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10 Must Reads for the CRE Industry Today (February 6, 2018)

Kroger’s will sell its convenience stores to EG Group, a British gas station operator, Reuters reports. Banks are closing branches at a fast pace, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Banks Shutter 1,700 Branches in Fastest Decline on Record “Banks are closing branches at the fastest pace in decades, as they leave less profitable regions and fewer customers use tellers for routine transactions.” (Wall Street Journal, subscription required)
  2. Kroger to Sell Convenience Stores to UK’s EG Group for $1.25 Billion “Kroger Co (KR.N) will sell its nearly 800 convenience stores to British gas station operator EG Group for $2.15 billion, the U.S. supermarket chain said on Monday, as its sharpens focus on its mainstay grocery business amid a brutal price war.” (Reuters)
  3. The Best Places to Live in Each State — You Haven’t Even Heard of Lots of Them ““Life is not living in the suburbs with a white picket fence,” New England Patriots quarterback Tom Brady, a San Mateo, Calif., native, once said. “That’s not life.” Stick to football, Tom, because the ‘burbs are where it’s at these days.” (MarketWatch)
  4. Think Twice Before Dumping REIT Stocks “With continuing good news about the U.S. economy, it seems likely that interest rates will finally start a trajectory to higher levels. And with that comes the usual flurry of articles from the ‘thought leaders’ about what an investor should do.” (Forbes)
  5. Landlords, Brands Brace for Less Shopping at the Mall “E-commerce platforms will account for a third of total retail sales by 2030, according to a new report by consulting group A.T. Kearney.” (CNBC)
  6. Victoria’s Secret Boss Bets on a Radical Idea: Smartphones Will Fade “Les Wexner, an icon of 20th-century retailing, is the last man standing from a generation of merchants who brought fashion to the masses through hundreds of chain stores in thousands of malls. Most retailers say the internet has forever changed shopping. Mr. Wexner doesn’” (Wall Street Journal, subscription required)
  7. Macy's Launches Pop-Up Marketplaces in Its StoresMacy’s is opening its doors to pop-ups in a new marketplace concept called ‘The Market @ Macy’s.’ The program gives pods of space to a handful of brands and companies on Macy's ground floor to promote or sell their products.” (CNBC)
  8. CRE Data Startup Reonomy Raises New Venture Round, Partners with Newmark “Real estate research and data startup Reonomy raised $16 million in its latest funding round, about three years after last raising venture capital. The company, founded in 2013, has now picked up just under $40 million from investors, making it one of the deeper-pocketed startups to tackle the burgeoning market for commercial real estate intelligence.” (The Real Deal)
  9. More than $2.5 Billion in Commercial Real Estate Transactions in Northeast Florida in 2017 “Investment in Jacksonville commercial real estate came in 29 percent higher in 2017 than in 2016 with $2.57 billion in transactions, according to Colliers International.” (Jacksonville Business Journal, subscription required)
  10. De Blasio Administration Strikes Deal for Willets Point Project “The de Blasio administration today struck a deal for the redevelopment of Willets Point, marking a new chapter in the long-delayed project set for a gritty section of Queens.” (Crain’s New York Business, subscription required)
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