Glimcher named CEO of Starwood
Michael P. Glimcher, who stepped down as the chief executive of WP Glimcher last year, has been named CEO of Starwood Retail Partners. He succeeds Scott Wolstein, who has taken on a new role as senior adviser to the parent company, Starwood Capital Group.
In the recession of 2008, Glimcher staged a turnaround of Glimcher Realty Trust by reducing the REIT’s debt-to-capitalization ratio by focusing on the acquisition of high-end regional malls. Five years later, its investors reaped an annualized return of 38% compared to and industry average return of 17%.
Washington Prime Group acquired Glimcher in 2015 and pledged to grow the company through increased cash flow and acquisition of more diverse assets. A year later, Glimcher, who had joined the company in 1991 and risen up the leasing department ranks to senior VP, left the company.
"Michael has an intense passion for the retail business… and has a deep understanding of what retailers and shoppers are looking for and how we, as landlords, must adapt,” said Mark Deason, head of U.S. asset management for Starwood.
Wolstein led Starwood Retail Partners from its inception in 2012, building it into a significant industry player with a portfolio of 30 malls and lifestyle centers in the U.S.
A Kmart closure has Illinois town mulling new opportunity
Many American communities see the closing of a long-successful department store as a tragedy. Town officials of Oak Lawn, Illinois, see it as an opportunity.
“It is a great location and I think its future…can be very, very bright and strong, and so does the owner of the property,” village manager Larry Deetjen said of the shopping center at 95th Street and Pulaski Road in an interview with the Chicago Tribune.
Sears Holdings announced last month that the Kmart store anchoring the property would be closed, but Oak Lawn’s planning commission tagged the property as prime for redevelopment in 2014. Town planners are considering going vertical with a development combining residential and retail. They have shared a list of interested retailers with Kimco Realty, owner of the site.
Out-parcels such as Chuck E. Cheese’s and LongHorn Steakhouse are successful, say Oak Lawn officials, and they look forward to more of the same in redeveloped property.
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Survey: Physical stores still dominate U.S. grocery
Discount stores and traditional supermarkets are U.S. shoppers' most popular choices when it comes to buying food. At least for the time being.
Nearly all — 99% — of adults buy some or all of their groceries in-person, according to a survey by the International Council of Shopping Centers. The immediate access to products (71%) and the ability to select fresh meat, dairy and produce (70%) were the top reasons driving in-store shopping, along with the ability to see all other items in person (69%).
The survey round that consumers on average shop at 5.4 different types of grocery retailers, with 93% of people patronizing discount department stores (e.g., Walmart and Target) and 92% shopping at traditional supermarkets for grocery purchases, according to a new survey by the International Council of Shopping Centers. Sixty-nine percent of consumers shop at limited assortment food stores (e.g. Aldi and Trader Joe’s) and at warehouse clubs.
Traditional supermarkets have the most frequent visitors, with 55% making purchases at least once per week. The largest shares of infrequent shoppers buy occasionally (every few months) from small, specialty/gourmet food stores (76%) and high-end supermarkets (65%).
The study revealed that millennials have different grocery shopping behaviors, with a much higher number buying groceries from convenience stores (74%), Amazon/other pure online retailers (67%) and high-end supermarkets (66%). Even when buying online, 81% of millennials go to the store to pick-up their grocery order.
"Millennials have been called the foodie generation and blend that with their command of technology and we see some changes in grocery purchasing behaviors, which will drive all grocery retailers to make appropriate modifications in their business model to address the way they shop,” said Tom McGee, president and CEO of ICSC. “The grocery retailer who wins their share of wallet is the one who delivers an omnichannel experience that meets their desires and demands.”
In other survey findings:
- More than four out of 10 consumers (44%) have their grocery purchases delivered to their home and over one-third (36%) have items shipped by mail or courier service to their home.
- Fifty-four percent of high-end supermarket shoppers who buy online have the retailer deliver the groceries to their home — the highest of any type of online grocery shopper.