The hedge fund controlled by Sears Holdings CEO and majority shareholder Edward Lampert will loan the retailer $300 million, the company said Thursday after reporting a $395 million second-quarter loss. The retailer, which has been selling assets and closing stores to cut costs, will also shutter its 40-year-old anchor store at Minnesota's Eden Prairie Center in November.
Economic growth, the improving labor market and the outlook for inflation are strengthening the case for an interest rate increase, said Federal Reserve Chairwoman Janet Yellen, speaking from Jackson Hole, Wyo. The Fed has three more scheduled meetings this year.
Department store chain J.C. Penney is flourishing, with fewer than 10 stores that aren't profitable, while rivals such as Macy's and Sears struggle to remain afloat. Much of the credit is due to CEO Marvin Ellison, who focused on mall negotiations and changes in merchandising to engineer a turnaround.
Retail landlords are using multiple strategies to address the downsizing of space by brick-and-mortar retailers. They are focusing on recruiting tenants that offer experiences, redeveloping some of the vacant space into other uses and rethinking the concept of an anchor.
A 52,000-square-foot entertainment center in the Sunvalley Shopping Center, in Concord, Calif., is to open today, replacing a former Sports Authority location. The facility, called Round 1, offers karaoke, bowling, arcade games and billiards in a family-friendly atmosphere.
Chicago-based Oxford Capital Group plans to build a seven-story luxury Godfrey hotel in Hollywood, Calif., on a site it purchased for $16.5 million.
Japan's APA Group plans to bring its simplified "urban-style hotel" mode to North America with its acquisition of Canada's Vancouver-based Coast Hotels. The concept treats guests and staff as equals and limits services to what guests specify, APA CEO Toshio Motoya said.
Funds from operations for equity REITs rose more than 7% in the second quarter, and same-store net operating income rose 4.25%, according to NAREIT's T-Tracker series. REIT fundamentals are strong even in the face of rising construction, said Calvin Schnure, NAREIT senior vice president for research and economic analysis.
A new study has found that hotels will make $750 million more over a decade if a new NFL stadium and convention center is built in downtown San Diego. The study was commissioned by the San Diego Chargers in advance of a November referendum on a hotel tax increase to help pay for the estimated $1.8 billion project.
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