Signs of spring are blooming all over New York City: The birdwatchers are out in Central Park, coffee drinkers are crowding around Ralph's Polo Bar and Aime Leon Doré, and shoppers are back in full force. On a recent Saturday, bouts of rain and wind didn't stop New Yorkers from lining up at the Louis Vuitton, Dior, and Chanel stores on 57th Street, or queuing for Prada's epicenter in SoHo.
Spotted in SoHo, Sinead Bovell said she spent a year thinking about her new Celine loafers. "This is what I've thought about for the last 365 days. I'm really intentional when I shop now," she explained. While uptown, Linda Zaro invested in a new pair of her favorite Jimmy Choo pumps: "I know this shoe," she said. "I have this shoe in other colors, and it works very well for me."
Shopify stock pops after Google announces online shopping expansion
Google is deepening its partnership with Shopify by making it easier for the company's 1.7 million merchants to reach shoppers in Google Search and across some of its other properties.
The move comes as Google and Shopify are ramping up their efforts to compete against Amazon in e-commerce. Amazon is also increasingly competing with Google on search ads for commercial queries, which typically mean a consumer is actively considering a purchase, and is expected to earn 19% of all search ad revenue this year , compared with about 57% for Google, according to eMarketer.
Macy's boosts forecast as return of travel fuels shopping | Ad Age
Macy's Inc. posted first-quarter sales that outpaced Wall Street's expectations and raised its earnings forecast for the year as the reopening economy helped drive shoppers back to the mall.
Comparable-store sales, a key retail metric, soared 62.5% for company-owned stores from a year ago, Macy's said Tuesday in a statement. That's above the 45% gain expected by analysts, according to data compiled by Bloomberg. Still, the quarterly sales figure remained down from the same period in 2019.
Red Mountain Group buys Algonquin Commons shopping center
After being stuck in foreclosure for more than eight years, a big shopping center in northwest suburban Algonquin is a zombie no longer.
“I have never seen an asset of this high quality, this well located, with this strong of a tenant mix, with this amount of opportunity in my 30 year career,” Red Mountain CEO Michael H. Mugel said in a statement. “We are so very excited to be participating with the Algonquin community to bring an experience that very few communities will ever get the chance to enjoy.”
Car dealer AutoNation buys Littleton shopping center for $8.8M – The Denver Post
AutoNation has purchased a shopping center along Broadway in Littleton, but the largest tenant will be staying put.
The Fort Lauderdale-based chain of car dealers paid $8.8 million last week to purchase the Broadway Square at 5501-5549 S. Broadway, according to public records.
Broadway Square's main building, which is set back from the street, is anchored by Colorado Antique Mall, which leases 52,000 square feet, according to its owner. There are also three free-standing buildings along the street.
Shein overtakes Amazon as the most installed shopping app in US
The difference is Shein controls its own production chain, from design and prototype to procurement to manufacturing. Each step is highly digitized and integrated with another, which allows the company to churn out hundreds of new products tailored to different regions and user tastes at a daily rate. The strategy is not unlike TikTok matching content creators with users by using algorithms to understand their habits in real-time.
On May 11, Shein became the most installed shopping app on Android in the U.S., and six days later took the top spot on iOS as well. It briefly topped the Android chart in late April.
Chattanooga shopping center operator CBL reporting more customers, bounce-back from pandemic |
Shopping center developer and operator CBL Properties on Tuesday posted higher first quarter earnings compared to a year ago mostly due to declining interest payments related to its bankruptcy petition.
Still, the Chattanooga-based company said a bounce-back in the economy from the pandemic is benefiting its properties, which include both Hamilton Place and Northgate malls in Chattanooga.
"Customer traffic is returning to pre-pandemic levels and spending levels were certainly helped by stimulus checks and tax refunds," said CBL Chief Executive Stephen Lebovitz. "Leasing activity is picking up as sales and traffic levels improve. Rent collections have increased to 89% of gross rents and accounts receivable are decreasing as well."
Alpharetta, Tucker shopping centers attracting California investors
Alpharetta Commons was sold May 7, according to a statement from Hanley Investment Group Real Estate Advisors. The shopping center on State Bridge Road at Old Milton Highway is anchored by Publix.
"There are no current development plans for the center or anticipated changes with the tenant mix," Hanley Executive Vice President Kevin Fryman said.
The 94,500-square-foot plaza sits on nearly 11 acres of land. In addition to Publix, a nail salon, dry cleaners, liquor store and restaurants are located in Alpharetta Commons.
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