RICHFIELD, MINN. — Domestic online sales for Best Buy Co. Inc. (NYSE: BBY) increased 89.3 percent in the fourth quarter on a year-over-year basis, according to the company. The Richfield-based retailer’s fourth quarter ended Jan. 30. “Online sales grew to a record $6.7 billion and made up 43 percent of our total domestic sales,” said CEO Corie Barry said in a news release. “Our stores played a pivotal role in the fulfillment of these sales, as almost two-thirds of our online revenue was either picked up in store or curbside, shipped from a store or delivered by a store employee.” Barry also announced that Best Buy would pay its employees a cash bonus in recognition of their efforts despite the pandemic. In the next few weeks, all hourly U.S. employees will receive $500 if they are full-time workers and $200 if part-time. The retailer is also encouraging its employees to get COVID vaccinations and will offer paid time off to do so. Best Buy’s fourth-quarter net income rose to $816 million, up from $745 million the year prior. Best Buy’s stock price closed at $113.24 per share on Wednesday, Feb. 24, up from $81.89 per share one year ago. There …
CHICAGO — Frontline Real Estate Partners LLC, Carr Realty Advisors LLC and Stillwater Advisory Group Inc. have formed a new joint venture known as Frontline Real Estate Partners- Shopping Mall and Lifestyle Division. The venture will provide its clients with receivership, property and asset management, and leasing and disposition services for malls and lifestyle centers. “We have all seen the downturn of malls in recent years, with low occupancy levels and retailers going into bankruptcy. The pandemic expedited that even more,” says Matthew Tarshis, principal of Frontline. “We felt the urgency to form this new joint venture to provide real estate solutions for the distressed portion of this niche asset class.” Tarshis is joined by Joey Carr of Carr Realty and Chris Facas of Stillwater. All three real estate firms are based in Chicago.
MINNEAPOLIS — Target (NYSE: TGT) has announced plans to open small-scale Apple (NASDAQ: AAPL) shops inside 17 of its stores this month, with additional locations scheduled to open this fall. The company will also expand its online Apple product offerings over the coming weeks. The new Apple in-store experience will offer a mix of products and accessories in a dedicated space designed for guests to see new products and view demonstrations by Target Tech Consultants, who will receive specialized training from Apple. Each shop will feature new lighting fixtures and displays for iPhone, iPad, Apple Watch, AirPods, HomePod, Apple TV and other Apple accessories. “Apple products are popular with Target’s guests and this new dedicated shopping experience offers enhanced service and expanded offerings, building on our strength as a go-to destination for electronics,” says Christina Hennington, executive vice president and chief growth officer of Minneapolis-based Target. “This new model was created with Target’s guests in mind and we’ll continue to learn and enhance the experience through future rollouts later this year.” Apple shops are set to open this month at Target locations in Monticello, Minn.; San Jose, Calif.; Oklahoma City; Allen, Hurst, Austin, Irving and San Antonio, Texas; Gainesville, Orlando, …
SAN JOSE, CALIF. — San Jose-based Fry’s Electronics has decided to shut down its operations and close business permanently as a result of changes in the retail industry and challenges created by the COVID-19 pandemic. After nearly 36 years as a one-stop shop and online resource for high-tech consumers, Fry’s says it will implement a shutdown of its 31 stores across nine states through a wind-down process that will be in the best interests of the company, its creditors and other stakeholders. Fry’s ceased regular operations and began the closing process today. The intentions of the wind-down process are to reduce costs, avoid additional liabilities, minimize the impact to customers, vendors, landlords and associates, as well as maximize the value of the company’s assets for its creditors and stakeholders. Currently, Fry’s is in the process of reaching out to its customers with repairs and consignment vendors to help them understand the closing process and the proposed next steps.
MINNEAPOLIS — Blu Dot is expanding its headquarters in the Northeast Minneapolis Arts District to 60,000 square feet. Blu Dot, a furniture designer and retailer, will expand its onsite retail store and add creative office space for its employees. The company’s headquarters are located at the 20-acre Crown-Arts Center, which is owned by Chicago-based R2 Cos. Today, Blu Dot owns and operates 10 stores across the U.S. and three internationally.
EAST PEORIA, ILL. — Slumberland Furniture will open a new store at the former Gordmans space at The Levee District in East Peoria. The regional furniture retailer will occupy 50,221 square feet and will become an anchor tenant at the development. Slumberland offers a large selection of mattresses, bedding, living room furniture, recliners, tables, bedroom furniture, home entertainment and desks. Owned and managed by Cullinan Properties Ltd., The Levee District spans more than 86 acres with 650,000 square feet of retail and restaurant space, as well as office, hotel and civic components.
WHEELING, ILL. — Marcus & Millichap has negotiated the sale of Creekside Plaza in Wheeling for $2 million. The 31,460-square-foot retail center is located at 200-300 McHenry Road. Some of the tenants include a beauty salon, dry cleaners and dentist office. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a Chicago-based 1031 exchange investor.
PHOENIX — Miami-based Starwood Property Trust has completed the sale of Moon Valley Towne Center in Phoenix. An entity formed by Moore, Oklahoma-based BP National City LLC acquired the neighborhood shopping center for an undisclosed price. Situated on 11.4 acres at the southeast corner of 7th Street and Bell Road, Moon Valley Towne Center features 106,571 square feet of retail space. Hobby Lobby is an anchor tenant at the center, which is home to more than 92 percent national tenants. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller in the deal.
LOS ANGELES — Chicago-based 4S Bay Partners has purchased a 1.8-acre land parcel at 3701 W. Stocker St. in the Baldwin Hills Crenshaw Corridor of Los Angeles. Sticks Holdings LLC and an affiliate of Optimus Properties sold the asset for $24 million. James Daughrity of Daughrity Real Estate represented the buyer and seller in the deal. The property is located in a designed Opportunity Zone with a transit-oriented development designation, which allows for pedestrian-friendly and community-serving uses. The parcel currently contains a 45,000-square-foot, four-story office structure, which was built in 1954. Additionally, the site is in proximity to the planned Metro Crenshaw/LAX light rail transit line. The buyer previously purchased 3731, 3741, 3751 and 3761 W. Stocker St. all within the Baldwin Hills Crenshaw Corridor. Los Angeles-based Pantheon Business Consulting will manage the development of the sites. Potential development plans include a multi-use film studio, entertainment campus and business incubator redevelopment project in line with 4S Bay Partners’ social impact and community development mission to increase economic development within underserved and urban communities. According to 4S Bay, the project’s vision is to partner with creatives, thought-leaders and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about …
NEW YORK CITY — Macy’s Inc. (NYSE: M) reported fourth-quarter results that exceeded the company’s expectations, thanks to 21 percent year-over-year growth in digital sales across all of its brands. In addition, the department store chain reported that comparable in-store sales during the period that included the holiday shopping season were down 17 percent. However, that performance beat the company’s projections, and contributed to Macy’s posting its first profitable quarter in a year, CNBC reported. Product categories such as home beauty and jewelry led the pronounced spike in digital sales, and Macy’s CEO Jeff Gennette said that the company anticipates that within the next three years, it will reach $10 billion in annual online revenue. In February 2020, the company announced that it planned to close 125 underperforming stores, or about 20 percent of its total count, by early 2023. Macy’s stock price opened at $15.31 per share on Tuesday, Feb. 23, down slightly from $15.68 per share a year ago.