About 57% of Costco members are also Amazon Prime members, compared to 13% five years ago, according to a survey from MoffettNathanson. "Americans appear to be buying into the concept of owning two 'shopping' memberships as the value proposition is fundamentally different," the firm wrote in a research note.
Hurricane repairs, rising home values and millennials' big moves into home ownership gave Home Depot's same-store sales a 7.5% boost in the fourth quarter, topping analysts' estimates for 6.5% growth. The retailer has invested in customer service and tech improvements to drive higher sales at existing stores.
Gap brand President and CEO Jeff Kirwan has stepped down after three years and parent Gap Inc. has launched a search for a new chief, the company said Tuesday. Kirwan led efforts to create a more efficient supply chain and improve the fit and quality of its fashions.
Existing-home sales fell 3.2% in January month over month for a seasonally adjusted annual rate of 5.38 million, while the median sales price was 5.8% higher than a year ago. Year over year, sales were down 4.8%, the biggest drop since August 2014, according to the National Association of Realtors, reflecting a shortage in inventory.
Saudi Arabia's sovereign wealth fund, Public Investment Fund, is in talks to acquire a 15% stake in Accor SA's property business. Also in talks to acquire stakes in AccorInvest are Colony NorthStar, Singapore's GIC and France's Amundi. If all the acquisitions go through, the four entities combined would take a majority stake in the unit.
Kimco Realty is likely to benefit from Albertsons' acquisition of Rite Aid, because the REIT has a 9.7% stake in the grocer that could be valued at up to $685 million, up from its $140 million value prior to the deal's announcement. The REIT may use the new liquidity to pay down debt or fund its redevelopment projects.
New York REIT has earned $81.8 million for the sale of two assets in Manhattan and one in Brooklyn. It has entered into three additional contracts totaling $73.2 million.
Among its sustainability measures, Parkway Properties has increased its waste-tracking capabilities, thus improving its waste diversion rate by 20% last year, according to Daniele Horton, head of sustainability. It is also investigating a FitWell certification as it is makes health and well-being a high priority, she said.
New York City's luxury retail neighborhoods, including SoHo, are beginning to feel the industry's 18-month slump with property prices being cut on key spaces. Accurate valuations are hard to determine due to the low volume of transactions in higher-quality real estate, though experts anticipate Grade A assets will still thrive.
BlackRock raised US equities from neutral to overweight, saying that impending stimulus measures will help increase earnings growth. "Economic strength was already changing the tone of earnings momentum but U.S. tax cuts and government spending plans lit a fire under the trend," according to Richard Turnill, BlackRock's global chief investment strategist.