REAL ESTATE

SL Green acquires interest in 650 Fifth Avenue

BY Michael Fickes

New York — SL Green Realty Corp. and partner Jeff Sutton have announced the formation of a venture that has acquired a 49-year leasehold interest covering the entire retail portion of 650 Fifth Avenue. The transaction was completed with former U. S. Magistrate Judge Kathleen A. Roberts, the court-appointed federal monitor and interim trustee of the landlord, 650 Fifth Avenue Company.

“Situated in the heart of Fifth Avenue’s prime retail corridor at 52nd Street, 650 Fifth Avenue is a perfect fit for our expanding retail investment portfolio in partnership with Jeff Sutton,” said SL Green President Andrew Mathias.

The investment gives the SL Green/Sutton partnership control of the building’s basement, grade-level, second and third floor retail spaces. Current tenants are Juicy Couture, Godiva Chocolate and Devon & Blakely.

Cushman & Wakefield represented the property owner in the transaction.

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FINANCE

Macy’s posts strong Q3; profit up 22%

BY Marianne Wilson

New York — Macy’s reported a profit for the third quarter that easily exceeded Wall Street, helped by stepped up marketing.

For the quarter ended Nov. 2, Macy’s earned $177 million, up from $145 million a year ago.

Revenue rose 3% to $6.28 billion. Same-store sales increased 3.5%, beating the 2.1% rise analysts expected.

Sales trends improved in every region, and both the Macy’s and Bloomingdale’s chains performed well, the retailer said.

Macy’s chairman and CEO Terry Lundgren called the results particularly notable in light of the “tepid economic climate” of the quarter, which included consumer spending that occurred during the government shutdown in October.

“Our improved sales performance resulted from continued success in the execution of our key strategies – My Macy’s localization, omnichannel integration and Magic Selling customer engagement. In addition, business in the third quarter benefitted from intensified marketing strategies to emphasize the outstanding value in our merchandise deliveries,” said Lundgren.

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News

NRF: More shoppers turning to holiday gift cards

BY CSA STAFF

Eight-in-10 (80.6%) shoppers will purchase gift cards this holiday season, according to the National Retail Federation’s Gift Card Spending Survey conducted by Prosper Insights & Analytics.

Holiday shoppers will spend an average of $163.16 on gift cards, up 4.0% over the $156.86 they spent last year and the highest amount in the survey’s 11-year history. Total spending on gift cards will reach $29.8 billion.

Consumers will also spend more on the cards they buy: those planning to buy gift cards will spend an average $45.16 per card, up from $43.75 last year and another survey high.

Shoppers older than 65 years old will spend the most on gift cards at an average of $175.96, followed by 35-44 year olds who will spend $171.15 on average. Additionally, men will spend nearly $20 more than women on gift cards this holiday season ($171.35 versus $155.42 respectively).

Department stores (40.3%) and restaurants (34.2%) will be the top choices for those giving gift cards.

Additionally, 20.1% will purchase gift cards from an electronic store and 12.7% will head to an online merchant. With gas prices hovering around $3.19, some may see relief at the pump this holiday season from their friends or family members.

According to the survey, 12% of shoppers will buy gift cards from gas stations, up from 11% last year and the highest amount seen in five years.

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