Lincoln Park center changes hands
Riverpoint Center, a 211,000-sq.-ft. grocery-anchored center in Chicago’s Lincoln Park neighborhood, has been acquired by Federal Realty Investment Trust for $107 million.
Mid-America Rea Estate brokered the sales of the center, which is anchored by Jewel-Osco, Marshalls, and Old Navy. The name of the seller was not disclosed.
Riverpoint Center is located at the northwest corner of West Fullerton and North Clybourn Avenues in Lincoln Park, an affluent neighborhood on the lakefront north of downtown.
Hudson’s Bay Co. taps Toys “R” Us exec to head up European division
Hudson’s Bay Co.’s newest executive is joining the company just in time to lead the European division’s next phase of development.
Dr. Wolfgang Link will become CEO of HBC Europe, effective May 1. He will lead the expansion and growth strategy for the department store’s European business, including Galeria Kaufhof, Galeria Inno, and the entrance of Hudson’s Bay and Saks OFF 5TH. Reporting to HBC’s CEO Jerry Storch, Dr. Link will also oversee the European management team.
Dr. Link will join HBC after a decade with Toys “R” Us, where he served as a member of the global executive board and president of Toys “R” Us Europe since 2013. In that role, he was responsible for the company’s business operations in nine countries, including Germany, France, Spain, the UK and the Netherlands, with more than 300 stores across Europe, as well as country-specific online stores.
Before joining Toys “R” Us as president, Central Europe, in 2007, Dr. Link served as managing director for the Medimax specialist stores and ElectronicPartner Group Holdings, where he was responsible for the operation of more than 200 specialty stores in Germany, Hungary and Turkey. In addition, Dr. Link served many years in a variety of leadership roles at the Metro Cash and Carry Group, in corporate headquarters in Dusseldorf and in the country business units in Austria and Spain.
“We are pleased to welcome Wolfgang to the HBC family during this new phase of development for our European business, as we prepare to launch two new banners in the region,” said Storch.
“Wolfgang is an accomplished leader with a proven track record in the retail sector in Germany and throughout Europe,” he said. “His experience in both digital and traditional channels and profound knowledge of the European market were key in selecting him for this role, and will help foster the expansion and success of HBC Europe, including our significant investment in Germany.”
Study: Amazon tops total market growth for U.S. sales of household items
Amazon is gaining a significantly larger share-of-wallet for everyday household items — and the retailer continues to build momentum.
Across the U.S. housewares, health & personal care and beauty industries, the online retailer has a combined average year-over-year growth (YoY) rate of 38%, compared to the total retail market's combined growth average of 6%, according to research from One Click Retail. The firm uses a combination of website indexing, machine learning and proprietary software to estimate weekly online sales figures at the SKU level on Amazon.
As Amazon far outpaces total retail growth YoY in American household purchases, the retailer is on track to cause serious disruption to the U.S. superstore, grocery and drug store channels. This can be credited to millennials who are spending more than twice as much as other demographics when purchasing household items online, the report said.
Specifically, Amazon’s growth rate in housewares is three and a half times that of the total U.S. domestic market. The housewares product group proved to be one of the main drivers of Amazon's 2016 success, accounting for 15% of the company's YoY sales growth in 2016. Housewares, including home and kitchen, generated almost $7 billion in sales for Amazon in 2016, a significant increase over 2015's $5 billion plus, the study revealed.
When it comes to health and personal care sales, Amazon’s are growing close to 5 times faster YoY than the total domestic market, with significant increases in nutrition & wellness (+ 40%), baby care (+ 30%), household consumables (+ 55%), and health care (+ 45% YoY growth).
Amazon Prime Pantry's immense growth this year illustrates the success of subscription-based e-commerce initiatives. Items that historically struggled online can now be packed alongside other pantry items and shipped in a single box, bringing shipping costs down.
Despite the fact that total retail market growth of beauty and cosmetics sales in the U.S. is a stagnant 2%, Amazon sales have skyrocketed by 47% YoY. Skincare products and men's products are the drivers behind Amazon’s beauty product group’s growth. Amazon's success in this product group is driven by the sale of a very large volume of small, inexpensive items.
The future success of drug stores and supercenters will be dependent upon whether they consider selling on Amazon, introducing their own online sales strategy or choosing to do nothing at all, according to the report.
"What we're currently witnessing is e-commerce finally beginning to disrupt everyday household products, with Amazon leading the pack," said Spencer Millerberg, OCR's CEO. "Consumers benefit from buying these items in bulk, and having them delivered right to their doorsteps. Our numbers continue to demonstrate just how significant these everyday items are in helping to drive Amazon's exponential YoY growth."