Thursday, March 19, 2015
National Retail News
The long winter put a damper on retail sales in February: according to the National Retail Federation, excluding automobiles, gasoline stations and restaurants, retail sales declined 0.2% seasonally-adjusted month-to-month, yet were up 3% on an unadjusted year-over-year basis. Among retailers reporting monthly comp-store sales, L Brands was up 6.0%, Gap was down 4.0%, Rite Aid was up 3.3%, and Costco gained 2.0%. See our sales report below...Hudson’s Bay Co. is forming a joint venture with Simon Property Group to target opportunities in the US. The venture is structured to facilitate an IPO at a later date. HBC, whose banners include Hudson's Bay, Lord & Taylor and Saks Fifth Avenue, will contribute 42 properties to the venture which will then lease back the properties under triple-net operating leases to HBC.