Forever 21 and Hennes & Mauritz, shops that feature inexpensive, trendy clothes, are plotting their expansions in Japan as major luxury brands shrink their expansion plans or withdraw altogether. Japan is known for its brand-obsessed culture, making the success of the "fast fashion" chains another indication of a shift in consumer mentality.
The Emerging Trends in Real Estate 2010 study released last week by PricewaterhouseCoopers and the Urban Land Institute predicted 2010 will be a buyer's market in commercial real estate. Survey respondents predicted commercial property prices will sink 40% to 50% below their 2007 peaks. "Our report participants find that a sense of nervous euphoria is growing among liquid investors who can make all-cash purchases," said Stephen Blank, ULI's senior resident fellow for real estate finance.
In his second day on the job, John Goodman talks about his plans to boost sales and profitability in Sears' and Kmart's apparel and home-goods division, without completely revamping the brands. Goodman, 45, came up through the retail ranks, with a resume that includes stints at Gap, Bloomingdale's and Charlotte Russe.
Banks aren't refinancing many commercial real estate loans, but they are modifying existing loans to extend their maturities, a Federal Reserve survey found. About three-quarters of the banks said they were extending more than 25% of the construction and land development loans set to come due in September.
Developers Diversified Realty has named Daniel Hurwitz, its president and chief operating officer, as next in line for chief executive. Current CEO Scott Wolstein and Hurwitz signed new employment agreements that committed them until Dec. 31, 2012.