- The U.S. Economy Grew at a 3.5% in the Third Quarter, Faster Than Expected “The U.S. economy grew at a faster-than-expected rate in the third quarter as inflation was kept in check and consumer spending surged, according to data released by the Commerce Department on Friday. Gross domestic product expanded by a 3.5 percent annual rate. Economists polled by Dow Jones expected the economy to expand by a 3.4 percent annual rate.” (CNBC)
- The U.S.’ Biggest Mall Operator Says the Mall of the Future ‘Doesn’t Need Department Stores’ “The mall operator said it has 33 Sears stores that have been closed or are in the process of closing in 2018, including 17 stores it absolutely controls, five stores Simon controls through a joint venture, and 11 stores owned by Sears. Sears' restructuring will provide a ‘unique opportunity’ for Simon to redesign the mall brand. The mall of the future ‘doesn't need department stores,’ CEO David Simon told investors Thursday, during the company's third-quarter earnings call.” (Business Insider)
- Neiman Marcus Starts to Restructure Debt and Avert Bankruptcy “Neiman Marcus Group Ltd., the Dallas-based luxury department-store chain, started talks in recent weeks with a group of creditors that could lead to a debt restructuring that will push out looming debt maturities and avert a bankruptcy filing, people familiar with the matter said. The company began talks with a group of bondholders and lenders represented by the law firm Paul Weiss Rifkind Wharton & Garrison and financial advisers Houlihan Lokey that could lead to a restructuring of Neiman’s $4.7 billion in debt.” (Wall Street Journal, subscription required)
- There’s a Silver Lining for Losers of Amazon’s HQ2 Competition “Winning and losing may not be quite what they seem in the competition for Amazon’s second headquarters. The $860 billion e-commerce company will soon decide where it’s so-called HQ2 will be based. Only one of 20 finalist locations will be chosen, but the company invests and hires prodigiously in many urban areas — and will surely continue to do so. Mayors and governors from across North America have been making offers to Amazon since September 2017, when the company asked local governments to submit pitches to host a second corporate base that will complement its Seattle home.” (The New York Times)
- Kick-Start Your Commercial Real Estate Career with These 15 Secrets to Success “Have you decided you want to get into commercial real estate as a career, but don’t know where to get started? Every real estate professional started in the same place: knowing nothing. I get asked on a daily basis how to get started. With more than 30 years in a commercial real estate (CRE) working on the landlord side, tenant side and leadership side, I've seen many newcomers take their first steps into CRE. Stop thinking and start taking action by following these insider secrets.” (Forbes)
- BlackRock’s Next U.S. Hub Will Be Far from Wall Street “Wall Street’s biggest money manager is planning a major expansion far from New York. BlackRock Inc. expects to boost the number of its employees working in Atlanta to 1,000 people by 2024, according to people familiar with the situation. It has roughly 15 there now. The firm expects to receive roughly $25 million in public tax breaks as part of that Southern expansion, according to one of the people. But the final incentive package is still under negotiation with the city, the people familiar with the situation said.” (Wall Street Journal, subscription required)
- Newmark Receives Junk Grade from S&P “Newmark Group received its first standalone credit ratings since its initial public offering in December, and the results were disappointing. S&P Global Ratings gave Newmark Group a grade of BB+, which is a rating of a speculative, non-investment-grade company. By comparison both CBRE and JLL have investment-grade ratings of BBB+ from S&P. Fitch Ratings gave the company a rating of BBB-, which is just one step above a junk-grade rating.” (The Real Deal)
- What Digital Transformation Means for the Commercial Real Estate Practitioner “Digital transformation is all around us, in every facet of our lives. Software has changed the way we approach everything we do. Almost every question has its answer at our fingertips. When it comes to the digital transformation of commercial real estate, the future is now. Digital technologies and advanced analytics are helping businesses across industries learn and achieve more. The term ‘digital transformation’ has a broad meaning. In commercial real estate, digital transformation could be as simple as having a property owner embracing one element of technology to optimize day-to-day operations.” (Forbes)
- Moody’s Turns Positive on the Retail Industry “Moody’s is bullish on retail, upping both its operating income and sales growth forecasts. Moody’s Investor Services said Thursday that its outlook for the U.S. retail industry has turned positive for the first time since mid-2015. In a new report, Moody’s said retailers are finally starting to reap the benefits of investments aimed at cost efficiencies, enhancing their e-commerce capabilities and customers’ in-store experience. This, coupled with a strong economy, will result in higher profits, according to the report.” (Chain Store Age)
- Halloween Pop-Up Stores, Explained “The first thing I notice about the Spirit Halloween at 65 Broadway is that the building’s exterior is far too nice to house a seasonal Halloween pop-up shop, even though that’s exactly what’s going on. The building, located in Manhattan’s Financial District, was built in 1916 and was used as American Express’s headquarters until 1975. Now, for a limited time only, it’s full of Halloween costumes and spooky lawn decorations.” (Vox)
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