The influx of European luxury retailers continues with French department store operator Printemps, which plans its first U.S. store — a new, experiential format — and has hired a CEO to run American operations.

The first U.S. Printemps will open in the 50-story, landmarked One Wall Street in New York City’s Financial District. The store will occupy 54,365 square feet on two levels with a 346-foot-long facade facing Broadway. The store is expected to open in spring 2024.

Printemps also has tapped Laura Lendrum as CEO of Printemps America. She has worked as president for Saint Laurent, Gucci and Ralph Lauren for the North American market. Now, she’s assembling a team to support Printemps’ U.S. initiative.

“The U.S. is essential in our international development strategy, and opening in New York offers high visibility and growth potential,” said Printemps Groupe CEO Jean-Marc Bellaiche. “We think we can bring something unique, both to its engaged local consumer base and the strong tourist flows the city welcomes. It is also a strategic e-commerce market for luxury, fashion, home and beauty. We plan to pioneer a new format of experiential retail in this fast-changing and demanding market.”

Printemps operates 20 department stores in France, including its flagship, pictured at top in February 2019, on Boulevard Haussmann in Paris. It also owns luxury e-tailer Place des Tendances and home furnishings retailer Made in Design.

VTS Lands Major Funding as Proptech Focus Shifts from Residential to Commercial

Residential technologies have driven proptech investment for the past year as investors sought to capitalize on the booming housing market. They made up 26% of total investment in proptech startups during the first half, while commercial properties made up only 12%, according to the Center for Real Estate Technology & Innovation.

But that’s changing as the housing market cools. A prime example is VTS’s recently closed Series E round of funding. Investors include one of the commercial property leasing and property management software maker’s biggest customers, CBRE. The real estate services firm is providing VTS with $100 million and will join the VTS board. A group of investors including Canadian property management firm BentallGreenOak and Brookfield Ventures are providing an additional $25 million to fund VTS’s expansion. VTS also recently secured $150 million in debt financing from Canadian-based CIBC Innovation Banking.

More Commercial Property Tech Firms Scoring Funding

• VendorPM, a software-enabled marketplace connecting property managers and vendors, has closed a $20 million Series A funding round.

• Agora closed $20 million in financing to expand in the U.S. The firm provides customizable, secure software that helps real estate firms automate fundraising, investment management, reporting, payments, document sharing and tax operations.

Will Kohl’s Be Latest Retailer to Cash In on Real Estate Via Sale-Leaseback?

It’s been a week since Reuters reported that private equity firm Oak Street Capital offered Kohl’s between $1.5 billion and $2 billion for an unspecified number of stores in a sale-leaseback transaction. Nothing has been confirmed or denied by the companies.

Whether Kohl’s takes the cash or not, it’s a move more retailers are considering. According to SLB Capital Advisors, retail comprised 26% of commercial property sale-leasebacks in the first quarter of 2022, up from 16% during the same period in 2021. Activist investors holding a 9.5% stake in Kohl’s have been pushing the struggling department store chain to pursue a sale-leaseback program for some time. And Oak Street is an active player in the sale-leaseback sector.

CBL Brings in New CFO

Farzana Khaleel will step down as CBL executive vice president and CFO as of Dec. 31. Ben Jaenicke, who joined the company Sept. 1 as executive vice president of finance, will become executive vice president and CFO on Jan. 1. To provide for a smooth transition, the company will hire Khaleel as a consultant through March 31.