Most Clicked ICSC SmartBrief Stories
1. Mervyn's sues former owners for $1 billion
ICSC SmartBrief | Sep 05, 2008
Mervyn's LLC sued its former owners, including Target Corp., as well as Cerberus Capital Management and Sun Capital Partners. The $1 billion suit alleges that a sale was structured to strip Mervyn's of properties it owned, then raised the rent when it leased the property back to the company. Cerberus and Sun Capital were two of the private equity firms that bought Mervyn's from Target four years ago. GlobeSt.com (09/05)
2. Simon emerges as logical buyer for stake in giant mall
ICSC SmartBrief | Sep 03, 2008
Simon Property Group is entering negotiations with Lend Lease Corp. after Lend Lease said it will sell its 50% stake in the King of Prussia Mall near Philadelphia. Simon, which has a 12.4% stake in the mall, manages the 2.6 million-square-foot facility. Lend Lease's stake could be worth as much as $1.2 billion. Wall Street Journal, The (subscription required) (09/03)
3. Teen apparel's secondary brands in trouble
ICSC SmartBrief | Sep 02, 2008
Arden B is just one of many sister brands to teen-focused clothing retailers that are struggling in the current economic climate. Secondary brands designed to cushion the blow from slower back-to-school sales have not been performing up to expectations. St. Louis Post-Dispatch (08/31)
4. Target to "pop up" around New York City
ICSC SmartBrief | Sep 02, 2008
Target will open four pop-up stores in New York City next week to spotlight fall merchandise by its apparel and accessories designers. Merchandise from three of the designers will be sold in New York a month before a national launch. New York Times, The (09/01)
5. Most retailers struggled in August
ICSC SmartBrief | Sep 05, 2008
Retailers largely posted sluggish sales in August, despite pushes for back-to-school shoppers. One of the bigger exceptions was Wal-Mart, which beat Wall Street expectations. Mall-based retailers, however, continued to struggle. SCT Newswire (09/05) New York Times, The (09/04)
6. Westcor joins roster for $1 billion Phoenix development
ICSC SmartBrief | Sep 05, 2008
Westcor has signed on to develop the retail portion of the $1 billion resort, retail and convention center in Mesa, Ariz. DMB Associates and Gaylord Entertainment are the other primary developers on the site. American City Business Journals (09/03)
7. Tesco CEO outlines strategy for the future
ICSC SmartBrief | Sep 03, 2008
Tesco CEO Terry Leahy led a discussion session at the recent European Balanced Scorecard Summit in London. Leahy described his company's strategy for providing a unique, consistent buying experience at numerous stores in many countries. "Tesco doesn't want one leader. We want thousands of leaders who take initiative to execute the strategy," he said. HarvardBusiness.org (09/02)
8. Manager sees stability returning to real estate
ICSC SmartBrief | Sep 02, 2008
Fidelity Investments real estate manager Steven Buller says in a Morningstar interview that he believes markets are starting to stabilize. Valuations are "trading at a 12% to 15% discount to net asset value. On that basis, things are looking relatively attractive," he said. Buller does, however, warn about higher volatility in real estate stocks. Morningstar (08/29)
9. Milbrook picks up New Jersey center for $92.4 million
ICSC SmartBrief | Sep 05, 2008
Milbrook Properties has acquired Aviation Plaza in Union County, N.J., from Aviation Tower LLC for $92.4 million. The power center is anchored by Home Depot, Target and ShopRite. GlobeSt.com (09/04)
10. LaSalle closes $3 billion Asian property fund
ICSC SmartBrief | Sep 02, 2008
LaSalle Investment Management has raised $3 billion for LaSalle Asia Opportunity Fund III. The company's latest real estate fund will focus on investing in Japan, Korea, Hong Kong, Singapore and China. AsianInvestor.net (09/02)
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Companies in the news
- Dillard Inc.
- Gottschalks Inc.
- Mervyn LLC
- Realty Advisors
- Retalix
- Saks Incorporated
- Sears Canada Inc.
- Sears Holdings Corp