Archive for July, 2007
by David Bodamer July 5th, 2007
Fast Retailing Co. Ltd., a Japan-based firm that operates UNIQLO, has made an unsolicited offer to Jones Apparel Group for Barneys New York Inc. worth $900 million.
Previously, Jones had reached a deal with Istithmar worth $825 million. Yet another international bidder, Philip Green, had previously expressed interest.
Jones Apparel said the proposal from Fast Retailing is subject to due diligence and other conditions.
Jones said should it terminate its deal with Istithmar, it will be required to pay a break fee of 20.6 mln usd, which will rise to 22.7 mln usd after July 22.
‘The agreement with Istithmar has not been terminated and remains in full force and effect,’ Jones said.
Related Topics: Investment, News, Retail |
by David Bodamer July 5th, 2007
News & Observer has a follow-up on some malls attempts to block city buses from driving through their properties Raleigh, N.C.
Six years ago, the vast shopping center at Brier Creek got Raleigh’s approval on a condition from city planners: Allow bus access in the future.
Brier Creek’s developers agreed to “reasonable” access in writing, but the firm wrote back four years later saying bus stops were a poor fit. That leaves some workers and customers with a quarter-mile walk across the asphalt.
The apparent turnaround is getting new scrutiny as Raleigh works to get buses inside shopping centers that prohibit Capital Area Transit. In hindsight, officials wish they had used Brier Creek’s 2001 letter when the shopping center balked.
“Our staff obviously did not go and search that record,” City Manager Russell Allen said. “If they’d found that letter, that would have helped us a lot.”
For the previous story, go here.
Related Topics: Management & Leasing, News, Retail Real Estate |
by David Bodamer July 3rd, 2007
Leonard Green & Partners, one of the private equity firms most active in taking out retailers, has scored another firm. This time it’s the Container Store.
The Container Store, a popular oasis for storage bins and other organizational supplies, plans to announce today that it’s sold the majority of its stock to private investment firm Leonard Green & Partners.
The terms of the purchase were not disclosed Monday. Los Angeles-based Leonard Green holds investments in more than 40 other companies, including a majority stake in David’s Bridal and Petco Animal Supplies.
Leonard Green said it planned to retain The Container Store’s current management.
Ken Nisch, chairman of retail consulting firm JGA, says he thought the deal was unlikely to lead to higher prices for consumers or to declines in customer service. Nisch says The Container Store, which has already been expanding, could use the infusion of capital to open more stores, spurring further growth and revenue.
Related Topics: Investment, News, Retail |
by David Bodamer July 2nd, 2007
The American Studies department at Eastern Connecticut State University has a nice little site chronicling mall history.
It has a dateline going back to 1916 tracing the emergence of shopping centers and important developments in how they were designed and assembled.
There are links to a couple of other history pages and to some of the notable shopping centers listed in its timeline.
It’s not a comprehensive site, but it does have interesting information on the history of this industry.
Related Topics: Development, News, Quirky, Retail Real Estate |
