Indianapolis-based shopping mall giant Simon Property Group announced Monday that it plans to join the growing retail trend of not being open on Thanksgiving Day.
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The tentative rescue deal, which would preserve about 70,000 jobs, includes a $300 million equity investment by landlords Simon Property Group and Brookfield Property Partners, a lawyer for J.C. Penney said at a Wednesday bankruptcy hearing in Texas.
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The Ace Hardware owner cited a variety of reasons for the closure, including the difficulty of competing against larger retailers and increased business costs.
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The store on the ground floor of the historic William H. Block Building closed in the spring because of the pandemic. It sustained damage during the riots and looting that took place downtown in late May.
Read MoreThe program will allow a small number of entrepreneurs, particularly minorities, to pitch their products directly to Lowe’s, sidestepping a traditionally arduous process of getting their goods sold in 2,200 stores.
The San Francisco-based company plans to offer local retailers an online platform where they can reach customers and sell their products.
Called Walmart+, it will cost $98 a year, or $12.95 a month, and give members same-day delivery on 160,000 items and other benefits.
Walmart said in a statement Thursday that a deal with Microsoft and TikTok could help it expand its advertising business and reach more shoppers.
With unemployment in the U.S. hitting frighteningly high levels, Walmart’s ability to deliver low-priced food, clothing and electronics strengthened its structural advantages.
Stein Mart is a discount retailer that runs 281 stores in 30 states, including four in the Indianapolis area.
The Indianapolis-based shopping mall operator said all of its U.S. properties have reopened, with the exception of a handful in California that were forced to close for a second time on July 15 because of government mandates.
Plus, hear from Mayor Joe Hogsett, who spoke to IBJ’s editorial board last month about some of the very problems Bires is concerned about for downtown.
The move, announced Monday, come as retailers are rethinking Black Friday in-store bargain shopping as they try to curb the spread of the coronavirus, which has seen a resurgence in a slew of states.
The company says it intends to close all of its Catherines stores, a “significant number” of Justice stores and a select number of Ann Taylor, Loft, Lane Bryant and Lou & Grey stores.
The struggling Canada-based retail chain is closing all 42 of its stores in the United States as it restructures its finances.
Offering less inventory—a practice that goes against years of steadily expanded assortments of sizes and styles—is in many cases a necessity, not a choice. Even before the pandemic, supply chains were shifting due to the tariff war between the U.S. and China. Now, the global pandemic adds another layer of complexity as new manufacturing centers such as Bangladesh and parts of Central America become virus hot spots as well.
It’s part of a chain-wide move to give store managers more autonomy. Also this week: Apocalypse Burger, Enterprise Car Sales, and America’s Best Contacts & Eyeglasses.
The National Retail Federation, the nation’s largest retail trade group, on Wednesday said it is “encouraging all retailers to adopt a nationwide policy that requires customers to wear face coverings or masks to protect the health and well-being of customers, associates and partners during the coronavirus pandemic.”
Walmart’s decision to mandate masks follows similar moves by Costco, Starbucks and Best Buy.
It could be months, or longer, before downtown bustles again with the office workers who help restaurants and other retailers thrive. And the wait might be a death knell for some of those retailers.
Kitchen goods retailer Sur La Table says it has reached a “stalking horse” agreement with New York-based Fortress Investment Group for a possible sale.
Lucky said it plans to close 13 stores and could shutter more during the bankruptcy process.
Vitamin and nutrition chain GNC Holdings on Wednesday identified four Indiana stores that will permanently close and seven others that could close as part of its bankruptcy reorganization.
It will be the second location for Moonshot Games, which opened its Noblesville location in 2018. The company says business is booming despite the COVID-19 pandemic.
