The opening this fall of Nordstrom's first full-line women's flagship in Manhattan is the culmination of the Seattle-based luxury retailer's seven-year plan to revamp the iconic brand. The retail scene has changed significantly since the start of the plan and New York City has already become the retailer's biggest market for online shoppers.
Economists expect Federal Reserve Chairman Jerome Powell to suggest the central bank is receptive to further interest-rate decreases when he speaks Friday at an annual gathering in Jackson Hole, Wyo. Powell is scheduled to speak on challenges confronting monetary policy.
Toronto-based Catalyst Capital Group has acquired a 10% stake in Hudson's Bay Co., for about $141 million. The acquisition could block a plan by Richard Baker for taking the parent of Saks Fifth Avenue and Lord & Taylor private.
IWG PLC, is a Zug, Switzerland-based coworking provider that rivals WeWork with its model and footprint. Comparing the two companies is leading to questions about WeWork's path forward and its valuation, as IWG's US unit filed for chapter 11 bankruptcy in the early 2000s and has a market capitalization that's about one-tenth of WeWork's $47 billion private valuation.
The all-property CMBS delinquency rate dropped 22 basis points in July from the previous month, according to both Trepp and Fitch Ratings. The ongoing resolution of legacy loans is the driver behind the falling delinquency rate, according to Trepp researchers.
Duke Realty has sold six office buildings in East Point, Ga., for $33.2 million or $111.25 per square foot, in an all-cash transaction. The 298,433-square-foot portfolio traded to Savlan Capital.
ShopOne Centers REIT has acquired a 65,970-square-foot shopping center in Long Island,N.Y., for $17 million. This is the REIT's first shopping center acquisition in New York.
There are about $33 billion in apparel, shoes and hats subject to a 10% tariff on Chinese imports that will start next month. Many industry watchers believe the tariffs will lead to more store closings, but some say the effects will take years to occur.
Centerville Place in Ohio will soon embark on a $130 million mixed-use redevelopment plan. Current tenants include Bath & Body Works, Great Clips, Lock 27 Brewing and La Pinata Mexican Grill & Bar and will be given the opportunity to stay at the new facility upon completion in 2020.
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