Bloomfield Hills, Mich. — As of March 19, 2020, Taubman Centers, Inc. temporarily closed all but two of the company’s U.S. shopping centers in response to COVID-19. The closures will continue through March 29, or later if required by state or local government. “After numerous discussions with state and local officials, we will temporarily cease operations in all but two centers this evening,” says the company’s chairman, president and CEO, Robert S. Taubman. “We are clearly in unprecedented times and this is right decision for our shoppers, retailers, employees and …
property management
Indianapolis — After extensive discussions with federal, state and local officials and in recognition of the need to address the spread of COVID-19, Simon will close all of its retail properties, including malls, premium outlets and mills in the U.S. This measure took effect on March 18 and will end on March 29. “The health and safety of our shoppers, retailers and employees is of paramount importance and we are taking this step to help reduce the spread of COVID-19 in our communities,” says David Simon, chairman, CEO and president …
— By Trent Limban — The right products for cost-efficient landscape curb appeal. Maintaining your landscaping is an important factor in keeping your customers coming back as well as attracting new customers. The best and easiest way to maintain the landscaping for each of your stores is to pick products, such as mulch, plants and fertilizer, that are low maintenance and that work best in the climate where the store is located. This will ensure cost-effective solutions that are long term and low maintenance. Having picture perfect landscaping …
Indianapolis — Simon Property Group has agreed to acquire an 80% interest in Taubman Centers Inc., a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. Taubman’s existing debt, which Simon will assume, was factored into the price, which represents a capitalization rate of 6.2%. Taubman will continue to operate as a separate entity. Taubman’s portfolio spans 26 super-regional …
Addison, Texas — Northwood Retail will reposition Prestonwood Place, a 133,000-square-foot retail center located at the corner of Beltline and Montfort streets in Addison, a northern suburb of Dallas. The redevelopment is expected to be complete in early 2021. The project will convert part of the center into 50,000 square feet of office space, upgrade building façades and add a 15,000-square-foot park. Additional improvements will include reconfigured parking lots, new pedestrian walkways and refreshed landscaping. Construction will occur in four phases, with the overall completion slated for early 2021. Northwood …
— By Chris Scheppmann — A smart, simple solution to a holiday nightmare. Retail executives across the United States recently had to face their annual holiday parking nightmare. Holiday sales represent about 20% of annual sales each year (with some stores reaching as much as 30%), and this increased business results in a corresponding increase in auto traffic to and from shopping centers. For retail executives, particularly those managing busier complexes, this increased traffic can cause a nightmare scenario of dozens of cars circling parking areas looking for a …
— By Scott Benson — No longer an afterthought, food and beverage is taking up more space in the retail landscape than ever before. The ways in which consumers choose to spend their time and money are changing and so must the industries that serve them, and the food and beverage industry is no exception. Food and beverage is flourishing in a time when many traditional retailers seem to be treading water. People are dining out more than ever — the average American household spends approximately $3,365 per year …
Los Angeles — Target Corporation has installed solar panels on the roof of its Napa, Calif., store, marking the 500th Target location to utilize solar energy. In 2015, Target had set a goal to install solar panels on 500 of its stores by 2020, and now it has achieved that goal with this Napa, Calif., installation. “At Target, we’re committed to making our operations even more sustainable to create a better future for our guests, team members and the planet,” says John Leisen, vice president of property management at Target. “Ambitious …
— By TJ Durham — Four keys to successful property management. Often flying under the radar, a trusted property manager is among the most valuable assets a retail owner can have in its corner. The role goes far deeper than landscape and curb appeal — it also includes managing the finances and operations of the asset, creating a budget and working within that budget to hire contractors for routine maintenance, fit-outs and overseeing basic improvements on the property. The ability to rely on a professional who can seamlessly maximize …
Chattanooga, Tenn. — CBL Properties has made significant year-end progress on its strategy to transform its properties through redevelopment and the addition of new uses. In 2019, CBL completed a dozen projects totaling approximately 650,000 square feet, with an additional five projects totaling approximately 490,000 square feet currently under construction. Each redevelopment plan is unique and customized based on market demand. Strategies range from repurposing expansive parking fields to add new uses such as hotels, restaurants and self‑storage facilities to backfilling anchor vacancies with exciting concepts that resonate with today’s …