Sam’s Club opens new Illinois store
Bentonville, Ark. — Sam’s Club will open its newest club at 460 S. Weber Road in Romeoville, Ill., on Oct. 3. The Romeoville club will become the 21st Sam’s Club in the Chicago area.
There are 29 Sam’s Clubs throughout Illinois, employing more than 4,000 associates. More than 150 new jobs were created by the new Romeoville Sam’s Club. The new Sam’s Club measures approximately 136,000 sq. ft. Daylight-harvesting skylights reduce the amount of energy required to light the store by up to 75% daily. LED lighting throughout the club, including in the cooler and freezer box doors and jewelry counter, operates 70% more efficiently than traditional fluorescent lighting. There will also be a full-service pharmacy and a hearing aid center.
"Sam’s Club has been in Chicago and throughout the dynamic communities it encompasses for more than two decades, so we’re proud to grow even more in this area with our new club," said. Rosalind Brewer, president and CEO of Sam’s Club. "This grand opening kicks off an aggressive month when Sam’s Club will open eight new clubs throughout the U.S. We are excited to begin a month-long celebration in Romeoville."
ARC Retail completes Tiffany Springs purchase
New York — American Realty Capital – Retail Centers of America, Inc. ("ARC Retail") closed its acquisition of the Tiffany Springs MarketCenter, located in Kansas City, Mo., on Sept. 26, for a contract price of $53.5 million, exclusive of closing costs. The purchase of the Tiffany Springs MarketCenter represents ARC Retail’s third acquisition of a retail power center with multiple credit tenants.
ARC Retail’s portfolio now exceeds $107 million in purchased assets. The Tiffany Springs MarketCenter contains approximately 240,000 rentable sq. ft. and is 88% leased to 29 tenants. Three tenants, Best Buy, The Sports Authority and PetSmart, represent 48% of the annualized rental income of the property and are rated by major credit rating agencies.
The lease to Best Buy contains approximately 46,000 rentable sq. ft. and has a 10-year lease term, which expires in January 2019. The lease to The Sports Authority contains approximately 42,000 rentable sq. ft. and has a 10-year lease term, which expires in January 2019. The lease to PetSmart contains approximately 25,000 rentable sq. ft. and has a 10-year lease term, which expires in July 2018.
"ARC Retail’s acquisition of Tiffany Springs MarketCenter, our third property, remains consistent with our sector specific investment focus of buying attractive power centers and lifestyle properties in the U.S.,” said Nicholas S. Schorsch, ARC Retail’s chairman and CEO. “We continue to accelerate the momentum from previous acquisitions, always looking for opportunities to buy well-positioned centers, in growth markets with a strong tenant base. We continue to take advantage of attractive big-box investment opportunities while increasing our geographic and tenant diversity."
Report: Young Halloween shoppers seek low prices
Los Angeles – Halloween shoppers age 18-34 are seeking online promo and coupon codes. According to the new Trend Report on the shopping behavior of young adults for the upcoming Halloween holiday from BluePromoCode.com, 49% of young adult Halloween shoppers use promo codes when purchasing costumes online and 57% stated their decision to purchase a costume was effected by the availability of a retailer’s coupon code.
In addition, 26% of young adults plan to buy a costume online this year. The most important factors when buying a costume online were overall price (85%) and free shipping offers (71%). Uniqueness of the costume was most important general factor for buying a costume (42%). Consumers are planning to spend $38 for costumes, on average, and $27 on decorations this year. The study also shows that 59% of consumers wait until the final week to purchase their costumes and most complaints were about costumes were too expensive and were of poor quality.
“This report continues to support how consumer behavior is dramatically changing,” said Michael Quoc, founder and CEO of BluePromoCode.com. “Consumers are more price-conscious even on lower-priced and more disposal items such as Halloween costumes.”