Federal Realty Investment Trust CEO Steven Guttman has resigned his post, four months ahead of schedule. The company has appointed Donald C. Wood as president and CEO to replace Guttman, who was also a trustee and chairman of the board. Guttman...
Kmart's deep discount sales strategy gave the bruised retailer cause for celebration this holiday shopping season. The chain, which filed for Chapter 11 bankruptcy-court protection last January, drew 17.4 percent of the 1,000 consumers surveyed...
Yesterday, the Lower Manhattan Development Corporation unveiled designs for the World Trade Center site by some of the world’s best-known and most innovative architects and designers. Seven teams comprising 34 architecture, urban design, landscape...
Simon Property Group has filed a proxy statement calling for a special meeting of Taubman Centers shareholders. At the proposed meeting, Simon would attempt to push through proposals that would urge the Taubman board to approve Simon’s tender...
U.S commercial mortgage-backed securities (CMBS) upgrades will outpace downgrades in 2003, predicts Fitch Ratings. Still, Fitch projects that the performance of the four main property classes (hotel, office, retail and multifamily) will continue...
James Adamson, chairman and CEO of Troy, Mich.-based retailer Kmart, announced yesterday the company will go through another round of store closings next month. Analysts have guessed the death toll could include 300 stores, but Adamson was mum on...
Wall Street is divided as to how successful Simon’s continued attempts to acquire Taubman Centers will be. Today, Taubman’s board of directors unanimously rejected Simon’s second tender offer of $18 per share, deeming it "inadequate and...
Mills Corp. has purchased six malls and one community center for $621 million. Five of the six super-regional malls included in the deal were purchased from Cadillac Fairview. They are: Broward Mall, Ft. Lauderdale, Fla.; Dover Mall, Dover, Del....
Wal-Mart is no longer a lead tenant for Columbus, Ohio-based REIT Glimcher Realty Trust. In a push to refocus its strategy on regional malls, Glimcher sold 27 of its community centers in 2002...
