Department stores are confronting the challenges of digital technology and e-commerce through efforts like mobile applications and other technology innovations that are meant to engage shoppers. For example, Nordstrom's TextStyle personal shopping program allows users to make purchases with a simple "buy" command, while J.C. Penney is looking to partner with Apple Pay to capture omnichannel shoppers.
A class-action lawsuit alleging conspiracy to manipulate Treasury prices was filed Thursday in U.S. District Court in New York against 22 banks by Boston's municipal pension fund and other investors. According to the complaint, the banks swapped information and coordinated strategies.
The data-center construction pipeline increased 70% in the second quarter, CBRE reported. Absorption is keeping pace with delivery of new construction this year, and 2015 looks to be keeping pace with last year's absorption levels, the firm said.
CorEnergy, a REIT focused on critical energy infrastructure assets, has expanded its portfolio to $460 million in assets from $90 million in recent years, according to CEO David Schulte. Fluctuating energy prices have no effect on the REIT's leases, he said. Schulte expects its dividend will continue to grow 3% to 5% a year.
ETRE Financial has postponed its initial public offering of Boston's State Street Financial Center, citing market conditions. It had expected to raise $173 million by selling an interest in the building.
Some companies prefer the feel of older New York City buildings and their neighborhoods, but connectivity can be problematic. Leading building owners are offering multiple Internet service providers and rooftop wireless connections, and they use high WireScore rankings to market their properties.
Morgan Stanley Real Estate Investing has sold nine office buildings in Australia, held by the Investa Property Trust, to China's sovereign wealth fund for an undisclosed amount.
Struggling fashion retailers Gap, J. Crew and Abercrombie & Fitch are zeroing in on ways to speed fashion-forward merchandise to the market in an effort to respond to the public's changing tastes and wean it off a dependence on deep-discount sale merchandise. "There has been a dramatic shift in power to the consumer," said Cowen & Co. retail analyst Oliver Chen.
Round Rock, Texas, is considering improvements for traffic flow to its outlet shopping centers. Bass Pro Shop's first day of sales at the Round Rock Premium Outlets in June saw more than 10,000 visitors, increasing traffic throughout the center. "Round Rock Premium Outlets has welcomed millions of shoppers every year and we've definitely started to see an increase and we love seeing that," said Anisha Yadav, the shopping center's general manager.
JLL and Colliers International worked with Union Investment Real Estate GmbH in purchasing the Riviera Shopping Center in Kazimierza Gorskiego, Poland, for $319.11 million. Fonciere Euris is selling the 753,000-square-foot shopping center, known as the largest and most advanced entertainment and commerce center in the region, in a deal set to close at the end of August.