Online shopping continues to transform retail and is reshaping the real estate market as well. Retailers used to house merchandise in department stores with many floors above the street level. In most cases, this was without office space. Now there is a shift, evidenced by real estate investors seeking to have a more mixed-use space. In Manhattan, this trend to edge out retail for offices is becoming more prevalent. Normandy Real Estate recently invested $133 million to convert several floors…
More than 3000 attendees from the ShopTalk conference came to talk about the health of retail shopping in response to recent declining quarterly sales by a number of box stores, including Macy’s, Target, and Kohl’s. These stores are seeing the need to cater to online shoppers and those individuals looking for deals at discount shopping outlets. Some analysts speculated that Amazon could supplant Macy’s during the next year as the lead seller of apparel and other goods. Steve Lowy, co-CEO…
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