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.
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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.
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.