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10 Must Reads for the CRE Industry Today (May 24, 2019)

The Wall Street Journal looks at a string of vendors who will open a pop-up style residency at Chelsea Market. The rise in demand for food delivery lifts DoorDash’s valuation to around $12.6 billion, reports Forbes. These are among today’s must reads from around the commercial real estate industry.

  1. Free Rent for Lucky Startups Brings New Tastes to Food Halls “In the trendy world of food halls, the newest twist is free rent for a handful of startups—giving novice restaurateurs a leg up in a tough business and the hall a source of fresh tastes.” (Wall Street Journal, subscription required)
  2. DoorDash Is Now Worth $12.6 Billion After New $600 Million Investment  “The new funding round increases DoorDash's post-money valuation from $7 billion to $12.6 billion, according to cofounder and CEO Tony Xu.” (Forbes)
  3. New York’s Vanishing Diners “Louis Gritsipis insists he will never sell his diner in Hell’s Kitchen, although developers have had their eyes on it for years.” (The New York Times)
  4. Best Buy Rides Web to Lift Sales “Best Buy’s profit rose in the latest quarter as growing online sales of appliances and electronics offset flat sales in its stores.” (Wall Street Journal)
  5. Zara Owner Elevates Insider to CEO for Online Shopping Push “Zara owner Inditex SA promoted Carlos Crespo to chief executive officer, naming an insider to spearhead the fast-fashion giant’s push into e-commerce.” (Bloomberg)
  6. Sears Pins Its Future on Small Stores Selling Appliances, Mattresses. Here’s What That Looks Like “Sears on Friday is opening its first such smaller-format stores — selling mainly mattresses, appliances and connected home products — in Overland Park and in Anchorage, Alaska, and in Lafayette, Louisiana.” (CNBC)
  7. Despite Strong Tenant Demand, Retail Isn’t Without Challenges “Christopher Beavor, CEO of CAI Investments LLC, tells GlobeSt.com that from his perspective, as the leader of a vertically integrated national development company, the industry is experiencing numerous challenges.” (GlobeSt.com)
  8. RECon Buzzes With Retail Technology Trends “Amid the untold thousands of dealmaking meetings at RECon this week was another constant topic of discussion: technology in all its forms.” (Commercial Property Executive)
  9. The Controversy Over WeWork’s $47 Billion Valuation and Impending IPO, Explained “In social terms, WeWork — recently renamed the We Company — is one of the modern world’s least controversial high-flying private startups.” (Vox)
  10. Topshop the Latest Casualty in the War on Brick and Mortar Retail “Arcadia Group, the London-based retailer and operator of the Topshop and Topman brands, filed for Chapter 15 bankruptcy in the U.S. on Wednesday.” (The Real Deal)
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