While Mother's Day staples such as flowers, apparel and gift cards will still be popular, consumers will stretch their budgets a little further this year and treat Mom to a tablet, smartphone or sparkly necklace she's had her eye on. According to the National Retail Federation's Mother's Day survey conducted by BIGinsight, Americans will spend an average of $168 on holiday gifts, up from $152 last year. Total spending is forecast to reach $20.7 billion. Read more.
Petrie Ross Ventures will seek approval to redevelop its City Place retail center in Silver Spring, Md. It will submit a plan within the next few months for the renovation, which will include a modern façade and new tenants.
Mexico expects to see strong investment in its retail and shopping-center industry. Its trade group in this space recently raised its expected investment estimate by $32 million this year, to $4 billion. If that investment materializes, it will be $400 million more than 2012's investment.