Washington Square’s woes leave it at bottom of heap
The east-side mall's occupancy has fallen to 43.8 percent, down from was 86.6 percent in 2011 and 77.2 percent in 2012.
Retail
Articles
U.S. retail sales rebound after two slow months
Retail sales bounced back in February after suffering a steep decline during a bitterly cold January. Shoppers spent more on autos, clothing and furniture, the Commerce Department said.
Developer to break ground on Fort Ben project
The 36,000-square-foot building will house 27,000 square feet of office suites. The remainder will be retail, with the local Jockamo's Pizza chain slated to open a restaurant in the largest space.
New grocery chain plans three local stores
Fresh Thyme Farmers Market, a Phoenix-based specialty grocery startup that plans to open its first eight stores this year, has decided on three locations in Indianapolis.
Office retailer Staples plans to shut down 225 stores
Staples Inc., the largest U.S. office-supplies retail chain, will close as many as 12 percent of its North American stores and cut as much as $500 million in costs as online competition continues to hurt sales.
J.D. Byrider adds franchises in seven states
J.D. Byrider, the largest used-car franchisor in the nation, continued its national growth spurt by opening stores in seven different states between mid-December and Monday, the Carmel-based company announced Tuesday.
RadioShack closing 1,100 stores as troubles grow
The closures represent just the latest setback for RadioShack, which has been struggling to update its image and compete with the rise of online retailers in recent years.
Former Simon exec sentenced in mail fraud scheme
Carmel resident Mark Palombaro received a sentence of 18 months in a federal prison for perpetrating a construction kickback scheme in Pennsylvania that prosecutors say netted him $766,000.
Indiana mall’s ‘hoodie’ signs offend some patrons
The signs at the entrances of the Mounds Mall in Anderson state that, "For the safety & well-being of everyone, please lower your hoodie.”
Simon names spinoff Washington Prime Group, picks CEO
Simon Property Group Inc. has chosen the name for its planned spinoff of strip shopping centers and smaller enclosed malls, and hired Mark Ordan to be the new company’s CEO.
Rose’s plan for $80M Carmel project moves forward
Edward Rose Properties’ proposal to develop an $80 million mixed-use project near Old Meridian and Main streets is heading to City Council for consideration.
Weaver’s site sale could lead to Broad Ripple village-park connector
Weaver’s Lawn & Garden Shop at 1316 Broad Ripple Ave. has been in business for decades. Now that family members have sold the property, local leaders hope the land eventually can serve as a recreational link.
Prosecutors want to keep $3.4M from El Rodeo raids
Civil forfeiture lawsuits have been filed in Tippecanoe and Marion counties, accusing the Mexican restaurant owners and others involved with the businesses of illegally obtaining the money.
Artist Noel to sell Sanctuary in Zionsville, relocate to New York City
Nancy Noel is putting the massive gallery and event space on the market for $1.85 million. She’ll keep her residence in the area, but plans to open a gallery in the Big Apple.
Kite paying $1.2B for rival real estate developer
Kite Realty Group Trust will remain in Indianapolis after the purchase, which will balloon its holdings to 131 properties covering 20 million square feet of shopping center space in 26 states.
Mall giant Simon beating back perceptions of Internet threat
Brick-and-mortar retailers experienced a rough holiday season, and the doldrums continued through January—fueling hand-wringing among investors and other observers over whether the Internet has permanently diminished the American shopping mall.
CVS Caremark to stop selling tobacco products
The nation's second-largest drugstore chain said Wednesday that it will phase out cigarettes, cigars and chewing tobacco by Oct. 1, a move that will cost it about $2 billion in annual revenue.
Longtime Simon Property CFO stepping down
Stephen Sterrett joined the predecessor to Simon Property Group Inc. in 1989, before the retailing giant went public in 1993 and eventually became the world’s largest mall developer.
Champps restaurants likely to survive parent’s bankruptcy
The bankruptcy of a Kansas restaurant company has cast uncertainty over the future of its five Indianapolis-area restaurants—three Chammps Americanas and two Fox and Hounds.
Simon posts strong quarter as mall occupancy strengthens
Occupancy in Simon’s malls climbed to 96.1 percent in the fourth quarter, up from 95.3 percent in the year-ago period as total sales per square foot increased to $582 from $568.