Westfield divests 5 shopping centers for $1.1B | House votes to curtail REIT spinoffs | West End shopping center in West Rome, Ga., sees completion of renovation
December 21, 2015
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Westfield divests 5 shopping centers for $1.1B
Westfield Corp. has sold a majority stake in five US shopping centers for $1.1 billion, retaining a 20% ownership in the properties. The buyer is a joint venture among Centennial Real Estate Co., USAA Real Estate and Montgomery Street Partners. Westfield sold the properties to reduce debt and fund a property-development program. Bloomberg (12/20)
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Increase Holiday Sales By Unwrapping Gift Splurgers
With holiday sales estimated to reach $630 billion, retailers and shopping outlets must understand the consumers who are most likely to be spending for the holidays to get their share of the shopping cart. By examining the consumer segment of Gift Splurgers, Nielsen Scarborough offers insights to engage this profitable shopper segment. Download the infographic to learn more.
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House votes to curtail REIT spinoffs
A provision that limits the spinning off of corporate real estate into a REIT is part of the tax legislation that the House passed Thursday. Companies will be left looking for other methods to unlock the value of their real estate. However, other portions of the tax bill are favorable to the real estate industry, such as relaxed rules for foreign investment that could increase foreign capital by $20 billion to $30 billion next year, according to one estimate. The New York Times (free-article access for SmartBrief readers) (12/17)
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West End shopping center in West Rome, Ga., sees completion of renovation
The West End shopping center in West Rome, Ga., has received a $200,000 renovation by owner Lahiji Holdings. The 75-day project included stacked-stone style column installation. The shopping center is fully leased and is anchored by Latin grocer Morelo's Carniceria. Rome News-Tribune (Ga.) (12/21)
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Poll: 17% of Americans delayed shopping
A study conducted by Reuters and Ipsos for the period of Dec. 14-18 found that 17% of Americans had yet to start holiday shopping, about 1% less than the same time in 2014. The poll also noted that 55% of American shoppers are spending cautiously due to economic conditions, compared to just 38% in November. Of those who have yet to finish shopping, 45% say it is because they are waiting for better deals. Reuters (12/19)
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Sources: American Apparel founder's bid wins backers
Sources: American Apparel founder's bid wins backers
(Spencer Platt/Getty Images)
American Apparel founder Dov Charney has secured nonbinding letters of interest from more than one backer in his effort to buy back the company, sources said. The fashion retailer filed bankruptcy in October and a hearing is scheduled for Jan. 20 on a reorganization plan that would transfer ownership to a bondholders group. Bloomberg (12/17)
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Target launches buy-back program for gift cards
Target is rolling out in-store kiosks where customers can exchange the gift cards they won't use for Target gift cards. Rival Wal-Mart launched a similar program last year. Through the service, Target will make offers based on the types of cards shoppers are looking to sell, which customers can accept or reject. AL.com (Alabama) (12/18)
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Retailers sweetened their deals to win Super Saturday
Retailers sweetened their deals to win Super Saturday
(Andrew Toth/Getty Images)
Retailers wooed holiday shoppers over the last weekend before Christmas with discounts and giveaways including $10 in Macy's Money when shoppers spent between $50 and $75, and 10% off gift cards at Target. The last Saturday before Christmas, dubbed "Super Saturday," became the busiest shopping day of the season in 2014, ShopperTrak reported. The 10 days before Christmas can account for as much as 40% of the season's sales, according to NRF, and about three-quarters of consumers still had things to buy at the beginning of the weekend, according to American Express. The Wall Street Journal (tiered subscription model) (12/19), MediaPost Communications (12/21), The San Diego Union-Tribune (12/19)
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Can retailers boost sales by de-cluttering their shelves?
The retail rule of thumb that holds that shoppers buy more when shelves are packed may be changing in the age of the uncluttered Apple store and books that teach consumers to how to simplify their lives, Envirosell CEO and author Paco Underhill writes. "Here is my advice for the industry: Emulate your customers and start to cut back," he writes. The New York Times (free-article access for SmartBrief readers) (12/19)
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Levi Strauss names new global retail leader
Levi Strauss names new global retail leader
(Justin Sullivan/Getty Images)
Levi Strauss has named Carrie Ask as its new president of global retail to oversee growth at the brand's 2,700 stores, the company said. Ask, who will take the post on Feb. 16, was most recently vice president and general manager at Nike Stores North America, and her resume also includes stints at Target and Petco. Women's Wear Daily (subscription required) (12/19)
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