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Welcome to Real Estate Roundup, Chain Store Age's monthly series highlighting top news in commercial real estate. Here are key stories from May.
ICSC Las Vegas Recap: Tariffs on imported goods loomed large at ICSC Las Vegas, but developers and retailers seemed unfazed. Miami Worldcenter, a massive 27-acre mixed-use project, opened its doors in Florida's hottest market, featuring residential, retail, commercial, and hospitality uses.
Hudson's Bay sells leases to mall owner Ruby Liu Commercial Investment Corp., while CVS buys 64 Rite Aid stores in the US. Easton Town Center in Columbus, Ohio welcomes eight new fashion tenants, including Vuori and Madewell.
Grocery visits rose 13.4% in Q1 compared to 2019, but dwell time decreased to 23.6 minutes per store trip. Aldi acquires three former Big Lots stores, while Legacy West sells for $785 million, the highest price paid for a mixed-use property in the region.
TJX is set to open all five brands at The Rim Shopping Center in San Antonio, and Old Navy signs a long-term lease for a two-story NYC flagship. Ala Moana Center in Honolulu welcomes new tenants, including Dave & Buster's and Ganni.
Retailers focused on technology in May, with efforts in robotic food service, RFID inventory tracking, and AI assistants for shoppers and employees.
