Developer: Albertsons-Rite Aid deal is good for future of retail
Kimco Realty Corp., which holds an ownership stake in Albertsons, is of the opinion that the grocer’s merger with Rite Aid is a positive one for brick-and-mortar retail.
Albertson’s agreement to acquire all outstanding shares of the pharmacy chain “will result in a stronger, more diversified company that combines health, wellness, and convenience to deliver an enhanced customer experience, demonstrating what we believe is the future of retail,” said Kimco CEO Conor Flynn in a statement reacting to the deal.
Kimco, which owns interests in nearly 500 U.S. shopping centers, was part of a Cerberus-led investment group that 661 non-core Albertsons stores from Albertsons in 2006. Kimco maintains a 9.74% ownership interest in the existing Albertsons.
Deadline nears for nominating ‘Under 40’ retail real estate stars
You have until the end of the month to call our attention to a budding superstar in your midst.
Chain Store Age is still accepting nominations in its annual search for 10 future leaders in real estate whom we dub “retail stars.” Honorees will be featured in the May/June 2018 issue of CSA with bonus distribution at the International Council of Shopping Centers’ RECon event in Las Vegas.
The award recognizes people under the age of 40 who are forging new trails in retail real estate, whether from the tenant (retail) or the landlord (shopping center company) side.
To nominate yourself or a colleague, click here. But don’t delay! Deadline for entries is March 1, 2018.
Department store retailer begins store closing sales
The Bon-Ton Stores has taken another step with plans to reduce its store footprint.
The retailer said that store closing sales are underway at 42 select locations. The move is part of the company’s previously announced “store rationalization” program and recent Chapter 11 bankruptcy protection filing.
The in-store sales will take place at Bon-Ton branded stores as well as other the retail nameplates owned by the retailer, including Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s, and Younkers. The company said more stores are expected to be added to the store closing process.
The store closing sales are being conducted by a joint venture consisting of Gordon Brothers and Hilco Merchant Resources.
Bon-ton operates 256 stores, which includes nine furniture galleries and four clearance centers, in 23 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates.