Mall owners are redeveloping properties to meet evolving shopper habits and preferences and find new uses for former department store anchor spaces. The nature of the changes vary from one mall to the next, depending on the demographics and market conditions, with some focusing more on entertainment and others opting for mixed-use redevelopments, industry experts say.
Trademark Property Co. has been tapped to develop a master plan for the 1.7-million-square-foot Memorial City Mall in Houston. The announcement comes just over six months after Sears pulled out of the property.
Irondequoit, N.Y., residents will soon vote on whether to approve funding for a 43,000-square-foot community center at the vacant Skyview on the Ridge mall. The mall's new owners are also pursuing other redevelopment plans while they await a decision on the community center.
Two new bills backed by congressional Democrats would require retailers to accept cash payments in their stores. NRF says businesses should be able to choose what form of payment to accept, but the legislation is a "solution in search of a problem" because so few stores have gone cashless.
Walmart will build new headquarters in Bentonville, Ark., on 300 acres over the next two years, and ultimately move 14,000 employees from its current digs, which were built in 1971. The new campus will feature employee perks including upgraded food offerings, child-care facilities, fitness centers and hiking and biking trails.
A Whole Foods Market store in New York City is the test site for a convenience store concept called Whole Foods Market Daily Shop. Local and organic products are paired with the ease of a convenience store, and shoppers can make their own acai bowls or get seasonal kombucha on tap.
Walmart is spending on in-house research and acquiring retail brands and technology startups, all in pursuit of Amazon's e-commerce and advertising businesses. Walmart is not only selling its own products but increasingly partnering with other brands that can sell in stores and on Walmart's website, says Jet.com founder Marc Lore, who leads Walmart's domestic e-commerce business.