As retailers across the country navigate brick-and-mortar resets, the dollar store sector keeps buzzing along. According to a recent earnings analysis by industry publication RetailDive, discount brands Five Below, Dollar Tree and Dollar General opened more than 1000 stores in the third quarter. And their third-quarter sales figures were nothing to sneeze at: Dollar Tree reported $5.7 billion in sales, a nearly 4% increase year-over-year; Dollar General reported $7 billion in sales, almost 9% more than the same period last year; and Five Below earned almost 21% more in sales year-over-the year, garnering $377.4 million in the third quarter. (Retail Dive)
Heading into 2020, the New York City commercial real estate market is due for even more metamorphosis, according to experts speaking at a Dec. 5 Bisnow panel forecasting the market. As the new decade gets underway, the Midtown office market will need a rebrand to compete with the buildings and culture attracting tech-forward companies to Midtown South and the Far West Side, experts noted. “Midtown is down roughly 10 million square feet of tenancy over the past 10 years,” Colliers International NY Tri-State President Michael Cohen said during Bisnow’s panel. “Most of the tenants that moved around this island have migrated out of Midtown.” The multifamily market has bifurcated. While high-end condominiums sit empty on the market, possibly necessitating repricing next year, newly tightened laws governing rent-regulated apartments are causing investors to be more creative in finding opportunity and negotiating deals. (Bisnow)
Chinese investment into U.S. commercial real estate has plummeted in the past 12 months, according to data from Real Capital Analytics. In the 12 months leading up to September 2019, Chinese investors spent $1.4 billion on U.S. commercial real estate, Real Capital Anlaytics tabulated. That’s a 76% drop compared to the 12 months leading up to September 2018, per Real Capital Analytics. The firm noted that heightened capital controls and global tensions have contributed to the decline. (Bloomberg)
More News to Note:
Florida Investor Gets $74M Loan to Convert Legacy Chicago Office Building into High-End Apartments
Commercial Brokerage Avison Young Taps Former CBRE SVP as its New Denver Principal
California’s Polarizing Commercial Property Tax Initiative Heads for November 2020 Ballot
NYC Landlord Looking to Sell Midtown South Tech-Saturated Tower for $800M
