Golden Week, a Chinese holiday in which people travel abroad, brought shoppers to Dubai Mall. Mobile payment platform Alipay reported that during Golden Week, 84% of its transactions in the region were from Chinese nationals.
"A confluence of factors are to blame for retail's decline, including burdensome levels of debt, the rise of e-commerce and rapid delivery, shifting consumer preferences and younger generations spending more on experiences rather than on physical goods," write Stuart Eisenberg and David Berline. However, property owners embracing creative concepts and better uses of space are still competitive.
Target will raise its game in the toy department in time for the holiday season, looking to gain market share in the category following the closure of Toys R Us stores. Target will add 250,000 square feet of toy selling space at more than 500 stores, expand its toy offerings with 2,500 new and exclusive products, add shopping features such as interactive walls and hold 25,000 "hours of joy" events in stores.
The World Economic Forum has ranked the US as the most competitive economy, ousting Switzerland from a nine-year run atop the ranking. The ranking system was overhauled this year to focus on technology-driven growth expected in the future.
In the third quarter, BlackRock experienced its first quarterly outflow since 2015's second quarter. Investors withdrew $3.1 billion over the three-month period.
After five years of development, Vornado Realty Trust plans to start closings for buyers this week for 220 Central Park South, according to sources. Sales are expected to be brisk for the 118-unit tower, which overlooks Central Park.
Sears' bankruptcy will give landlords more options even as the retailer keeps some stores open. "Sears bankruptcy will hasten the evolution of many malls into centers with a bit less retail but more of other uses such as apartments, hotels, restaurants, offices, distribution and entertainment," said CBRE's Melina Cordero.
Simon Property Group is expected to benefit in the long run from the Sears store closing, even though with 59 stores it is one of the REIT's largest tenants. In general, landlords are looking forward to redeveloping the vacated stores and recruiting higher-paying tenants.
After a city council vote, Monon Square Shopping Center in Carmel, Ind., is now owned by the city. The $15 million purchase allows the city to move ahead with a downtown redevelopment.