A 51,642-square-foot mall space in Holyoke, Mass., will be transformed into a Round1 Bowling & Amusement to open in early 2019. The facility will feature a 16-lane bowling alley, an arcade, karaoke, and food and beverage options.
Sears will continue closing underperforming stores after shuttering 384 locations over the past year, as it continues to work to turn around sliding sales and profits. "[W]e are hopeful that we can stabilize our store base at a meaningful level in the near future," Chief Executive Edward Lampert said.
Starbucks will create 10,000 sustainable stores across the globe by 2025, through both new store openings and renovations, the Seattle-based coffee chain said Thursday. The move to greener restaurants is expected to cut about $50 million in utility costs over the next 10 years.
US retail sales rose 0.1% in August from the previous month, missing economists' forecast for a 0.4% increase, according to the Commerce Department. The July sales increase was revised upward to 0.7%.
Home goods retailer RH, formerly known as Restoration Hardware, opened a $50 million, 90,000-square-foot flagship in New York City's meatpacking district last week. It's the retailer's biggest store yet, and RH plans to continue investing in brick-and-mortar retail, CEO Gary Friedman said.
Pebblebrook Hotel Trust has lined up the sale of three LaSalle Hotel properties worth $715 million. Pebblebrook is planning to divest up to $1 billion in LaSalle assets following the closing of the $5.2 billion merger between the two companies.
By many metrics, outlet centers are thriving, especially in comparison to regional malls. Although outlet centers make up slightly more than 1% of US retail space, some people worry that this asset class may become overbuilt.
REITs and other major owners of skilled nursing assets have been very active in selling off these properties this year, paving the way for a new generation of owner-operators to enter the market. Many are younger individuals with health care backgrounds and a regional focus.
Groundbreaking applications based on 5G wireless networks are being developed, but consumers will have limited access to them because of the expensive infrastructure build-out that will be necessary to support them. Operational challenges also exist that will require the development of more cell towers.