Developers and city planners are already digesting what a future of Uber-style ride-hailing and driverless cars means for building and land-use decisions. Examples of new adaptive reuse and city amenities to accommodate future transportation styles are popping up in Boston, New York, Philadelphia, Los Angeles and San Francisco. But as new technologies leave their imprint, architects warn that careful city planning is more crucial than ever — to reduce regional sprawl. (Via Philly)
Sears Holdings Corp. plans to close 20 locations (18 Sears stores, 2 Kmart stores) in mid-September, as the retail operator continues to “strategically and aggressively” evaluate the productivity of its store space, according to a company spokesperson. Once it completes all store closures planned for this year, the conglomerate will have just under 1200 stores, about one-half of its 2012 holdings. According to retail analysts Fung Global Retail & Technology’s shopper preference data, after rightsizing Sears will retain the lowest share of retail sales. (Via Retail Dive)
Middle-market hotels appear all the rage. Intercontentinal Hotel Group (IHG) has announced plans to launch a new midscale brand, tentatively named Project Horizon. The properties will be built new, sit on sites averaging 1.5 acres and house 95 to 100 rooms ranging from 225 to 275 square feet each. Construction on the first franchised properties will begin in 2018. Development costs are estimated at $85-$90 per key, excluding land. IHG CEO Richard Solomons said the brand “addresses the needs of a rapidly growing and underserved segment and we believe it will shape the future of this unique midscale category.” Earlier in the month, Trump Hotels announced it would enter the middle-market hotel category with its American Dream brand. (Via Commercial Property Executive)
More News to Note
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