Thursday, February 20, 2020
NATIONAL RETAIL NEWS
The Commerce Department said retail sales rose 0.3% in January. Excluding automobiles, gasoline, building materials, and food services, sales were flat Sales of building materials rose 2.1%, the largest gain since last August. Sales at clothing stores dropped 3.1%, the most since March 2009. Sales at restaurants and bars increased 1.2%.. See sales reports on Page 4...Simon Property Group has entered into an agreement to acquire Taubman Centers in a deal valued at $3.6 billion. The Taubman family is selling 1/3 of its ownership interest but will retain a 20% stake in Taubman Realty Group. Taubman owns, manages, or leases 26 malls in the US and Asia. The company will be managed by its existing team, in partnership with Simon.