Chief financial officers in other industries can learn a lot from the difficult retail landscape, writes Bloomberg Tax Technology's Ken Crutchfield, who adds that advanced technology is a key theme among successful turnaround efforts. Here, he looks at the restructuring process and tax implications that CFOs must overcome.
The San Antonio-area Katy Ranch Crossing development, a 750,000-square-foot property, has added PGA Tour Superstore, Floor & Decor, Glowzone and numerous other locations, getting it closer to being fully leased. The location has 40,000 square feet of big-box space left.
With more accessible space, large shopping centers are turning to job fairs to bring people in. Oxford Valley Mall in Langhorne, Pa., recently saw 350 job-seekers attend a job fair that featured 1,000 openings and 40 employers.
Target has developed a fragrance line dubbed Good Chemistry that will include 48 products in four different collections. It's the latest move by the retailer in an ongoing effort to upgrade its beauty offerings.
Amazon has announced the 20 finalist cities as sites for its second headquarters. The list includes Atlanta, Indianapolis and Washington, D.C.
German grocery retailer Lidl's expansion into the US is slowing, and some projects, such as those in New Jersey, Ohio, Pennsylvania and Virginia, are being abandoned, according to a German newspaper. The retailer, which is also reportedly switching to a smaller-format store from its earlier big-box focus, had planned to open 100 stores in the US.
La Quinta's hotel franchise and management businesses are trading to Wyndham Worldwide for $1.95 billion in cash, adding 900 hotels to Wyndham's portfolio. Before the transaction closes, La Quinta Holdings will spin off its real estate holdings into a publicly traded REIT that will be named CorePoint Lodging.
Ivanhoe Cambridge has taken a 40% stake in the $2 billion cash acquisition of Pure Industrial REIT by Blackstone Group, according to sources. When the deal closes, the Vancouver-based industrial REIT will go private.
James J. Hanks Jr., a partner at Venable LLP, discusses shareholder issues and the state of the REIT sector's governance. Most REIT management teams are very experienced and stable, he says, which is more important for performance "than a declassified board or an independent board chair."
New York City's 1 million properties had a value of $1.26 trillion for the fiscal year beginning in July, according to tax rolls. That is a 9.4% increase over the previous period, with Brooklyn rising 12% to $335.5 billion.