Kroger is investing in state-of-the-art automated grocery fulfillment centers with help from Ocado, though the grocer doesn't expect to see changes until the first one comes online sometime in 2021. "With shopper receptiveness to digital innovation limited mainly by retailers' imagination, Kroger's new facilities will be coming online about the time that expectations for speed, accuracy, assortment and freshness are hitting new highs," Mike Troy writes.
Brooks Brothers is working with investment bank PJ Solomon to explore strategic options which could include a sale of the company by owner and CEO Claudio Del Vecchio, sources said. Del Vecchio has reportedly been considering a sale amid interest from several investment funds.
To cut down on holiday stress, more shoppers are planning to order their groceries online, according to a report from ServiceChannel. Half of online grocery shoppers say they will purchase online more than usual during the holidays, and 63% said they would be somewhat likely to order a fully prepared meal online.
Federal Housing Finance Agency Director Mark Calabria said initial public offerings from Fannie Mae and Freddie Mac could come in the next few years and said he expects the enterprises to exit government conservatorship by 2024. However, he noted that "I'm not going to force them out" if they are not ready within that timeline.
Brookfield Property Partners has acquired JPMorgan Chase's stake in four US retail centers, and JPMorgan and the New York State Teachers' Retirement System bought Brookfield's stake in another mall, sources say. The five malls were valued at $3.2 billion in the transaction, the sources say.
PS Business Parks has larger tenants in its nearly 28-million-square-foot portfolio, but the REIT caters to smaller businesses and has an average unit size of approximately 5,000 square feet. The company's success can be attributed in part to its careful selection of target markets.
US malls are in the midst of an evolution driven by changing consumer shopping habits, with retailers embracing smaller footprints and developers rethinking layouts. At Burlington Mall outside of Boston, for example, developers are turning a former Sears store into a streetscape with shops, restaurants and a park.
Elite Vision Investments has purchased North Carolina's Hanes Square shopping center for $2.86 million. The 2.49 acre property counts David's Bridal and the GoHealth clinic as tenants.
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