Downtown Detroit mixed-use property opens
The comeback of downtown Detroit, led by the expansive District Detroit project under construction, was advanced this week with the opening of The Scott at Brush Park. The upscale, mixed-use development of Broder & Sachse Real Estate and Sachse Construction is located about eight blocks north of District Detroit on Woodward Avenue.
A project undertaken by the Ilitch family, owners of the Little Caesars pizza chain, District Detroit will consist of five “neighborhoods,” as well as a new arena to host the National Hockey League’s Detroit Red Wings.
The Scott contains 199 residential units and will house five retail and restaurant tenants. The Carter-Snell Skin Center is the first retail tenant to be named.
“We knew this was an ambitious undertaking when we started construction in the summer of 2015, but we felt the reward would outweigh the risks,” Sachse Construction CEO Todd Sachse said. “Downtown Detroit, and Brush Park in particular, has incredible traction right now in terms of development and revitalization efforts. We are proud to be pioneers in Brush Park and to have The Scott as one of our team’s great successes for 2016.”
Fred’s swallows poison pill
Fred’s Inc. is playing defense.
The Memphis-based retailer on Tuesday adopted a shareholder rights plan, or “poison pill,” less than a week after news surfaced that an activist investor had amassed a big stake in the company. It also comes approximately one week after Fred’s announced it had agreed to purchase 865 divested Rite Aid stores as part of the expected Walgreens Boots Alliance-Rite Aid merger. The acquisition would more than double Fred’s store count.
The shareholder-rights initiative was put in place after Alden Global Capital quietly acquired approximately one-quarter of Fred’s outstanding shares, making it the company’s biggest shareholder, in a one-month period from later November to late December. Fred’s said its board unanimously approved the plan after it noticed "unusual and substantial activity" with its shares.
The plan will be triggered when someone acquires ownership of 10% or more of the company's common shares or if a large shareholder adds to their position, which could prevent Alden from further increasing its stake.
Fred’s said the plan reduces the chances for anyone to “gain control of the company through open market accumulation without appropriately compensating its shareholders for such control or providing the board sufficient time to make informed judgments.”
Instagram hits 600 million members
Instagram’s rapid growth should be music to retailer’s ears.
The Facebook-owned photo and video sharing app has hit 600 million monthly active users, a 100 million user jump in the last six months, according to Recode.
This expanded membership enables retailers to reach even more potential shoppers within the social media channel, especially as the social network adopts more retail-specific programs. For example, in November, Instagram added shoppable tags on photos from 20 retail brands, including Kate Spade, Warby Parker and JackThreads, among others — a move that will enable consumers to learn more about the items they view within an Instagram post, and even make a purchase.
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