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10 Must Reads for the CRE Industry Today (April 16, 2019)

The Wall Street Journal looks at the dimming prospects for many mall owners and investors. Best Buy names Corie Barry the company’s first woman CEO, according to Reuters. These are among today’s must reads from around the commercial real estate industry.

  1. What Retail Recovery? Malls Under Pressure as Stores Close “Strong retail numbers last year from department stores Macy’s Inc. and Nordstrom Inc. raised hopes that the beleaguered mall industry would finally rebound.” (Wall Street Journal, subscription required)
  2. Best Buy Replaces Turnaround Chief Joly with Longtime CFO “Best Buy Co Inc on Monday named Chief Financial Officer Corie Barry as the company’s chief executive officer, the first woman to lead the consumer electronics retailer in its 53-year history.” (Reuters)
  3. U.S. Industrial Production Declined in March “U.S. industrial output faltered in March, a signal a slowing global economy is putting pressure on the U.S. manufacturing sector.” (Wall Street Journal, subscription required)
  4. A Small Town Bet on Sports Gambling. It’s Still Waiting. “As he drove through town in his black Crown Victoria, Chuck Cariker, the mayor of Tunica, pointed out the gifts that he said gambling had bestowed upon his town.” (The New York Times)
  5. Champion Accidentally Hit the Fashion Jackpot “On a recent Tuesday at the newly opened Champion store in Philadelphia’s Center City, the brand’s oversize red, white and blue “C” is everywhere” (Bloomberg)
  6. A Shift is Coming for Food-and-Beverage Real Estate “A significant shift is underway for the US restaurants and grocery industries and the real estate these operators occupy, according to a new CBRE analysis.” (GlobeSt.com)
  7. Vegas Strip’s $3.1 Billion Resort to Be Delayed More Than a Year “Real estate mogul Steven Witkoff is pushing back the opening of a $3.1 billion resort on the Las Vegas Strip by more than a year, slowing efforts to complete a partly built casino that was abandoned during the financial crisis a decade ago.” (Bloomberg)
  8. What Happens to a College’s Real Estate After it Closes? “In December 2018, Newbury College, a private college founded in 1962 in the Boston suburb of Brookline, told students in an open letter that it would close after the following semester and that its campus would likely be sold.” (Commercial Observer)
  9. WeWork Signs 55 KSF in Manhattan Leases “WeWork announced it has signed for 54,700 square feet of office space across three locations in Manhattan, as the island’s biggest private office tenant continues its local expansion spree.” (Commercial Property Executive)
  10. Google Still Searching for First Retail Store Location After Eyeing Fulton Market “Google shelved plans to open its first retail store in a Fulton Market building owned by Newcastle Limited.” (The Real Deal)
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