Kohl’s is looking for in-store grocery partners
It’s a truism that grocery stores attract traffic for in-line retailers in shopping centers, a fact that has not been lost on Kohl’s.
Right-sizing 300 of its stores has left some gaping holes in these 80,000-sq.-ft.-plus boxes that the retailer intends to fill with grocery and convenience store partners, according to a report from CNBC.
Kohl’s CEO Kevin Mansell told the cable network that the company is preparing a list of food-driven retailers that it will approach to lease space in the reconfigured stores. The chain currently has a partnership with Amazon through which it sells some of its merchandise and accepts its returns.
“If we had our preference, we are going first after well-capitalized companies, and preferably ones that have high traffic in grocery and convenience,” Mansell said. “It’s not about Whole Foods, Aldi, or anybody else … we want a partner, ideally in food or convenience, to help drive traffic.”
Kohl’s will reveal more about its in-store leasing plans in its March 1 earnings call.
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Azad acquires Alabama power center
Houston-based Azad Commercial Realty has acquired Oxford Exchange, a market-dominant power center in Oxford, Alabama. The sale was brokered by JLL, which did not disclose the sale price or identity of the seller.
The 333,975-sq.-ft. center houses a range of top retail brands including, TJ Maxx, Hobby Lobby, Dick’s Sporting Goods, Old Navy, Bed Bath & Beyond, and Ross Dress for Less. It is shadow-anchored by Target, Kohl’s, Home Depot, and Sam’s Club.
“The property is strategically located along I-20, providing excellent visibility in a highly trafficked corridor between Atlanta and Birmingham, serving a 30-mile trade area in all directions,” said JLL managing director Margaret Caldwell, who directed the transaction.
Christie looks to lure Amazon to New Jersey with $5 billion in tax breaks
Chris Christie, the outgoing governor of New Jersey, has made a bold Hail Mary pass in hopes of winning his state Amazon’s new headquarters.
Gov. Christie, who leaves office on Tuesday, January 16, has signed a tax incentive package worth as much as $5 billion, complete with tax breaks and other promises — a move to encourage Amazon to establish its new North American headquarters in the city of Newark. The deal easily sailed through the Democrat-led Legislature with strong support on both sides of the aisle.
“Today’s bipartisan action proves that nobody in any other state wants Amazon’s HQ2 more than New Jersey and the city of Newark, and there is nowhere better for this tremendously innovative job creator to grow and thrive,” Christie said in a statement. “It shows we deliver on our promises.”
The $5 billion proposed incentive from New Jersey is one of the biggest moves in a race that has seen nearly all 50 states try to attract Amazon with tax breaks and other offers. The new headquarters, called HQ2, is a $5 billion investment that promises to create 50,000 jobs. The online giant will announce its choice later this year.
Amazon has received 238 bids from cities and regions across the United States, Canada and Mexico. Only seven U.S. states did not bid: Arkansas, Hawaii, Montana, North Dakota, South Dakota, Vermont and Wyoming, reported Politico.