Saks Fifth Avenue is raising the profile of its personal shopping service in an effort to make it available to a larger group of shoppers. The Fifth Avenue Club service has moved to a more visible spot in the retailer's New York City flagship, with rooms big enough for friends to shop together, and Saks plans to replicate the prototype at about 30 other stores.
Policymakers should explore inconsistencies in the way regulations treat bank investments, Treasury Secretary Jack Lew told the House Financial Services Committee. "Distinctions were made between different kinds of activities so that private equity is treated one way, merchant banking is treated another way," Lew said.
Luxury retailers are upgrading their amenities in an effort to improve the experience and keep customers happy in a changing market. Ralph Lauren now offers shoppers a BMW ride to their next destination, and Saks Fifth Avenue has added a fashion emergency hotline.
Dollar stores and off-price retailers are in the lead when it comes to adding new store space, according to a ranking from CoStar. Dollar General plans to open 900 new stores this year and 1,000 next year, and Family Dollar and Dollar tree expect to add 4.3 million square feet and 3.2 million square feet of new space respectively.
Washington REIT has closed on the second half of its previously announced office portfolio sale to a Brookfield Property Partners affiliate for $128.5 million. The first half of the deal closed in June for $111.5 million.
San Francisco's Millennium Tower has sunk 16 inches and is leaning six inches in the direction of a neighboring skyscraper, causing apartment owners to demand compensation from the developers. City officials are reassessing the way buildings are vetted because of the scandal.
The Federal Reserve is concerned about asset bubbles and inflated valuations and is monitoring for such activity, including in the commercial real estate sector, Fed Chair Janet Yellen said.
The Organization for Economic Cooperation and Development has updated its Brexit forecast, saying that a UK recession is not in the near future but that growth will slow in 2017. "Spillovers to the global economy, notably the euro area, have been modest so far, including through confidence and financial markets weighing on investment; more negative effects on the euro area are likely to become apparent in 2017," according to the OECD.
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