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Chicago's Magnificent Mile is showing signs of recovery, with visits nearing pre-pandemic levels, a declining crime rate and retailers such as Aritzia and Uniqlo opening flagships. Lower rents and efforts to boost security have contributed to this positive momentum, though the area has yet to fully reclaim its former vibrancy.
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Industry Tracker
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| Houston (Houston Chronicle/Hearst Newspapers/Getty Images) |
In the third quarter, the average triple-net rent reached $20.51 per square foot in Houston, close to the recent peak seen in the first quarter of last year, according to the Greater Houston Partnership. "The leveling of rents suggests a more mature phase of the cycle, with pricing holding near record levels despite a more cautious leasing environment," according to the organization. New supply declined during the quarter, helping keep vacancy low at 5.6%.
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Kansas City's Country Club Plaza has submitted a master development plan that proposes closing some streets to cars to prioritize pedestrian access. The plan, which maintains the plaza's Spanish-Mediterranean architectural style, also includes eliminating parking requirements and capping building heights at 275 feet.
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A joint venture between Jamestown, Nuveen Real Estate, Taconic Partners and a public pension plan has secured a $198.5 million refinancing for Ridge Hill, a 1.2 million-square-foot open-air retail center in Yonkers, N.Y. Blackstone Real Estate Debt Strategies provided the loan, arranged by JLL, to retire existing debt and fund leasing.
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The former Bowlero Hazlet bowling alley in New Jersey is being transformed into a shopping center, with major renovations underway to split the 30,000-square-foot space into eight to 10 storefronts. The interior, including floor leveling and new glass installations, is being reconfigured to support retail, fitness and dining tenants.
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 | How Banks Can Create Lasting Value To navigate rapid change, it is crucial for banks to “push the envelope” by aiming for true transformation in how they deliver banking and how their customers experience it. Access this interactive infographic to learn how Amazon Web Services (AWS) is enabling banking transformation through cloud technologies, AI/ML, and generative AI (gen AI). View the infographic |
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Retail News
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| (Portland Press Herald/Getty Images) |
Spirit Halloween's 1,500-plus seasonal pop-up stores boost shopping center foot traffic, particularly from mid-October to early November, according to a Kalibrate report. Orlando, Phoenix and Cincinnati see the largest increases, with Orlando power centers attracting more than 3,000 extra visitors weekly during the peak season. Phoenix experiences early surges in September and Cincinnati sees sustained increases around Halloween.
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| (South Florida Sun-Sentinel/Getty Images) |
Tractor Supply, which reported a new quarterly net sales record, is in expansion mode, with 90 new stores scheduled to open this year and an additional 100 planned for 2026. During the retailer's third-quarter earnings call, executives highlighted that new locations are consistently outperforming expectations, largely due to refined site selection and store models. Much of this expansion will focus on the Western US, aligning with the company's strategy for national growth. On Nov. 1, Tractor Supply stores around the country will celebrate National Hometown Heroes Day, with each location donating $500 to a local organization.
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British fashion retailer Primark is ramping up its US expansion by opening more stores and increasing marketing efforts, capitalising on the US removing duty exemptions on ecommerce parcels, which has disadvantaged online competitors like Temu and Shein. The company, which operates 33 stores across 13 states, aims to expand its network to 60 stores by 2026, including a flagship in Manhattan. Despite rising prices, Primark sees potential in the US market, seeking to attract budget-conscious shoppers with its low-cost, trendy apparel.
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SmartBreak: Question Of The Day
| Which retailer started out by opening a dry goods store on Sixth Avenue and 14th Street in NYC on Oct. 28, 1858? |
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ICYMI: The Most Popular Stories From Our Last Issue
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