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.
Retail
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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.
Speedway stores cited for beer sales on Christmas
Indiana State Excise Police have cited 109 Speedway convenience stores in Indiana, accusing them of illegally selling beer on Christmas.
Weak sales lead HHGregg to post smaller profit
Shares of the Indianapolis-based retailer had fallen 18 percent by early afternoon Thursday, after the firm reported slumping sales and profit in its latest quarter.
New owner for 14 West building targeting another restaurant
A recently retired CEO bought the historic building at 14 W. Maryland St. After renovations, he hopes to attract a national chain to the space.
Court bars Indianapolis’ hour limits on adult bookstores
The 7th Circuit Court of Appeals in Chicago has tossed an Indianapolis ordinance limiting the business hours of adult bookstores from 10 a.m. to midnight Monday through Saturday.
Westfield center brings nearly $3.6M
Marcus & Millichap listed the property at 701 E. Main St., which brought nearly $3.6 million, or 95 percent of the asking price.
Biglari’s Steak n Shake licensing deal stirs up critics
Under the 20-year deal, Sardar Biglari won’t receive royalties if he remains atop the company. But if he were forced out of for anything but malfeasance, or if it were sold, he’d receive 2.5 percent of sales for five years—a sum that could surpass $100 million.
Giant Eagle store coming to The Bridges in Carmel
The Pittsburgh-based supermarket officially announced that it will build a Market District grocery store in the development, along with a GetGo convenience store and fuel station. The stores should open in 2015.
New owners plan changes at Metropolis mall
A joint venture involving a Memphis-based developer has purchased the shopping center in Plainfield and plans to invest millions to update the troubled property. A name change also is a possibility.
Tougher penalties sought for drug ‘look-a-likes’
The intent of Senate Bill 305 is to deter retailers and dealers from selling “look-a-like” drugs that are potentially more dangerous than the drugs they mimic.
Postal Service, union wrangle over Staples outlets
The new outlets are staffed by Staples employees, not postal workers, and labor officials say that move replaces good-paying union jobs with low-wage, nonunion workers.
New grocer’s arrival adds to questions about Marsh
Because Pittsburgh-based Giant Eagle wants to enter the Indianapolis market, you'd think it would initiate discussions to buy Marsh Supermarkets, which has been hanging a for-sale banner for years. But a Giant Eagle spokesman said there have been no discussions.
After 9-year hiatus, Caplinger family opens new fish market
Veteran seafood operators Nick and Andrew Caplinger opened a shop in December at East 75th Street and Shadeland Avenue that boasts a wide variety of fresh fish.
Holiday sales meet expectations after deep discounting
Holiday sales rose 3.8 percent from last year, just shy of the forecast, the National Retail Federation said Tuesday. But sales came at the expense of profit as stores had to discount early and often to get shoppers to spend money.
Aldi gets go-ahead to build store in Greenwood
Aldi has purchased the land on Indiana 135 where a Pizza King restaurant and Dannemiller True Value store sit. The company will tear down the buildings to accommodate the new grocery.