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Commercial Real Estate Market Update
Commercial Real Estate Update
U.S. chain-store sales up 1.6 percent in March
U.S. chain-store sales posted a modest gain of 1.6 percent year on year for March, according to ICSC’s index. ICSC Research had expected higher growth because of an earlier Easter this year, but extraordinarily cooler weather across the U.S. compared to March 2011 proved to be a drag on sales. “Sales numbers over the past two months have been softer due largely to cooler weather patterns,” said Michael P. Niemira, vice president of research and chief economist for ICSC. “I am optimistic that April’s numbers will have a more positive outlook, as warmer temperatures should drive demand for seasonal apparel.” ICSC research anticipates that the April sales pace will increase by about 2 to 3 percent.
Landlords ponder Penney's future after CEO departure
In the wake of CEO Ron Johnson’s departure from J.C. Penney Co., observers are wondering what course the chain will take moving forward. Will it continue executing Johnson’s vision of divvying up the sales floor into a set of smaller, branded “shops”? How will the company reverse a sales and traffic slide that resulted in a $552 million fourth-quarter loss? Interim chief Myron Ullman — a seasoned retail ... more

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