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CaliforniaCompany newsNewsRetailers

Skechers Donates 1 Million Masks in Partnership with United Way

by Alex Tostado

Manhattan Beach, Calif. — Skechers is donating 1 million masks to essential workers and communities in need. Skechers is partnering with the United Way of Greater Los Angeles and more charities across the country to deliver the masks directly to those who will most benefit. The 1 million masks, which are non-medical, triple-layer surgical style, will be donated to nonprofit organizations that typically do not receive personal protection equipment (PPE) from government institutions, with a focus on economic hardship. This includes community and public education centers, health and rehab outreach facilities, …

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Company newsMallsNewsRetailersTennessee

CBL Properties Staves Off Bankruptcy with Debt Restructuring, Loses Four Malls to Foreclosure

by Alex Tostado

Chattanooga, Tenn. — CBL Properties (NYSE: CBL) announced this morning that it has struck a deal with its lenders on a restructuring plan that will eliminate $900 million in debt and reduce annual interest expense by $20 million. Although the official press release from CBL did not mention bankruptcy, a representative from the company told the Chattanooga Times Free Press that the company plans to use the Chapter 11 bankruptcy process to complete the restructuring. The announcement follows yesterday’s second-quarter earnings call, where CBL revealed that it had drawn down its entire …

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DevelopmentGrocery-anchoredNewsRetailersVirginia

Giant Food to Open 53,000 SF Store in Northern Virginia

by Alex Tostado

Fairfax, Va. — Giant Food will debut a 53,000-square-foot grocery store in Fairfax. The store, situated at 9400 Fairfax Blvd., will open Friday. The new location is 15 miles west of downtown Washington, D.C., and will house 180 employees. The new Fairfax location will also support some of Giant’s services including Giant’s Pickup service, where shoppers place their grocery orders on GiantFood.com or through the Giant Food mobile app and in-store associates will hand-select, pack and deliver orders right to shoppers’ cars. The location will also be home to a …

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Company newsNewsNorth CarolinaRetailers

Lowe’s Home Improvement Reports 30 Percent Increase in Same Store Sales During Second Quarter

by Alex Tostado

Mooresville, N.C. — Lowe’s Home Improvement posted a 30 percent increase in same-store sales during its second quarter, which ended July 31. The total sales reached $27.3 billion, compared with $21 billion in the second quarter of 2019. Lowe’s also invested $460 million during the quarter to support frontline hourly associates. In 2020, the company thus far has invested $560 million in COVID-19-related financial support for its associates and community pandemic relief, with a focus on minority and rural small businesses and healthcare workers. Mooresville-based Lowe’s is an essential retailer, …

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Company newsMinnesotaNewsRetailers

Target Reports Record Sales Increase of 24.3 Percent for Second Quarter, Cites E-Commerce Growth

by Alex Tostado

Minneapolis — Target (NYSE: TGT) reported a 24.3 percent increase in total digital and in-store sales for the second quarter compared with the same period a year ago, the highest quarterly growth in the Minneapolis-based discount retailer’s history. Same-store sales grew by 10.9 percent during the quarter, while digital sales experienced a whopping 195 percent growth year over year. CNBC reports that during a call with reporters, Target CEO Brian Cornell stated that the volume of sales fulfilled by the company’s curbside pickup program grew by more than 70 percent, and that the company’s …

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Investment salesMichiganNewsOhioRetailers

Stan Johnson Co. Brokers Sales of Walmart-Occupied Properties in Michigan, Ohio for $31.6 Million

by Alex Tostado

Howell, Mich. and Chillicothe, Ohio — Stan Johnson Co. has brokered the sales of two Walmart Supercenter-occupied properties in the Midwest on behalf of Dayton, Ohio-based developer RG Properties. Daniel Herrold and Campbell Black of Stan Johnson represented RG Properties, the seller, in the transactions. The first property totals more than 214,000 square feet and is located at 3850 E. Grand River Ave. in Howell, about 38 miles southeast of Lansing, Michigan. Brandon Duff of Stan Johnson represented the buyer, Consolidated Tomoka Land Co., which purchased the asset for $20.6 …

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ArkansasCompany newsNewsRetailers

E-Commerce Sales for Walmart Grow 97 Percent in Second Quarter, Overall Sales Up 9.3 Percent

by Alex Tostado

Bentonville, Ark. — Walmart’s e-commerce sales jumped 97 percent in the second quarter, which ended July 31. The Bentonville-based retailer increased its e-commerce capabilities, including increasing same-day delivery and curbside pick-up options as well as hiring at least 200,000 people during the pandemic. Walmart includes a grocery section, deeming the retailer essential and allowing it to remain open through the crisis. Additionally, the U.S. government passed the CARES Act, which included stimulus checks for millions of Americans. As a result of increased spending, Walmart’s same-store sales increased 9.3 percent in the …

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Company newsGeorgiaNewsRetailers

The Home Depot’s Sales Increase 23.4 Percent in Second Quarter

by Alex Tostado

Atlanta — The Home Depot released its second-quarter results, which revealed the home improvement retailer saw a 23.4 percent increase in sales on a year-over-year basis. Sales totaled $38.1 billion in the second quarter, which ended Aug. 3. Because of the coronavirus outbreak and The Home Depot’s status as an essential retailer, meaning the stores have remained open through the pandemic, the company invested approximately $480 million in benefits for its associates, including weekly bonuses for hourly associates in stores and distribution centers.

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ArizonaInvestment salesNewsRetailers

Orion Investment Negotiates Sale of Fully Occupied Retail Center in Phoenix’s Arcadia Neighborhood for $6.1 Million

by Alex Tostado

Phoenix — Orion Investment Real Estate has brokered the sale of The Shops at 38th Street, a shopping center located in Phoenix’s Arcadia neighborhood. Richard Oliver sold the asset to Alturas Shops at 38th LLC for $6.1 million, or $265 per square foot. The approximately 23,018-square-foot property was fully occupied at the time of sale. Tenants include the Whining Pig, Crumbl Cookies, Club Pilates, H&R Block, Blind Tiger Tattoo, Team 44 Fitness, BoSa Donuts and Autumn Court. Nick Miner of Orion Investment Real Estate represented the seller in the deal.

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NewsRetailersWashington DC

Retail Sales Rise 1.2 Percent in July, Says Commerce Department

by Alex Tostado

Washington, D.C. — Retail sales in July rose 1.2 percent on a month-over-month basis, the U.S. Commerce Department reported in its advanced estimate this morning. Total sales for the month clocked in at $536 billion, up from $529.4 billion in June. The Commerce Department reported sales reached $527 billion in February, marking the first time during the pandemic that retail sales have exceeded pre-pandemic levels. Furthermore, the Commerce Department revised its May to June growth up 90 basis points to 8.4 percent. Despite the growth, the total volume of retail …

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