NEW YORK — Redundancy is proving to be a good thing, at least for mall owners. Simon Property Group this week announced it would buy seven Federated Department Stores banners and kill the leases at two additional locations, which include four Macy’s, a Filene’s and two L.S. Ayres. The retailer that is replacing most of the duplicates is the infinitely more profitable Nordstrom’s, which will be added to Burlington Mall, South Shore Plaza, Northshore Mall, and Ross Park Mall.
As it aggressively sheds itself of its dead weight, which analysts say could bring in up to $1.2 billion, Federated is being a bit more tender in announcing changes to the Marshall Fields flagship in Chicago, where the idea of converting the venerated department store to a new Macy’s on State Street has been met with boos and hisses from Chicagoans with fond memories of the Walnut Room and holiday window displays. In order to sweeten the store’s conversion to Macy’s in September, Federated chief executive officer Terry Lundgren said he’d work with Chicago mayor Richard Daley to try to bring Frango Mints back to Chicago.
While Lundgren looks to little chocolate squares to keep his shoppers happy, Urban Retail Properties chairman and ceo Ross Glickman is going whole hog on the shopping-entertainment front. The developer has plans to develop at least six mixed-use projects in the U.S., South Korea and China in partnership with MGM Studios, with, for example, a Pink Panther-themed theater or Rocky sports bar next to The Gap and Ann Taylor. Perhaps the entertainment-shopping niche left vacant by The Mills Corp. has a new developer at the helm?
Speaking of new developers — Indianapolis-based Duke Realty Corp., a major player in the office and industrial real estate world, is entering the retail development world with gusto, announcing plans to develop $350 million in lifestyle centers in a joint venture with Jeffrey R. Anderson Real Estate Inc. The partnership intends to build four centers, with the first, the 330,000-square-foot Shoppes at Montage in Scranton, Penn., slated to open in March 2007 and the second project, the 400,000-square-foot Shops at Pembroke Gardens in Pembroke Pines, Fla., scheduled to break ground in August. For a detailed look at the headlines discussed above, see the following archived articles:
Etro’s show, titled “The Tree of Life,” was a celebration of the house’s 50th anniversary. “My father founded the company in 1968, which was the year of counterculture and psychedelia. It’s really a show that celebrates that and the paisley design of India and its origin,” said Veronica Etro. #wwdfashion #mfw #ss18 (📷: @delphineachard)
For @msgm’s spring 2018 show, creative director @massimogiorgetti said “Words, sounds, colors. Synthesis and therapy of a collection,” were the inspirations behind the collection, showing today. Read the rest of Milan spring 2018 inspirations on WWD.com. #mfw #wwdfashion #ss18
For her first solo album in over 10 years, Fergie tapped Carine Roitfeld, Mert and Marcus, Giovanni Bianco and more to create a fashion-focused video approach for the record, Double Dutchess. "Giovanni really helped me get back in touch with my tomboy side, my hardside," said the singer. #wwdeye #wwdfashion ( : @slovekinpics)
“Volumes and Graphic Art of the Nineties are the main inspirations of the new Aquilano.Rimondi SS 2018 collection,” said cocreative directors Tommaso Aquilano and Roberto Rimondi. #wwdfashion #mfw #ss18