Best Buy reduces total energy consumption by 24%
Minneapolis — Best Buy has exceeded its goal of reducing energy consumption by 20% by 2020 as part of the Department of Energy’s Better Buildings Challenge issued by President Barack Obama in 2011.
The company, the first retailer to participate in the DOE’s Better Buildings Challenge, has reduced its energy use by 24% in less than three years across 47 million sq. ft. of buildings across the United States. Best Buy credited the reduction to better operational controls, skylights and a dimmable fluorescent lighting system to harvest daylight.
The Better Buildings Challenge was launched in December 2011 by President Obama to boost energy efficiency by 20% in the next 10 years for participating U.S. commercial, industrial and apartment buildings. The program has more than 170 corporate partners, who are encouraged to share their solutions to cutting energy use. The program is designed to increase the energy efficiency of commercial and industrial buildings through technical and financial assistance.
NewMark Merrill launches technology affiliate
Woodland Hills, Calif. — E-commerce and smartphones are re-shaping brick-and-mortar shopping center industry. In recognition of that trend, NewMark Merrill Cos. has launched BrightStreet Ventures, a technology affiliate focused on developing new technology platforms.
“We believe that the rise of mobile has significant offensive and defensive implications for shopping center owners and managers,” said Sandy Sigal, CEO of NewMark Merrill. “There is considerable evidence that merchants who embrace mobile strategies within their business see material sales lift, as compared to retailers who only embrace the physical channel. Towards that end, we intend to provide our industry the tools they need to make mobile-friendly and data-driven decisions about their business.”
BrightStreet will work with entrepreneurs in three ways:
1. Providing a ‘test tube’ for rolling out new platforms at shopping centers across a variety of geographic, economic and tenant mix environments.
2. Offering incubation, advisory and partner network access at NewMark Merrill’s headquarters.
3. Investing in entrepreneurs (i.e., check writing) with clear synergies to NewMark Merrill’s core business.
The new technology affiliate will be led by Mark Sigal, a five-time entrepreneur and angel investor with over 25 years of technology and real estate success, including exits to IBM, Intel and Apple. The BrightStreet Ventures team will be available at ICSC RECon Convention; Las Vegas, May 18-20. Booth number S3867-R Street.
Trademark partners with Rice University
Fort Worth, Texas — Rice Management Co. has selected Trademark Property Co. to oversee asset and property management, leasing and repositioning of the village Arcade in the historic Rice Village district of Houston, Texas.
The selection comes after Rice University exercised an option to acquire the leasehold interest in the two-level 195,000-sq.-ft. open-air retail center from the current owner, Weingarten. Closing is set for the third quarter of this year.
Located west of Rice University, the Village Arcade is the largest retail property in Rice Village. It features 50 stores and restaurants, including Ann Taylor, Ann Taylor Loft, Athleta, Banana Republic, Chico’s, Gap, Kendra Scott, MAC, Sephora, Soma, Starbucks, Victoria’s Secret and White House|Black Market.
Trademark and Rice plan to improve the shopping experience throughout the property and Rice Village via enhanced streetscape, landscaping, storefronts and facades that will set the stage for the modern evolution of the mixed-use property, which dates back to the 1930s.