Ramco-Gershenson Properties Trust will buy out its joint venture equity partner's majority ownership position in seven properties for $189.9 million. The properties are in Columbus, Ohio; Chicago; Baltimore; Detroit; and Atlanta. The deal will raise Ramco-Gershenson's operating income by $12.5 million.
Retailers had modest growth in June, but were outpaced by inflation, reports ICSC chief economist Michael Niemira. In response, retailers are hosting more creative promotions to get customers in stores.
Former NBA star Magic Johnson signed a multiyear marketing deal in March designed to boost Best Buy sales in urban neighborhoods. His Magic Johnson Enterprises also owns 116 Starbucks and 31 Burger King restaurants.