Sears Stores’ Post

Employee attrition is a costly nightmare in more ways than one, and worse when you provoke it through your own myopic greed. Your best sales people are your strongest asset in retail. Why not reward performance? Instead, they cut commissions back. I wonder who the genius beancounter was who dreamed that one up? Seems like a greenwood from where I sit. What do I know, I've only been doing this for over 30 years? #TiifanyandCo #retailintelligence #jewelrysales #employeeattrition #retailmanagement

The face of Briggate is changing! Here's three developments that are transforming the famous street... 👉 Grand Central Place – the old House of Fraser building is no more, and student accommodation is on the way. 👉 Zara's new flagship store – they're making the move from the corner of Briggate to former Topshop building. 👉 Flannels development by Frasers Group – the old Debenhams department store will soon become a luxury shopping spot. What do you think of the changes? #leeds #citydevelopment #retaildevelopment

3 years on... only a third of former Debenhams stores are occupied, if you factor in stores under offer or in the process of being repurposed that still leaves HALF of all stores vacant. When you include closures by House of Fraser, Wilko and Marks and Spencers that's an awful lot of space 🧑🚀! Large format stores in high footfall locations are likely to relet with some repurposing, Bullring is a good example, with larger retail and experiential occupiers picking up the slack. But what do you do in the market towns where these empty stores are a blight on the high street? Landlords and asset managers should embrace the opportunity to reinvigorate a town centre and think outside of the traditional hospitality/leisure route. Now not everywhere can be a lab, but vibrant communities need a mix of retail, office and residential space so making use of permitted development rights to secure change of use and then further permissions to improve exterior facades could be a good route. Co-living and later living are also attractive options bringing new demographics in to town centres (does anyone know why so many later living developments are situated miles away from anywhere?). Retail insolvencies are inevitable but the options that space presents are endless. What's the best repurposing story you've seen? 👇 #landlordandtenant #retail #assetmanagement #commercialproperty #realestate

The Broadway Shopping Centre in Bradford has undergone a remarkable transformation. Facing challenges like a vacant Debenhams unit and rising vacancies, we took a data-driven approach to connect with the community and re-energised the spaces to create an exciting shopping destination. A revamped leasing strategy brought in new and innovative tenants like Flip Out Indoor Adventure Park and Sakkusamba and the shopping centre is soon to welcome a debut UK store of a top Pakistani fashion retailer. "Additions like these, have not only improved the shopping experience but also boosted the overall appeal of The Broadway and Bradford as a whole. Our team efforts have been met with positive feedback, proving that our project is making a real difference in the city. We've seen an increase of 6.5% in footfall as well as an increase of +27% in the number of visitors from outside the immediate 30-minute drive time, attracting higher affluence groups in the wider catchment helping to drive increased spend." says Christina Beggan, Director Asset Management Ellandi. https://lnkd.in/eXcThVJ3 #deliveringretailplus #destinationshopping #dataleddecisions

Interesting article. Makes sense for retail to own their real estate.

𝐅𝐚𝐦𝐨𝐮𝐬 𝐑𝐞𝐭𝐚𝐢𝐥𝐞𝐫 𝐋𝐚 𝐌𝐚𝐢𝐬𝐨𝐧 𝐒𝐢𝐦𝐨𝐧𝐬 𝐄𝐱𝐩𝐚𝐧𝐝𝐬 𝐰𝐢𝐭𝐡 𝐓𝐰𝐨 𝐍𝐞𝐰 𝐒𝐭𝐨𝐫𝐞𝐬 𝐢𝐧 𝐄𝐚𝐭𝐨𝐧 𝐂𝐞𝐧𝐭𝐫𝐞 𝐚𝐧𝐝 𝐘𝐨𝐫𝐤𝐝𝐚𝐥𝐞 As part of an ongoing development, Cadillac Fairview (CF) announced that retailer La Maison Simons, also known as Simons, will build a new store at Toronto’s Eaton Centre. Read More: https://bityl.co/QNub #lamaison #retailers #lamaisonrose #news #BusinessNews #NewsUpdate #businessnewsupdates #InsightsSuccess

Dunelm sees strong YoY growth 👏 The British home furnishings retailer has experienced strong yearly growth with sales up by 4.1%, totalling £1.71bn. Its strong performance has been driven by a 5.1% increase in active customers, with growth across all ages, incomes and geographic cohorts. Both in-store and online sales performed strongly with digital accounting for 37% of sales compared to 36% a year prior. The retailer also opened six new stores and is looking to expand its estate by five to ten stores yearly. Dunelm CEO, Nick Wilkinson, commented: "In a period when consumers faced inflationary pressures and competing demands for their disposable income, we have continued to raise the bar on the relevance and value we offer at Dunelm." “The continued delivery of volume-driven sales growth and further share gains in this softer market underlines this, and the strength and resilience of our business model.” #News #Housewares #DIY #Furniture #Sales #Growth #Revenue

We are starting to see the consequences of the appetite to acquire Macy's by ARKHOUSE Management and Brigade Capital Management, LP for the underlying value of the famed retailer's real estate. Last December, the combined investor group submitted a proposal to acquire Macy's for $5.8 billion. Macy's board declined. The group has since sweetened the bid by $1.1 billion and is now offering $6.9 billion to acquire the Macy’s stock they don’t already own for $24.80 a share. That has sent the stock up. As a result of the initial offer, Macy's brought in real estate star power to its board (including two proposed by Arkhouse) and has devised a defensive strategy to monetize its real estate. One of the first dispositions is the 78,000-square-foot Macy's furniture gallery, which sits on a 4.6-acre site in south Miami-Dade County. It was sold to the University of Miami, according to records and real estate database Vizzda. In March, Macy’s sold its two store buildings in the Mall at Fox Run in Newington, New Hampshire for $16.25 million to Torrington Properties Inc., the Boston-based company that owns the mall and other major shopping centers in N.H. Macy's is working with SRS Real Estate Partners to market other properties. Up for sale is one store in Alabama, one in Georgia and six in Texas. These include the Macy's store at Town East Mall in Mesquite, just east of Dallas, an enclosed mall developed in 1971 by Sears affiliate Homart Development Company, and now owned by Brookfield Properties, and Fairview Town Center in a north Dallas suburb developed in 2010 by THE MGHERRING PROPERTY GROUP LLC and now owned by Lincoln Property Company. A sales brochure, circulated recently by Lee & Associates Commercial Real Estate Services, seeks $8 million for a Macy’s 15-acre department store property and $5 million for its 7.5 acre furniture store at Florence Mall in Florence, Ky.  The mall was built in 1976 by Homart. In 2021, lenders took ownership of Florence Mall after its longtime owner, Brookfield Properties, defaulted on $90 million in CMBS debt. An ownership entity that includes Mason Asset Management, Inc. and Namdar Realty Group LLC bought the mall afterward for $38 million. Last February, Macy's announced a plan to close about 150 underperforming stores in the next three years. About 50 locations will close on January 31, 2025, which is the end of Macy's fiscal year. As part of its initiative to focus on its best-performing stores, Macy's plans to monetize $600 million to $750 million of assets through 2026, primarily related to closures of stores and distribution centers, according to Macy's financial disclosures. The company owns almost 60% of its store locations, all held free and clear of mortgages.

𝐅𝐚𝐦𝐨𝐮𝐬 𝐑𝐞𝐭𝐚𝐢𝐥𝐞𝐫 𝐋𝐚 𝐌𝐚𝐢𝐬𝐨𝐧 𝐒𝐢𝐦𝐨𝐧𝐬 𝐄𝐱𝐩𝐚𝐧𝐝𝐬 𝐰𝐢𝐭𝐡 𝐓𝐰𝐨 𝐍𝐞𝐰 𝐒𝐭𝐨𝐫𝐞𝐬 𝐢𝐧 𝐄𝐚𝐭𝐨𝐧 𝐂𝐞𝐧𝐭𝐫𝐞 𝐚𝐧𝐝 𝐘𝐨𝐫𝐤𝐝𝐚𝐥𝐞 As part of an ongoing development, Cadillac Fairview (CF) announced that retailer La Maison Simons, also known as Simons, will build a new store at Toronto’s Eaton Centre. Read More: https://bityl.co/QNub #lamaison #retailers #lamaisonrose #news #BusinessNews #NewsUpdate #businessnewsupdates #InsightsSuccess

Macy's has found a new kind of buyer for one of its stores in Florida, selling the South Dade Furniture and Mattress Gallery in Miami for $40 million to the University of Miami. This is a creative move for both the buyer and seller and is part of Macy's strategy to offload 50 underperforming locations this year.The store, built in 1972, will continue to operate as normal under a lease-back agreement. However, media reports suggest the University of Miami plans to transform the space into a medical facility, aligning with the trend of repurposing big-box stores for nontraditional uses like healthcare and education.This sale highlights Macy's ongoing efforts to optimize its real estate portfolio, aiming to generate approximately $750 million by selling properties. The New York-based retailer plans to close about 150 stores over the next three years, with 50 locations set to close by the end of fiscal 2024. This transaction also comes amid reports of an increased bid from Arkhouse Management and Brigade Capital to acquire Macy's for $6.9 billion. Discussions about a potential sale continue after a proxy fight earlier this year.Stay tuned for more updates as Macy's navigates this transformative period! 📈#RetailNews #RealEstate #Macy's #UniversityOfMiami #HealthcareTransformation #BigBoxRepurposing #BusinessStrategy