U.S. retail sales increase by record 17.7% in a partial rebound
Sales at non-store retailers, which include internet companies like Amazon and eBay, rose 9% in May after posting growth of 9.5% in April.
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Simon Property, Brookfield, Authentic Brands in talks to buy J.C. Penney
Authentic and Simon Property Group also are in discussions with Brooks Brothers Inc. on a joint bid that would be part of a potential bankruptcy filing by that clothing retailer.
City extends Dine Out Indy program to bars
The program was established last month to help restaurants and other businesses expand or add outdoor seating options as the city reopened following COVID-19 stay-at-home orders.
Car dealers hungry for inventory after factory shutdowns leave lots depleted
Automakers essentially halted production for eight weeks—from mid-March through mid-May—as the pandemic wreaked havoc on supply chains and sparked concern for autoworker safety.
IndyGo running out of office space, but board members don’t agree on fix
IndyGo is investigating whether to purchase the former Harrison College site for millions of dollars to use as additional space—but some board members are not convinced doing so is a good idea.
Student housing firms see upside to uncertainty over colleges’ return
With students expected to return to most Indiana college campuses this fall, housing management firms are anticipating a boost to their bottom lines and a renewed interest in off-campus living.
Retail tenants’ gamesmanship stymies efforts to collect rent
Retail landlords received quite a jolt when they discovered that some of the most lustrous names in retail want pandemic-related rent concessions like those being offered to struggling tenants.
Carmel’s Clay Terrace loses seafood restaurant, Italian eatery
Carmel outdoor shopping center Clay Terrace has two sizable restaurant spaces to fill after the closures of Mitchell’s Fish Market and Biaggi’s Ristorante Italiano.
Taubman says Simon doesn’t have legal right to abort $3.6B purchase
Signaling a legal brawl lies ahead, Taubman said Simon “continues to be bound to the transaction in all respects.”
City reopens Illinois Street to vehicles following pandemic-related closure
The other street closures—to Massachusetts Avenue, Broad Ripple Avenue and Georgia Street—will remain in effect through July 4, the city said.
Simon Property calls off $3.6B deal to acquire rival Taubman Centers
Simon shares fell nearly 6% in early trading Wednesday, to $81.71 each. Taubman shares plummeted nearly 30% after the announcement, to $31.94 each.
As many as 25,000 U.S. stores may close in 2020, mostly in malls
The number would shatter the record set in 2019, when more than 9,800 stores closed their doors for good, according to a report from retail and tech data firm Coresight Research.
The great diamond glut: Miners stuck with gems worth billions
The pandemic has devastated the diamond world. Jewelry stores closed their doors, India’s cutting and polishing artisans were forced to stay home and De Beers had to cancel its March sale because buyers couldn’t travel to view the merchandise.
IBJ Podcast: Should the city help pay for damage done to businesses downtown?
Host Mason King talks with Stadium Village Business Association President Erica Wells and Mayor Joe Hogsett’s chief of staff, Thomas Cook, about how the city can help downtown and downtown businesses rebuild after the one-two punch of coronavirus and riots.
Design: It might be time to upgrade that temporary home office setup
Realizing this is not as “temporary” a situation as you thought, you might be ready to trade in your metal folding chair for an ergonomic model or treat yourself to a set of new candy-colored Sharpies. Maybe your employer is even offering a stipend for workers in need of home office improvements.
Pandemic fuels sales surge for bike shops
Bike shops are benefiting as the public thirsts for something that will roll away the lockdown monotony and provide a little exercise.
Memory Bank: Selling bikes downtown in 1896
H.T. Hearsey Bicycles store was on Pennsylvania Street, between New York and Ohio streets, when this photo was taken in 1896.
Erica Wells: We need proactive leadership, rather than reactive decisions
Decisions are impossible to make when leadership fails to listen to the community; fails to communicate a comprehensive plan; and falls into a reactive, not proactive, stance on protecting our community.
With boards covering windows, downtown businesses embrace artwork
Several business owners in the city’s central business district and others along Massachusetts Avenue have enlisted staff members and local artists to paint murals and messages on the plywood covering the facades of riot-damaged buildings.
Simon Property Group sues Gap Inc. over $65.9M in unpaid rent
Gap Inc. has more than 390 stores at Indianapolis-based Simon’s malls, including its namesake brand, Old Navy and Banana Republic.