PREIT sells Altoona mall for $33 million
PREIT, which has long been pursuing a strategy of unloading underperforming malls from its portfolio, announced it has sold the Logan Valley Mall for $33.2 million net of credits issued to the buyer. The new owner’s identity was not released.
The Altoona, Pennsylvania, mall — anchored by Macy's, J.C. Penney and Sears — had been turning in sales-per-square-foot of $324 versus an average of $475 for the rest of the PREIT portfolio.
"This transaction marks another key step in our capital and portfolio improvement plans," said CEO Joseph Coradino. "We are intently focused on being in tune with the future of retailing by curating a portfolio that continues to lead the way with a new and diversified tenant mix leading to earnings growth and driving shareholder value."
Whoever the new owner is gets a mall that appears to continue to be a lively player in a tertiary market, according to Yelp reviewers.
“If this mall wasn't destroyed by fire so many years ago, it wouldn't be what it is today,” wrote one. “You do have your 'high end' type of stores here where you can't find ones identical to them until you head about 50 miles in any direction.”
Wrote another: "I live in Pittsburgh now — the north hills to be more specific. I never thought that I would say that I miss the mall from back home! The Logan Valley Mall has everything you want and at affordable prices.”
Trending Store: Beauty Story, New York City
There's a new story at Story — the innovative retail outpost in downtown Manhattan that totally reinvents itself every couple of months — and this time it's all about beauty.
Story has partnered with global beauty giant Coty to transform the space into a beauty lover's paradise. Beauty Story showcases Coty's Covergirl, Clairol, Sally Hansen and Rimmel brands along with an array of cutting-edge and lesser known ones. (According to a report by WWD, a typical sponsorship at Story costs $500,000 and holiday concepts cost $1 million.)
Shoppers at Beauty Story can virtually try on and share the latest makeup looks from Coty looks via an app (Perfect Corp.'s YouCam AR Makeup Mirror). The space includes a prestige beauty section conceptualized by Space NK founder Nicky Kinnaird, an outpost of cult Manhattan salon Hayday offering 30-minute custom facials, complimentary skin consultations and related products, and a Sally Hansen DIY nail bar where customers can try out new looks.
Bold wall displays (by Instagram artist Adam Hillman) form a colorful backdrop for the featured merchandise. There are several displays or activations that encourage interaction, and even rewarding it with complimentary products. A Vengo Labs digital vending machine, for instance, dispenses a complimentary Rimmel product for guests who pose for a photo against the in-store backdrop.
Beauty Story will be open through October 8. During that time, it will host various events, including makeup tutorials and touchups, and a Business of Beauty session featuring Kinnaird, who will discuss trends, insights and lessons about the current state of the beauty industry.
Founded by Rachel Shechtman, Story takes the editorial viewpoint of a magazine, and changes its merchandise and theme similar to a gallery.
Discount giant adds another massive ‘Pickup Tower’
Walmart’s self-service kiosks that cater to online order in-store pickups have hit Nevada.
The discount giant has added a 16-ft. “Pickup Tower” at its Las Vegas Walmart Supercenter. The tower is the first machine to be installed on the West Coast, according to Las Vegas Review-Journal.
The tower, which is nicknamed “Rapunzel,” stores approximately 300 items. When customers place an online order, they choose the “Pickup” option during checkout. When they enter the store, they scan a barcode on their smartphone at the tower to retrieve their purchase, the report said. Orders are fulfilled in less than a minute.
Rapunzel is one of many new additions at the Las Vegas Walmart Supercenter, a recently remodeled location.
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