- Hard Rock to Buy Mirage Casino on Las Vegas Strip for $1.1 Billion “Hard Rock International has agreed to buy the operations of the Mirage casino on the Las Vegas Strip from MGM Resorts International for nearly $1.1 billion with plans to build a giant guitar-shaped hotel on the glitzy boulevard. The deal with Hard Rock, owned by the Seminole Tribe of Florida, is the latest of several financial transactions on the Strip, which was hit hard during the pandemic closures but has seen a tourism rebound.” (The Wall Street Journal)
- Open-Air Shopping Centers Are Leading Retail Recovery “Shopping centers are having a moment, propelled by increased foot traffic to grocery stores, curbside pickup and population shifts that favor suburban shopping. Landlords filled 17 million square feet of additional real-estate space in open-air shopping centers last quarter, a 49% increase from 2019, according to commercial real-estate services firm CBRE Group Inc. That marks a 10-year high for net absorption, or the total space occupied minus what has been vacated.” (The Wall Street Journal)
- Sears, Struggling to Sell Goods, Markets a Valuable Asset: Real Estate “Many of the sites, often older, windowless hulks connected to shopping malls, are not straying far from their original mission: They’re being overhauled for new retailers. But some addresses, in line with a trend of repurposing dusty commercial properties, are being given fresh and sometimes unexpected new functions. At more than a dozen sites across the county, developers are installing high-end apartments, cutting-edge classrooms and even labs where classified weapons systems are conceived.” (The New York Times)
- Just Don’t Call It a Warehouse: Repurposing Unused Retail Spaces to Support E-Commerce “Vacant or underused retail spaces make tempting conversion targets for distribution centers, but is that easier said than done?” (Bisnow)
- The Open Office Plan Is Dead. Long Live the Open Office Plan. “Maybe Clark Kent has a place to change into Superman after all. One of the jokes of the 1978 movie with Christopher Reeve was Clark encountering one of those open-air pay phones on the sidewalk, providing him of course with no place to dump his mild-mannered reporter getup and become Superman.” (Commercial Observer)
- Study: Number of Retailers Deemed ‘Not Stable’ in Big Year-over-Year Drop “The financial and operational stability of U.S. retailers is continuing to improve from the height of the pandemic in 2020. Twenty-two percent of U.S. retail companies were not stable — i.e. stressed or distressed — at the end of the third quarter of 2021, nearly the same (21%) as the previous quarter and less than the 28% at the end of the first quarter of 2021, according to research from Boston Consulting Group.” (Chain Store Age)
- Florida Company Offers 2 Free Homes as Worker Incentives “While many companies are offering bonuses or higher pay as a way to lure and keep workers, a central Florida business is offering a drawing for two brand new and mortgage-free houses. Mechanical One, which provides air conditioning and plumbing for new developments, is planning to hold the drawing next December, president and CEO Jason James told the Orlando Sentinel.” (The Associated Press)
- Famous LA Shopping Center Adds Barbed Wire-Like Fence to Deter Smash and Grabs “As a recent wave of mob-led store robberies has put retailers, mall operators and communities on edge, one popular shopping center is keeping an unusual security measure in place through the holiday season. The Grove, a famous open-air shopping complex in Los Angeles, has added a high coil fence barrier that resembles barbed wire at the property's entrances and exits. Management added the ‘tangled tape’ coil fencing, which is made from a custom aluminum-and-steel mesh, ahead of Thanksgiving weekend.” (CNN Business)
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