While Gap and Banana Republic sales have steadily fallen, Old Navy and Athleta continue to do well. Savings from the closing of roughly 200 Gap and Banana Republic stores will go into the budget of the newly opening stores. Location is a huge factor in the branding change. By targeting high foot traffic malls and online shopping the CEO of Gap Inc., Art Peck, believes Old Navy and Athleta will continue to do well.
Still scarred after Hurricane Andrew left Miami’s economy in shambles in 1992, Floridian’s are not taking Irma lightly. Regions Financial Corp. one of Florida’s largest banks has already begun economically preparing for Irma. Fuel and bottled water are going fast, some customers even having to purchase sparkling because nothing else is available. Irma has already caused hotels, airlines and cruise lines to lose money due to cancellations.
Ten-X, an online real estate agency, and Money360, a pre-approving loan service, have recently partnered. Money360 offers bridge and permanent financing. Potential clients will now be able to see if properties qualify for financing before bidding. The merger will create convenience for the client as well as boost revenue for both parties.
The Children’s Aid Society has decided to sell their headquarters on 150 East 45th Street. However, they are putting one interested bidder through the wringer. After Meyer Equities offered $28 million, CAS came back with a request to change the original two year lease with a price of $800,000 to a 15 year rent of $2 million. Macklowe, another bidder in the mix, has not been heard from as of late but is still interested in the property.
Kindred Inc. has just sold $519 million in nursing facilities. Closings are due to endless challenges including business competition and increased government regulations. All closings should be facilitated by the end of this year.