Redevelopment at Chicago airport boosts retail sales | Edens names president as new CEO | Commentary: A glimpse at the mall of tomorrow
April 27, 2015
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Redevelopment at Chicago airport boosts retail sales
Sales have reached record highs at Chicago O'Hare International Airport's International Terminal 5, one year after Westfield completed a $26 million transformation that nearly doubled retail and dining space and added 24 new spots. Retail sales are up 70% since the redevelopment began in 2011, with sales last year exceeding $43 million. SCT Newswire (4/24)
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Edens names president as new CEO
Edens announced the appointment of Jodie McLean as CEO, replacing Terry Brown, who will step down June 30. McLean is Edens' president and chief investment officer and has been working for the company for 18 years. SCT Newswire (4/27), American City Business Journals/Atlanta/Morning Edition blog (4/24)
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Commentary: A glimpse at the mall of tomorrow
Retail centers of the future will morph into lifestyle centers that offer shoppers a variety of reasons to return, writes Envirosell CEO Paco Underhill. In addition to spas, gyms, schools and services, the centers will sell artisan goods and personalized fashions that reflect changed consumer preferences, he writes. The Wall Street Journal (tiered subscription model) (4/26)
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Mall of America owners could consider Hawaii project, says former exec
Mall of America developer, owner and manager Triple Five Worldwide Group may develop a mega retail center in Hawaii, said Cindy Clark, a former executive who said she reached out to the company to gauge interest about potential locations. Clark said she is researching what area residents would want in such a destination. On Thursday, Triple Five closed on land to build a retail and entertainment complex in Florida. American City Business Journals/PBN biz blog (4/24)
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Rochester, N.Y.'s chain stores among highest in sales volume
Rochester, N.Y., is a midsize market, but it boasts many national chain stores, with some of the highest sales volume in the country. Tier two retail does well in the area, a sophisticated market with higher household incomes than smaller markets, which is part of why Wilmorite has invested $100 million to upgrade four area retail centers since 2009. Rochester Democrat and Chronicle (N.Y.) (tiered subscription model) (4/24)
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Shoppers shift their post-recession spending
Recession-scarred consumers have started spending again -- they're just spending differently, said MasterCard executive Sarah Quinlan. Restaurant sales and air travel are rising, as consumers increasingly opt to spend on experiences, she said, and big-ticket purchases, including cars and pricy jewelry, also have increased, which should serve as a lesson to retailers. "If she's buying a $34,000 car, she has no problem coming in and buying a $200 sweater," Quinlan said. The Washington Post (tiered subscription model) (4/24)
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Sam's Club to add small-business lending, services
Sam's Club will launch five new services for its small-business members, including access to accounting services and a lending center to help members secure loans of up to $350,000. Businesses constitute about one-third of Sam's Club's membership base, said Kantar Retail, but business members made fewer trips to Sam's in the most recent quarter, said CEO Rosalind Brewer. Fortune (4/22)
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Small stores are the future, says Wal-Mart International CEO
Hypermarkets will see global sales grow about $350 billion over the next decade, but smaller stores are set to prosper on a larger scale as international shoppers demand convenience, said David Cheesewright, president and CEO of Wal-Mart International. Retailers with online outlets and physical stores will fare best, he said. The Times of India/TNN (4/27)
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Los Angeles real estate development company Primestor Development signed LemonPop a new concept by Charlotte Rouse at azalea Regional Shopping Center in South Gate, California. The 5,900 sf concept store is the first of its kind in the nation. azalea, which opened less than a year ago, will have only 3 spaces available representing approximately 7,000 sf for a vacancy factor of less than 2%.
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