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Crate and Barrel Selects Glympse to Enhance Curbside Pickup Experience 

by Katie Lee

Northbrook, Ill. — Crate and Barrel is enhancing its curbside pickup with Glympse, a day-of-service mobile communications platform that facilitates and delivers proactive engagement between customers and store associates. The service is one of many enhancements in the retailer’s drive to meet customers where and how they want to shop by providing modern, digitally-forward shopping experiences that are personalized and flexible. Already, Glympse has afforded shorter wait times, streamlined operations and positive reactions from customers. Glympse delivers a modern customer experience by significantly reducing calls to the store and minimizing …

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Simon Property Group Completes Acquisition of Taubman Centers, Inc.

by Katie Lee

Indianapolis — Simon Property Group, Inc. has completed its acquisition of an 80% ownership interest in The Taubman Realty Group Limited Partnership (TRG) for approximately $3.4 billion. Under the terms of the transaction, Simon, through its operating partnership, Simon Property Group, L.P., acquired all of Taubman Centers, Inc. (TCO) common stock for $43.00 per share in cash, and the Taubman family sold approximately one-third of its ownership interest at the transaction price and remains a 20% partner in TRG. “We are very pleased to complete this transaction and to add …

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Planet Fitness Unveils New Prototypes Now Open for the New Year

by Katie Lee

St. Louis — Planet Fitness has partnered with Poettker Construction on three health fitness clubs located throughout the greater St. Louis area in 2020. Poettker served as the construction manager for the Festus, Washington and Ballwin, Mo., locations, which opened to members in time for the new year. The Festus and Washington locations each feature a new two-story ground-up prototype with a gross floor area of 30,000 square feet, allowing ample space for hundreds of machines and free weights. Construction for the Ballwin location, which opened in late November 2020, …

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Former Pet Valu Stores in 7 States to Reopen as Pet Supplies Plus

by Katie Lee

Livonia, Mich. — Closing its record-breaking growth year on a positive note, Pet Supplies Plus will acquire an estimated 40 previously operated Pet Valu locations throughout Indiana, Kentucky, Maryland, New Jersey, Ohio, Pennsylvania and Virginia with some locations to reopen as Pet Supplies Plus as early as January 2021. News of the conversions comes after Pet Valu announced in November 2020 it was shutting down all U.S. operations, including its 358 stores. By transforming and rebranding some of these store locations to Pet Supplies Plus, many jobs will be saved …

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The Home Depot Completes Acquisition of HD Supply

by Katie Lee

Atlanta — The Home Depot® has completed the acquisition of HD Supply Holdings, Inc., for approximately $8 billion. HD Supply is a leading national distributor of maintenance, repair and operations (MRO) products in the multifamily and hospitality end markets. The agreement to acquire HD Supply was announced on November, 16, 2020. “We’re thrilled to welcome HD Supply associates to The Home Depot,” says Craig Menear, chairman and CEO of The Home Depot. “The combination of the two businesses will enable us to better serve both existing and new MRO customers, …

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Arena STEM Opens First U.S. Store

by Katie Lee

Paramus, N.J. — Arena STEM, a new retail “edu-tainment” concept, opened its first U.S. location at Westfield Garden State Plaza on December 18, 2020. The flagship store is located on level two near Nordstrom. Arena STEM is a new and innovative concept that provides an interactive environment for kids and young adults to play, learn and engage with science and technology. The 40,000-square-foot facility offers hands-on experiences with real-life models, racetracks, events, contests and classes that include 3-D drawing, robotics, model making and more. “More and more STEM curriculum has …

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Court Approves Guitar Center’s Exit from Chapter 11 Bankruptcy

by Katie Lee

Westlake Village, Calif. — Just over 3 weeks after filing for Chapter 11 bankruptcy, Guitar Center appears ready to already emerge from the process. In its original filings, the Westlake Village, Calif.-based musical instrument and supplies retailer reported its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic. At a virtual hearing on December 17, 2020, U.S. Bankruptcy Judge Kevin Huennekens, based in Richmond serving the Eastern District of Virginia, approved Guitar Center’s bankruptcy plan, according …

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rue21 Restructures Debt & Extends Capital, With Plans to Open 15 New Stores

by Katie Lee

Warrendale, Pa. — A new deal with Bank of America, N.A. and Tiger Finance has allowed specialty retailer rue21 (r21 Holdings, Inc.) to strengthen its financial position and enabled it to refinance its existing term loan, increase available liquidity and lower its cost of capital. rue21 amended its asset-based credit facility to increase availability to $155 million due 2025 led by Bank of America, N.A. The new capital structure will allow it to accelerate strategic growth initiatives, including omni-channel enhancements to create more engaging customer experiences. “Today is an exciting …

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Daily Paper, a Dutch Retail Brand, Debuts New York City Flagship

by Katie Lee

New York City — Newmark has signed a 6,000-square-foot lease for the New York City flagship for Amsterdam’s fashion and lifestyle brand, Daily Paper, at 18 Delancey St. This transaction marks Daily Paper’s inaugural stateside flagship on New York’s Lower East Side. Newmark represented the landlord, Solar Realty Management, while Selene represented the tenant in the transaction. “Despite all the recent turmoil with COVID-19 and the restructuring of many retailers, brands like Daily Paper are embracing the changing landscape and using the unique physical space to amplify their aesthetic, creating …

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Bed Bath & Beyond Enters Agreement to Sell Cost Plus World Market

by Katie Lee

Union, N.J. — Bed Bath & Beyond Inc. has entered into a definitive agreement to sell its remaining non-core banner Cost Plus World Market to Kingswood Capital Management, a Los Angeles-based private equity firm. Additionally, the company approved a new $150 million accelerated share repurchase program (ASR), subject to market conditions, which will be in addition to the $225 million ASR announced on October 28, 2020. Both ASR programs are expected to be completed by no later than the end of the company’s fiscal year on February 27, 2021.  The …

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