OPERATIONS

Jos. A. Bank and Alfred Angelo in partnership

BY Staff Writer

New York City — Jos. A. Bank Clothiers is teaming up with wedding and bridesmaid dressmaker/retailer Alfred Angelo, Investors Daily said.

Catalogs of Jos. A. Bank’s tuxedos and matching accessories will be available at Alfred Angelo Signature’s bridal stores, while Alfred Angelo will be the exclusive wedding-gown partner for the women in Jos. A. Bank’s customers’ lives, according to the report.

The two will also team up on bridal shows, web content, blogs and social media.

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REAL ESTATE

Report: U.S. mall vacancy rate at 9.4%

BY Staff Writer

New York City — Vacancies at U.S. regional shopping malls rose to 9.4% in the third quarter (ended Sept. 30), according to property-research firm Reis, Reuters reported. It represents the highest level since Reis began publishing the data in 2000, and was up from 9.3% in the second quarter.

Landlords’ asking mall rents rose to $38.81 per square foot in the third quarter, up from $38.77 in the previous three months and $38.72 a year earlier, according to Reis.

Vacancies at community and neighborhoods centers were 11%, unchanged from the second quarter, and slightly up from last year’s 10.9%. Rent averaged $16.54 per sq. ft., including any landlord concessions, down from $16.58 a year earlier and unchanged from the second quarter.

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News

Subway to install MasterCard’s PayPass contactless payment system

BY Marianne Wilson

Purchase, N.Y. — MasterCard Worldwide announced that Subway, the nation’s largest sandwich chain, will accept MasterCard’s PayPass contactless payments at more than 7,000 U.S. locations by the end of first quarter 2012.

Consumers will now have the option of paying for their meal by simply tapping a MasterCard PayPass-enabled card or device at the register. PayPass does not require customers to sign receipts for purchases under $50.

“Our fans are accustomed to having choices when they walk through our doors,” said Tony Pace, senior VP and global chief marketing officer, Subway franchisee advertising fund. “Now with MasterCard PayPass, they’ll have another payment choice that is convenient and easy to use."

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