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Daniel Kretinsky buys large stake in Macy’s

Retail Roundup:

  • Czech billionaire Daniel Kretinsky’s Vesa Equity has taken a 5% stake in Macy’s and plans to engage management on ways to improve performance of the struggling U.S. retailer. Macy’s shares have slumped almost 70% this year. (Bloomberg)
  • Rents along some prime Hong Kong shopping streets have crashed to the lowest in at least 12 years, as luxury groups such as Prada SpA and Tiffany & Co. cut back in the city. First-quarter rents on Hong Kong’s Russell Street—which in recent years has vied for the title of world’s most expensive shopping street—were down 27% from a year earlier. Prime retail rents could drop another 15% to 20% in the second quarter. (WSJ)
  • Stage Stores said it has filed for bankruptcy, with a plan to start liquidating its inventory as the discount retailer reopens its stores, while at the same time searching for prospective buyers. The department store had been preparing for a potential bankruptcy in the months before the coronavirus pandemic forced most U.S. retailers to close their doors in March. Stage Stores operates several department-store brands, including Gordmans, Bealls, and Goody’s. (WSJ)
  • Shetler Studios & Theatres has handed over the keys to its landlord Zar Property. The rehearsal space occupied the 20,000-square-foot duplex penthouse at 250 West 54th Street, between Broadway and Eighth Avenue. (TRD)

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