Retail store closures up 23% this year | Hudson Yards to usher in a new era of the mall | Acquisition loan secured for Woodbridge Crossing in N.J.
March 15, 2019
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Retail store closures up 23% this year
Retail store closure announcements this year are outpacing 2018's numbers, with 4,810 stores having closed so far -- a 23% increase over the same period last year. "[Retailers are] either filing for bankruptcy or even the ones that are still operating are looking to reduce their store footprint to be more efficient, to invest in their online channel," said Ana Lai, senior director and analytical manager at S&P Global Ratings.
National Real Estate Investor online (3/14) 
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Industry Tracker
Hudson Yards to usher in a new era of the mall
Hudson Yards to usher in a new era of the mall
(Angela Weiss/AFP/Getty Images)
Today's opening of the Shops & Restaurants at Hudson Yards in New York City is the debut of a new kind of upscale mall and mixed-use development on 28 acres atop active train yards. The project is 90% leased and opens with 25 restaurants and 100 stores, and it's expected to draw 60,000 daily visitors.
The New York Times (tiered subscription model) (3/13) 
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Acquisition loan secured for Woodbridge Crossing in N.J.
Woodbridge Crossing, a 285,210-square-foot retail center in Woodbridge, N.J., could change hands now that HFF has lined up a $25.5 million acquisition loan for the property. The 80%-leased property includes Big Lots, Burlington Stores and Planet Fitness.
REBusinessOnline (3/14) 
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Hoover, Ala., approves new retail development
Parrish Building has received approval from the Hoover, Ala., Planning and Zoning Commission for its planned 9,000-square-foot retail center with a 60,000-square-foot self-storage facility. The retail portion will have five smaller spaces with room for restaurants, boutiques and services.
Hoover Sun (Ala.) (3/11) 
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Retail News
Walmart wants to drive health care change
Walmart wants to drive health care change
(Joe Raedle/Getty Images)
Walmart flew an employee to another state for a second opinion after a doctor recommended surgery, an expense that saved the self-insured retailer $30,000 in unnecessary spending. The company and the patient, who is back at work after proper diagnosis and treatment, shared the story this week as part of an effort to fix what's not working in the US health care system.
CNBC (3/15) 
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Dollar General details store openings, improvements
Dollar General details store openings, improvements
(Justin Sullivan/Getty Images)
Dollar General will open 975 new locations and remodel 1,000 existing stores this year, with self-checkouts and improvements to sections including health and beauty, the company said. The 15,300-store retailer will also expand its fresh food and home goods offerings, and it's developing a digital strategy designed for its core base of lower-income consumers.
CNN (3/14),  The Wall Street Journal (tiered subscription model) (3/14) 
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Bloomingdale's bets on beauty to bring in shoppers
Bloomingdale's bets on beauty to bring in shoppers
(Timothy A. Clary/AFP/Getty Images)
Bloomingdale's created a main floor beauty and fragrance department as part of the renovation of its flagship, a design meant to draw in shoppers as soon as they enter the department store, executive Stacie Bortek said. "It's this place for energy and excitement that really radiates throughout the entire store," she said.
Glossy (tiered subscription model) (3/14) 
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Sources: Pier 1 preps to renegotiate debt
Pier 1 Imports is working with restructuring lawyers to help the company negotiate with lenders, sources said. The 987-store home goods retailer is struggling with falling sales and growing competition.
Reuters (3/14) 
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