Friday, January 31, 2014

Few Retail Project Starts Planned for 2014 as Developers Wait for Rent Spikes

Retailers may be increasing their store opening plans, emboldened by a stronger economy, but that doesn’t mean that retail developers are following suit. 

Data from commercial real estate services firm CBRE shows that in the fourth quarter of 2013, the number of retail projects in the final planning stages (meaning they were likely to start construction in a matter of months) was 61, totaling 5.9 million sq. ft. of space. That compares to 107 projects totaling 10.4 million sq. ft. that were in the final planning stages in the fourth quarter of 2012 and 131 projects totaling 13.7 million sq. ft. that were in the final planning stages in the fourth quarter of 2011.
. . . more

Target offers few details in Congressional briefing; could face $1 billion fine

Target representative reportedly offered few new details during a phone briefing with members of Congress about its holiday data breach. According to Reuters, Target official Isaac Reyes spent about an hour on the phone with members of the House of Representatives Oversight Committee on the evening of Jan. 30.

Reyes reportedly told Congress Target was informed of the data breach by the Department of Justice on Dec. 12, but would not say if the retailer knew beforehand, citing ongoing law enforcement investigation.. . . more

They’re sold on Magoun Square

If you want to gauge the energy in Somerville’s Magoun Square, take a look at the retail storefronts and the empty lots and old garage sites filling up with new housing.

Two years ago there were about a dozen empty storefronts in the retail district at the intersection of Broadway and Medford Street, but now there’s a new sign and new venues such as Daddy Jones Bar, Modelo Butcher Market, K-2 Beer & Wine shop and Pennypacker’s, a food truck gone brick and mortar, joining the popular Olde Magoun’s Saloon.. . . more

Wal-Mart cuts outlook due to store closings, Sam's Club weakness



Wal-Mart Stores Inc said on Friday that bad weather and reduced food stamp benefits in the United States had dragged down comparable-store sales in the fiscal fourth quarter, more than offsetting a positive bump from the holiday season.

The news came the same day the world's largest retailer shaved its quarterly outlook to account for special items, including those tied to its store closures in Brazil and China and its Sam's Club restructuring in the United States.. . . more

Porter Sq. Galleria goes to L.A. firm

The Porter Square Galleria has a new owner under a $35.55 million deal that closed yesterday.

Los Angeles real estate investment management firm CBRE Global Investors bought the 57,265-square-foot retail center from KS Partners.. . . more

Panel: We'd refund $85M casino fees

The state Gaming Commission is advancing an idea to refund casinos their hefty $85 million licensing fee if a well-funded push to overturn the Bay State’s gaming law is successful, which would put a serious crimp in the state budget that relies on those fees to fund transportation and other projects.

A commission rep has been asked to testify about the issue at an upcoming hearing of the Joint Committee on Economic Development, which is studying the ramifications of the effort to put a casino repeal question on the November ballot.. . . more

Destination XL Group lowers 2013 guidance on holiday sales that fell below expectations

Destination XL Group Inc., a Canton-based retail chain that sells clothing to big and tall men, said Friday that because of lower-than-expected sales in December, it now expects earnings per share for fiscal 2013 to be a net loss in the range of $(0.11) to $(0.13) per share compared with previous guidance of a net loss of $(0.05) per share.

For the fourth quarter and fiscal year 2013, “comparable sales for the company are expected to increase approximately 3.9 percent and 2.9 percent, respectively, from the prior-year period,” the company said in a press release. “The increase in comparable sales for fiscal 2013 was previously expected to be approximately 5 percent.” . . . more

Thursday, January 30, 2014

Massachusetts data breaches, large and small, hit record level in 2013


While last month’s data breach at TargetCorp. has proved a rude awakening for hundreds-of-thousands of Bay State shoppers, the reality is that online attacks on Massachusetts residents have exploded in recent years.
Roughly one-in-six Massachusetts residents was exposed to a data-security breach last year, as the number of attacks reported by businesses and nonprofits surged to a new record since the state began tracking such information in 2007.. . . more

Why Retail Turmoil Favors Wal-Mart

Over the past several years, Wal-Mart Stores has been responding to its changed place in the competitive environment, rather than its historic place of setting the retail agenda for much of the industry to follow.

E-commerce, the "fill-in" trip, exposure to gasoline, and one-on-one customer marketing are among the recent issues that Wal-Mart has lacked a head start in. . . more

Key Rite Aid revenue metric up 1.8 pct in January

Rite Aid Corp.'s revenue from established stores grew 1.8 percent in January, even though the nation's third-largest drugstore chain took a hit from softer flu-related sales.

The Camp Hill, Pa., company said Thursday that its pharmacy revenue from stores open at least a year increased 3.2 percent. But sales from the front end, or the rest of its stores, fell 1.3 percent due to a drop in over-the-counter, flu-related products.. . . more

Men's Wearhouse says it could raise $1.61 billion takeover offer for Jos. A. Bank

Men's Wearhouse says it could boost its offer to Jos. A. Bank if the rival men's clothing retailer forms a committee to reconsider merging the two companies.
The companies have been dancing around a combination. Earlier this month, Jos. A. Bank Clothier rejected a $1.61 billion takeover offer from Men's Wearhouse.
- See more at: http://www.nanaimodailynews.com/business/men-s-wearhouse-says-it-could-raise-1-61-billion-takeover-offer-for-jos-a-bank-1.807605#sthash.SW00WV3i.dpuf
Men's Wearhouse says it could boost its offer to Jos. A. Bank if the rival men's clothing retailer forms a committee to reconsider merging the two companies.
The companies have been dancing around a combination. Earlier this month, Jos. A. Bank Clothier rejected a $1.61 billion takeover offer from Men's Wearhouse.
- See more at: http://www.nanaimodailynews.com/business/men-s-wearhouse-says-it-could-raise-1-61-billion-takeover-offer-for-jos-a-bank-1.807605#sthash.SW00WV3i.dpuf
Men's Wearhouse says it could boost its offer to Jos. A. Bank if the rival men's clothing retailer forms a committee to reconsider merging the two companies.
The companies have been dancing around a combination. Earlier this month, Jos. A. Bank Clothier rejected a $1.61 billion takeover offer from Men's Wearhouse.
- See more at: http://www.nanaimodailynews.com/business/men-s-wearhouse-says-it-could-raise-1-61-billion-takeover-offer-for-jos-a-bank-1.807605#sthash.SW00WV3i.dpuf


djs0080160537_high.jpgMen's Wearhouse says it could boost its offer to Jos. A. Bank if the rival men's clothing retailer forms a committee to reconsider merging the two companies.

The companies have been dancing around a combination. Earlier this month, Jos. A. Bank Clothier rejected a $1.61 billion takeover offer from Men's Wearhouse.. . . more

Pent-up retail demand is expected to spur construction in Greater Baltimore

The Canton Crossing project is one indication of rising retail demand in Baltimore.Retail vacancy declined steadily in the Baltimore region in 2013, finishing the year at 5.5 percent as shopping center development began a slow comeback, according to a Colliers International Baltimore report.

Tenants have been slowly filling up the empty spaces left behind during the recession, Colliers reported, leaving “relatively few opportunities for larger tenants.”. . . more

Amazon poised to power real-world retail payments

Amazon paymentsAmazon may be preparing to step into brick-and-mortar retail stores in a big way. The world's biggest e-tailer is reportedly working on providing point-of-sale systems for real-world purchases — all of which, presumably, would show up on your Amazon account.

Details are few and far between, but it would make sense for Amazon, which powers many online businesses and checkout systems, to expand to registers at cafes and gift shops. After all, a huge amount of commerce still takes place offline.. . . more

‘Virtual’ Mike Modell welcomes shoppers to Modell’s Times Square flagship

Modell’s Sporting Goods has deployed cutting-edge technology in its Times Square flagship to welcome Super Bowl XLVIII fans. The sporting goods retailer has installed a virtual image of CEO Mitchell Modell to personally greet customers. The image is provided via Tensator’s “Virtual Assistant” digital signage solution, which creates the illusion of a real person.

The virtual Modell provides suggestions on Super Bowl gear, shares information on apparel, footwear, sporting goods and licensed team products, informs customers about the store’s loyalty program, how to sign up and even gives directions on where to find certain items.. . . more

Mobile tops retailers’ priority lists

Retailers overwhelmingly agree mobile must be the number one priority for their digital business in 2014, according to the 2014 Shop.org/Forrester Research Inc. State of Retailing Online survey. More than half (53%) marked mobile efforts as a top priority, identifying responsive design, mobile site optimization, and tablet redesign among key focus areas.

On average, retailers’ total 2013 smartphone revenue grew 113% over 2012, and tablet revenue grew 86% over the same period. The survey also found that 21% of retailers’ web revenue derived from either a smartphone or tablet in 2013.. . . more

Wednesday, January 29, 2014

Walmart Begins Testing Online Grocery Shopping With Local Store Pickup Option In Denver

Walmart To Go, the retailer’s on-demand shopping service offering home delivery of general merchandise, including in some cases, groceries, is expanding its test in the Denver market today to also include a local pick-up option. Denver area customers will now be able to order their groceries online, then pick up at a nearby store – without having to set foot inside the store.

Instead, customers will pull up to a designated pick-up spot on the side of the store, as directed. Or, in the case of those stores where a drive-through pharmacy is available, they’ll pick up their groceries from the pharmacy window.. . . more