase of a new mixed-use development in North Richland Hills in suburban Dallas that is expected to break ground in the spring. The property, the former site of the North Hills Mall, will have 60,000 square feet of commercial space, a hotel, 364 single-family lots, 8 acres of multifamily development, an amenity center, a trail system and green space.
The site of the former Eastland Mall, which closed in 2010, will be transformed into the new headquarters for Charlotte's Major League Soccer expansion team. Crosland Southeast is seeking to rezone the vacant 77-acre plot, which also will include commercial space, houses and apartments and a public park.
Westfield Annapolis mall in Maryland will undergo a major renovation to add a pedestrian gallery, expand the entrance and convert the old Lord & Taylor space into a shopping district with experience-driven offerings, home design stores and boutiques. The owner, Unibail-Rodamco-Westfield, said the renovations would be complete in 2021 and have new tenants including a dedicated learning space called Discoveries: The Library at the Mall, a fitness center and restaurant.
Miami-based GDF Properties affiliate 2401 W Atlantic LLC bought the Dansk Plaza retail center in Pompano Beach for $11.63 million. The shopping center is 62% occupied with tenants including Broward Community & Family Health, Elegant Beauty Supplies, a pawn shop and thrift store.
SITE Centers has sold a 92,412-square-foot retail property in Newnan, Ga., a short time after selling a nearly 460,000-square-foot property in Kennesaw, Ga. The Newnan Crossing property is 100% occupied.
Retailers who a few years ago would be laser-focused on fending off Amazon have expanded the scope of their competitive efforts with new partnerships, nontraditional retailers and an embrace of technology, executives said during NRF 2020 Vision: Retail's Big Show. "Competition is fierce and intense. The battle is joined every day, and we know the reality that there's a great divide," NRF Chairman and Qurate Retail CEO Mike George said.
Gap says it has examined a plan to spin off Old Navy and has decided the idea no longer makes economic sense. Gap shares climbed 6.7% in after-hours trading after the announcement.
The Kroger Technology & Digital Innovation Lab, a partnership between the retailer and Northern Kentucky University, will officially open today, store officials said. The lab, which is designed to drive digital innovation and also includes scholarships for students, is the latest in a series of Kroger's initiatives with colleges in and around its hometown, Cincinnati, aimed at boosting the store's digital and technological capabilities.
