Tag: retail

Commercial Real Estate Mortgages Nearly Double Delinquency Rate in a Single Year as Vacancies Climb

Admin

The commercial real estate sector is facing the possibility of a substantial number of bankruptcies that could ultimately hamper economic recovery and threaten the wounded banking industry, according to experts who spoke to the Daily Caller News Foundation.

Overall 30 day+ delinquencies on commercial mortgage-backed securities (CMBS), meaning the number of borrowers for commercial properties that failed to make a required payment in at least the last 30 days, increased from 2.96 percent from one year ago to 4.63 percent as of October, according to a report from market research group Trepp. The delinquencies are indicative of danger in the commercial real estate sector, as they indicate that many of those could become bankruptcies, threatening an already hurting banking industry and exacerbating any economic downturn, according to experts who spoke to the DCNF.

Read the full story

Labor Board Orders New Union Election at Amazon Warehouse

Admin
Amazon warehouse in Maryland

The National Labor Relations Board (NLRB) ordered a new unionization election at an Amazon warehouse in Alabama, ruling that the company violated federal labor law during the first election.

“Today’s decision confirms what we were saying all along – that Amazon’s intimidation and interference prevented workers from having a fair say in whether they wanted a union in their workplace – and as the Regional Director has indicated, that is both unacceptable and illegal,” Retail, Wholesale and Department Store Union (RWDSU) President Stuart Appelbaum said in a statement Monday.

“Amazon workers deserve to have a voice at work, which can only come from a union,” he continued.

Read the full story

Retail Sales Beat Expectations Amid Surging Inflation

Admin
Woman shopping in a department store

U.S. retail sales increased in September, beating expectations amid growing inflation and supply chain disruptions, the U.S. Census Bureau reported Friday.

Retail sales increased 0.7% in September, beating experts’ estimates of 0.2%, according to the Census Bureau report.  The number rose 0.8%, excluding auto sales, beating the 0.5% forecast.

Sales were up 13.9% compared to September 2020, and they increased 15.6% compared to September 2020, excluding auto sales, according to the Census Bureau.

Read the full story

National Retail Chains, Restaurants Flee New York

Admin

The New York Times reports that national retailers and restaurant chains such as J.C. Penney, Neiman Marcus, Le Pain Quotidien, and Subway are permanently closing locations in New York City in response to Mayor Bill de Blasio’s management of the coronavirus pandemic, which has led to a “mass exodus” of residents and businesses.

Business leaders warn that the city is facing a crisis of “historic proportions,” according to the Times.

Read the full story

Brooks Brothers Files for Bankruptcy After 202 Years of Business

Admin

Brooks Brothers, one of the United States’ oldest and most prestigious retailers, filed for Chapter 11 bankruptcy Wednesday after 202 years, CNBC reported.

The retailer, credited with dressing 40 U.S. presidents since its founding in 1818, had already been burdened with rising rent when it was devastated by the coronavirus pandemic, which sunk the company’s potential sale, according to CNBC.

Read the full story

May Retail Sales Jumped 17.7 Percent, Double the Forecast As States Came Out of a Lockdown-Induced Hibernation

Admin

Retail sales rebounded in May as states eased coronavirus-induced lockdown measures, allowing retail stores to regain more ground than analysts expected, according to Department of Commerce data.

Retail sales jumped 17.7% in May, effectively doubling expectations and marking the biggest single-month gain in records going back more than 20 years, according to a Commerce Department report released Tuesday. A Bloomberg News survey of economists had anticipated 8.4% increase in retail sales in May as COVID-19-related measures melted away following a 14% decline in April.

Read the full story

Tennessee Lifts Restaurants and Retail Capacity Restrictions

Zachery Schmidt

Gov. Bill Lee announced Friday that Tennessee is lifting its capacity restrictions for restaurants and retail on May 22.

“Tennesseans have worked incredibly hard to do their part and help slow the spread of COVID-19 so that our state can begin to reopen. Thanks to their continued efforts, we’re able to allow restaurants and retail businesses to operate at greater capacity and large attractions to open in a safe and thoughtful way,” Lee said.

Read the full story

If Big Box Stores Are Dying Off, What Do We Do with All the Boxes?

Admin

My memory of Toys ‘R’ Us now consists mostly of big empty boxes. While I don’t remember many of the toys I got at Christmas as a child, the image of clumps of wrapping paper and piles of discarded cardboard is forever imprinted in my brain. Now, Toys ‘R’ Us is leaving us with much bigger empty boxes—but these won’t be as easy to throw away. On March 15, the company announced that, without a Hail Mary influx of cash, the beloved chain will be closing, leaving its 800-odd American storefronts vacant.

Read the full story

Toys ‘R’ Us to Close All US Stores

Admin

Toys ‘R’ Us, the iconic retail chain that has captivated American kids for generations, has announced plans to shut all of its US stores, becoming one of the biggest casualties of the retail shakeout amid the rise of e-commerce. The debt-plagued company announced in the early hours of Thursday that it has filed a motion for bankruptcy court approval to liquidate its US operations, a move that could hit 33,000 jobs.

Read the full story

Retailers Explore 3D Printers, Flashy Tech

Admin

The centerpiece of Intel’s booth at the recent National Retail Federation show in New York City was undoubtedly the massive Mach 2XS commercial printer by Japanese manufacturer Shima Seiki. At nearly 3 meters wide and 1.37 meters tall, the printer was hard to miss. The small crowd that had gathered around it though, was more interested…

Read the full story