Landlords Brookfield and Simon and Centennial Will Acquire Express
The Express Factory outlet store at Simon’s Twin Cities Premium Outlets in Eagan, Minnesota
Brand management firm WHP Global formed a venture called Phoenix with landlords Brookfield Properties, Simon and Centennial to acquire the Express retail chain out of bankruptcy for $174 million. Phoenix said Express and its subsidiary Bonobos will continue to operate 450 physical stores. Express filed for Chapter 11 bankruptcy protection in April.
Brookfield and Simon have acquired mall retailers before. The companies participated in the buyout of JCPenney and Forever 21 in 2020. Simon also paired with Authentic Brands Group and GGP to purchase Aeropostale and with ABG to acquire Lucky Brand and Brooks Brothers. WHP Global, meanwhile, owns stakes in Babies R Us and Toys R Us.
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Continental and ShopOne Join Signs of Hope to Promote Awareness of the 988 Suicide & Crisis Lifeline
A Signs of Hope installation at Continental Realty Corp.’s Lidl-anchored Padonia Village in Timonium, Maryland. Photo credit: Continental Realty Corp.
Continental Realty Corp. and ShopOne have joined the seven founding open-air center landlords in the Signs of Hope initiative to raise awareness of the 988 Suicide & Crisis Lifeline. Continental Realty has installed exterior signs about the hotline at 38 shopping centers. ShopOne joined in February.
Vibrant Emotional Health runs the hotline, which launched in July 2022 and is available 24/7, and the Substance Abuse and Mental Health Services Administration funds it. The Signs of Hope program launched last summer with Brixmor, Kimco Realty, Kite, Peterson Cos., Regency Centers, Sterling Organization and Urban Edge. More than 1,500 shopping centers across 40 states now display approximately 8,500 signs that promote the hotline, reaching an estimated 259 million consumers annually. ICSC honored the Signs of Hope program with a MAXI Award this year.
Consumer Sentiment Is Cooling
Retail and food services sales minus auto and gas rose 2.6% year over year in May, down from April’s 3.2% year-over-year growth, according to the U.S. Census Bureau. “For the second month in a row, retail sales did not meet expectations, another sign that consumer sentiment is cooling,” said ICSC research manager Matthew Panfel. “Despite a healthy labor market, wage growth and slowing inflation, consumers continue to deal with elevated price increases and higher interest rates and are showing a pullback on spending.” Sales grew the most from April to May at sporting goods, hobby, book and music stores; clothing stores; and nonstore retailers, while they declined the most at furniture stores, building supply stores and food services.
CoStar Hires Freddie Mac Executive as CFO
CoStar appointed Chris Lown CFO, effective July 1. Lown will join CoStar from government-sponsored enterprise Freddie Mac. Lown also has worked as executive vice president and CFO at Navient, and he spent 11 years at Morgan Stanley, culminating in the role of managing director of the financial institutions group.
By Brannon Boswell
Executive Editor, Commerce + Communities Today