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Ikea store in Merriam plans to have the largest rooftop solar array in Kansas
The Kansas City Star
Ikea plans to install 2,850 solar panels on the roof of its Merriam store that is opening this fall, an array capable of generating enough electricity to power 128 homes. The 92,000-square-foot rooftop array was described as the largest in Kansas. Installation will begin as soon as the roof of the new store is completed, probably in late June. Officials at the Swedish retailer said the solar panels will generate 1.35 million kilowatt hours of energy and reduce the store’s potential carbon dioxide emissions by 930 tons annually.
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Millennials don't want to shop where you may think
CNBC
The mall's future is looking a little brighter. According to a new study by OpinionLab, digitally-savvy millennials are the only generation that prefers shopping malls over shopping carts, despite their penchant for technology. The survey, which polled 1,103 consumers in April, found that 37 percent of millennials — defined as adults between ages 18 and 29 — would rather shop at the mall, while only 27 percent would rather shop online.
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Signet Jewelers to acquire Zale Corp.
Forbes
Signet Jewelers, the largest specialty retail jeweler in the U.S. and the U.K., and Zale Corp., a leading fine jewelry retailer in North America, said that they have entered into a definitive agreement for Signet to acquire all of the stock of Zale for $21 per share in cash. The deal is estimated to have an enterprise value of $1.4 billion (which includes stock price and debt) and is 41 percent over Zale's closing price on Febf 18, according to a joint statement.
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New Jersey malls getting a 21st century makeover
The Record
North Jersey’s malls were created in the era of "build it and the shoppers will come." Today, in the age of "why should I go there," the shopping centers are using design makeovers as a way to lure customers. The old-style malls were concrete boxes, with plain, flat exteriors, and all of the design features saved for the interiors.
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Store expansion up, profits down at Chico's
Retailing Today
Women's apparel retailer Chico's FAS increased its store count by 99 units in the first quarter even as traffic declined and profits tumbled. Total sales for the company's first quarter ended May 3 increased 1.6 percent to a record $681.6 million.
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Starbucks to open Los Angeles restaurant, part of its La Boulange cafe chain
Los Angeles Times
Coffee purveyor Starbucks Corp. is venturing further into the food business by opening a branch of its La Boulange café chain in Los Angeles. The restaurant, opening June 12, will cater to both a day and night crowd with sandwiches, build-your-own burgers and alcoholic offerings, including wine and cocktails, according to a statement from La Boulange.
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Tax implications of building system maintenance or replacement
Today's Facility Maintenance
The recent release of the IRS regulations, Tangible Property Regulations – 080713 v1 and IRS Revenue Section 263(a), define the tax differences between repairs or maintenance and replacement of long life building systems and components. Facility managers need to know how these regulatory changes apply when considering repair or replacement of long life systems or components in commercial buildings.
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Costco 3rd-quarter net income rises
The Associated Press via The Seattle Times
Costco Wholesale Corp.'s net income rose 3 percent in the third-quarter as the warehouse club operator's sales and membership fees improved. A key sales figure rose both in the U.S. and abroad, but its earnings fell short of Wall Street expectations. Its shares slipped in premarket trading Thursday, but were up 4 cents to $114.28 shortly after the market opened.
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New York firm completes $135 million purchase of Mobile's Bel Air Mall, enters Alabama market
AL.com
Rouse Properties Inc. completed formally its purchase of Mobile's Bel Air Mall for $135.2 million. Andrew Silberfein, president and chief executive officer of New York City-based real estate investment trust, called the 1.3 million-square-foot Bel Air Mall a "perfect fit with our growing portfolio of dominant 'only-game-in-town' regional malls."
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Chicago's North Side development lands 4 more retail tenants
Crain's Chicago Business
The New City shopping center in Chicago won't open for more than a year, but the project near Lincoln Park has landed four more retail tenants that will lease a combined 28,000 square feet. Z Gallerie Inc., a home furnishing chain, leased about 8,500 square feet in the property now under construction at Halsted and Schiller streets and Ogden and Clybourn avenues, while Mexican bar-and-restaurant Adobe Gila's leased 6,500 square feet, said J. Michael Drew, principal at Chicago-based Structured Development LLC.
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Big crowds as Canada's largest open-air mall opens
Niagara This Week
Attention shoppers, the Outlet Collection at Niagara is open for business. Just in time for the Victoria Day long weekend, the open-air retail outlet held its grand opening ceremony last Thursday, attracting large crowds of shoppers over the holiday. With the push of a button, general manager Bri-Ann Stuart made it official as local dignitaries, media, community partners and Ivanhoé Cambridge’s board looked on.
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Credit card makers, stores clash over microchips
The Associated Press via CNBC
Visa and MasterCard are renewing a push to speed the adoption of microchips into U.S. credit and debit cards in the wake of recent high-profile data breaches, including revelation that hackers stole consumer data from eBay's computer systems. Card processing companies argue that a move away from the black magnetic strips on the backs of credit cards would eliminate a substantial amount of U.S. credit card fraud.
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US consumer confidence at 83.0 in May, matching expectations
CNBC
U.S. consumers were more optimistic in May than in April, the Conference Board reported, with sentiment recovering as shoppers became more optimistic about the future. The Consumer Confidence Index rose to 83 in May, up from 81.7 percent in the prior month. The Expectations Index, a gauge of future conditions, rose to 84.8 from 83.9 in April.
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zulily, Inc. selects Nevada for new fulfillment center
Business Facilities
Recently, zulily, inc. announced the construction of a new fulfillment center in McCarran, Nevada, that will double the size of its existing Nevada fulfillment center. The facility could hold as many as 1,600 zulily employees. This has the potential to be the largest job growth commitment on record in EDAWN history.
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Apple to get Beats, music mogul Iovine for $3 billion
Reuters
Apple Inc. will buy Beats for about $3 billion and bring recording mogul Jimmy Iovine into its ranks, hoping to win points with the music industry and help it catch up in fast-growing music streaming. As expected, Beats co-founders Iovine and rapper Dr. Dre will join Apple as part of the acquisition of the music streaming and audio equipment company.
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Conn's heads to Tennessee with HomePlus store format
Retailing Today
Conn's, a specialty retailer of home appliances, furniture, mattresses, consumer electronics, announced the opening of its first two Conn's HomePlus stores in Tennessee. The HomePlus store format showcases furniture and mattresses in addition to the leading brands and the latest technologies in consumer electronics and home appliances. The stores are at Cross Creek, in Memphis, and at Town & Country Commons, in Knoxville.
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Brazil drugstore sector seen attractive for mergers and acquisitions
The Wall Street Journal
With a population of almost 200 million residents, Brazil this year is projected to rack up $55 billion in sales of toothpaste, shampoo and similar items, according to data provided by PricewaterhouseCoopers. That would power it past Japan to become the world's second-largest market for hygiene and beauty products, behind the U.S. CVS Caremark Corp. (CVS) last year bought Drogaria Onofre, then Brazil's eighth-largest drugstore chain, and is reported by local news media to be hunting for bigger targets.
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Colby Horton, Vice President of Publishing, 469.420.2601
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