REAL ESTATE

Beating Clicks?

BY Katherine Boccaccio

If you can’t beat them …. Four major mall owners – Westfield, Simon, GGP and Macerich – have pitched in $4.5 million to help fund a delivery start-up business that promises same-day purchases delivery to mall shoppers.

According to a recent article in the Silicon Valley Business Journal, Palo Alto-based Deliv will use the funding garnered from the mall owners and others to improve its software and expand into additional shopping centers.

Deliv works like this: once mall shoppers buy items in mall stores, they can have the purchases delivered that same day via Deliv so that they can keep shopping. The company is currently active in nine malls in California and Illinois – with more to come.

Because same-day delivery is a retail battle currently being won by the likes of Amazon and eBay, it will be interesting to watch the service play out in a mall environment.


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REAL ESTATE

Stein Mart to open 10 new stores

BY Marianne Wilson

Jacksonville, Fla. — Stein Mart plans to open 10 new stores this year as part of the company’s largest store expansion since 2007.

The expansions begin with new locations in the Miami, Washington, D.C., and Las Vegas areas set to open this spring. This year’s new store openings will bring the company’s total nationwide store count to more than 270.

The announcement of this expansion follows the company’s fiscal 2013 same-store sales growth of 3.7%.

“We understand that increasing our number of stores is an important part of our sales growth strategy, so this is significant news for us,” said Jay Stein, CEO of Stein Mart. “We are fortunate to have a talented management team that identifies key locations in targeted growth areas, so we are always prepared to act when a prime location becomes available."

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STORE SPACES

Report: Wal-Mart de Mexico to focus on remodels

BY Dan Berthiaume

Mexico City – Wal-Mart de Mexico reportedly plans to increase business investment 7% during fiscal 2014 as it shifts focus from opening new stores to remodeling existing stores. According to Reuters, Wal-Mart de Mexico will spend about $1.1 billion in fiscal 2014, while increasing total floor space by about 5%.

In fiscal 2013, Wal-Mart de Mexico increased floor space by about 7%, opening 235 new stores in Mexico and Central America. CEO Scott Rank reportedly told analysts the retailer will also focus on improving performance at existing stores and in its grocery delivery service.

Wal-Mart de Mexico also reportedly plans to pay an extraordinary dividend of roughly $500 million after the planned sale of its restaurant division goes through. The U.S. Department of Justice is currently investigating the company for allegedly bribing Mexican officials to help get permission to open new stores.

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