REAL ESTATE

RPAI: ‘Irma was kind’

BY Al Urbanski

Hurricane Irma packed less of a wallop than originally feared, and shopping centers owners are breathing a sigh of relief.

Retail Properties of America reported that its six Florida properties emerged from the ordeal practically unscathed.

“The company's Florida team is safe and is working tirelessly to help the company's tenants reopen and serve the impacted areas. The Company's management team is optimistic that the balance of the portfolio that lies within Irma's northwest trajectory is well-situated to withstand the weakening storm,” read a statement issued by the company.

RPAI owns centers in Ft. Myers, Miami, Tampa, Lake Mary, Tallahassee, and Panama City.


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News

Target ups holiday hiring by 40%

BY Marianne Wilson

Target Corp. announced a major investment for the holiday shopping season.

The discounter said it plans to hire approximately 100,000 employees for the upcoming holiday season, which is up about 40%.

Additionally, Target will hire 4,500 workers at the company’s distribution and fulfillment centers to replenish products to stores and fulfill digital sales throughout the season.

Target’s 2017 holiday hiring marks a significant increase from last year, when the retailer hired 70,000 employees. The retailer said that, based on the success of last year’s seasonal hiring events, it will host similar programs at all of its 1,816 stores nationwide on Friday, Oct. 13 through Sunday, Oct. 15. The events will help fill the 100,000 holiday store positions.

"Target has made significant investments in our business throughout 2017, and our commitment to hire 100,000 team members for the holidays will make shopping at Target even easier and more fun during one of the busiest times of the year,” said Janna Potts, chief stores officer, Target. As always, we will provide our seasonal team members with meaningful opportunities to build and develop skills, and offer great benefits, including a variety of schedules and team member discounts."

Applicants for Target’s seasonal positions can apply in advance on the company's website. Store leaders will conduct pre-scheduled interviews with applicants. Similar to previous years, current Target store associates will have the opportunity to increase their hours during the holiday season.

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FINANCE

Nordstrom edging closer to going private

BY CSA STAFF

One of the nation's best-performing department stores retailers may soon be out of the public arena.

Nordstrom family members are close to selecting Leonard Green & Partners to help fund a buyout of their namesake department store, reported CNBC, which cited people familiar with the matter.

The private equity firm would provide the Nordstrom family group, which owns 31.2% of the retailer, with roughly $1 billion in equity to help fund the deal, the report said. The deal between Nordstrom and Leonard Green has not yet been finalized, however, and other parties could still make a move to disrupt the talks, CNBC said.

Click here to read the full report.

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