In retail, an "anchor tenant", sometimes called an "anchor store", "draw tenant", or "key tenant", is a larger tenant in a shopping mall a department store or retail chain. With their broad appeal, they are intended to attract a significant cross-section of the shopping public to the center, they are offered steep discounts on rent in exchange for signing long-term leases in order to provide steady cash flows for the mall owners. When the planned shopping centre format was developed by Victor Gruen in the early to mid-1950s, signing larger department stores was necessary for the financial stability of the projects, to draw retail traffic that would result in visits to the smaller shops in the centre as well. Anchors have their rents discounted, may receive cash inducements from the centre to remain open. Early on, grocery stores were a common type of anchor store. However, research on consumer behavior revealed that most trips to the grocery store did not result in visits to surrounding shops.
Large supermarkets remain common anchor stores within power centers however. As of 2005, the declining popularity of old-line department stores makes it necessary for mall management companies to consider re-anchoring with other retail alternatives, or mix commercial development with residential development to guarantee a captive clientele; the challenges faced by the traditional large department stores have led to a resurgence in the use of supermarkets and gyms as anchors. The International Council of Shopping Centers makes the presence of anchors one of the main defining characteristics of the two largest categories of centres, the regional center with 400,000 to 800,000 square feet in gross leasable area, the superregional center with more than 800,000 square feet of space; the regional center has two or more anchors, while the superregional has three or more. In each case, the anchors account for 50–70% of the centre's leasable space. Shopping centres with anchor stores have outperformed those without one, as the anchor helps draw shoppers attracted to the anchor to shop at other shops in the mall.
Retail Shopping centre Supermarket
A shopping mall is a modern, chiefly North American, term for a form of shopping precinct or shopping center, in which one or more buildings form a complex of shops representing merchandisers with interconnecting walkways that enable customers to walk from unit to unit. A shopping arcade is a specific type of shopping precinct, distinguished in English for mall shopping by the fact that connecting walkways are not owned by a single proprietor and are in open air. Shopping malls in 2017 accounted for 8% of retailing space in the United States. Many early shopping arcades such as the Burlington Arcade in London, the Galleria Vittorio Emanuele II in Milan, numerous arcades in Paris are famous and still trading. However, many smaller arcades have been demolished, replaced with large centers or "malls" accessible by vehicle. Technical innovations such as electric lighting and escalators were introduced from the late 19th century. From the late 20th century, entertainment venues such as movie theaters and restaurants began to be added.
As a single built structure, early shopping centers were architecturally significant constructions, enabling wealthier patrons to buy goods in spaces protected from the weather. In places around the world, the term shopping centre is used in Europe and South America. Mall is a term used predominantly in North America. Outside of North America, "shopping precinct" and "shopping arcade" are used. In North America, Persian Gulf countries, India, the term shopping mall is applied to enclosed retail structures, while shopping centre refers to open-air retail complexes. In the United Kingdom and Ireland, "malls" are referred to as shopping centres. Mall refers to either a shopping mall – a place where a collection of shops all adjoin a pedestrian area – or an pedestrianized street that allows shoppers to walk without interference from vehicle traffic. In North America, mall is used to refer to a large shopping area composed of a single building which contains multiple shops "anchored" by one or more department stores surrounded by a parking lot, while the term "arcade" is more used in the United Kingdom, to refer to a narrow pedestrian-only street covered or between spaced buildings.
The majority of British shopping centres are located in city centres found in old and historic shopping districts and surrounded by subsidiary open air shopping streets. Large examples include West Quay in Southampton. In addition to the inner city shopping centres, large UK conurbations will have large out-of-town "regional malls" such as the Metrocentre in Gateshead; these centres were built in the 1980s and 1990s, but planning regulations prohibit the construction of any more. Out-of-town shopping developments in the UK are now focused on retail parks, which consist of groups of warehouse style shops with individual entrances from outdoors. Planning policy prioritizes the development of existing town centres. Westfield Stratford City, in Stratford, is the largest shopping centre in Europe with over 330 shops, 50 restaurants and an 11 screen cinema and Westfield London is the largest inner-city shopping center in Europe. Bullring, Birmingham is the busiest shopping centre in the UK welcoming over 36.5 million shoppers in its opening year.
There are a reported 222 malls in Europe. In 2014, these malls had combined sales of $12.47 billion. This represented a 10% bump in revenues from the prior year. One of the earliest examples of public shopping areas comes from ancient Rome, in forums where shopping markets were located. One of the earliest public shopping centers is Trajan's Market in Rome located in Trajan's Forum. Trajan's Market was built around 100-110 CE by Apollodorus of Damascus, it is thought to be the world's oldest shopping center – a forerunner of today's shopping mall; the Grand Bazaar of Istanbul was built in the 15th century and is still one of the largest covered shopping centers in the world, with more than 58 streets and 4,000 shops. Numerous other covered shopping arcades, such as the 19th-century Al-Hamidiyah Souq in Damascus, might be considered as precursors to the present-day shopping mall. Isfahan's Grand Bazaar, covered, dates from the 10th century; the 10-kilometer-long, covered Tehran's Grand Bazaar has a lengthy history.
The oldest continuously occupied shopping mall in the world is to be the Chester Rows. Dating back at least to the 13th century, these covered walkways housed shops, with storage and accommodation for traders on various levels. Different rows specialized in different goods, such as'Bakers Row' or'Fleshmongers Row'. Gostiny Dvor in St. Petersburg, which opened in 1785, may be regarded as one of the first purposely-built mall-type shopping complexes, as it consisted of more than 100 shops covering an area of over 53,000 m2; the Marché des Enfants Rouges in Paris still runs today. The Oxford Covered Market in Oxford, England still runs today; the Passage du Caire was opened in Paris in 1798. The Burlington Arcade in London was opened in 1819; the Arcade
Lord & Taylor
Lord & Taylor is a department store in the United States, the oldest department store in the country. Headquartered in New York City, it is a subsidiary of the oldest commercial corporation in North America, the Hudson's Bay Company. Lord & Taylor has 45 locations, four L&T outlets. English-born Samuel Lord started a dry goods business in New York in 1824, opened the original store that would become Lord & Taylor in 1826, on Catherine Street; the shop stocked hosiery, misses' wear, cashmere shawls. His cousin, George Washington Taylor, joined in 1834, the store was named Lord & Taylor. James S. Taylor, Lord's brother-in-law, replaced George Taylor in 1845 and the store moved to Grand and Chrystie Streets in 1854. In 1860, they opened a second store on Broadway at Grand Street. Lord retired in 1862. In 1870, the Broadway store moved a mile uptown, to a new cast-iron building at Broadway and 20th Street, in the area known as the "Ladies' Mile"; the new store expanded around 1890 by annexing a building to east.
The downtown store continued to function, expanded through to Forsyth Street, advertised until at least 1887 as a new building. Samuel Lord's estate sold the Grand Street store in 1901; the Starrett & van Vleck-designed Fifth Avenue store and headquarters opened between 38th and 39th streets on February 24, 1914. The Broadway store was sold, on March 26; the Fifth Avenue store became a New York City Landmark on October 30, 2007. A founding unit of Associated Dry Goods, Lord & Taylor was considered to be its "crown jewel"; when the May Company acquired ADG in 1986, it was assumed that May bought it just for the luxury division. In 1945, Dorothy Shaver became the first woman to head a major retail establishment in the United States as president of Lord & Taylor; as vice president working with the well-known design firm of Raymond Loewy Associates, she opened what is credited as the first branch store, in Manhasset, New York. Unlike earlier forays into the suburbs that consisted of smaller boutique-style shops, this was a merchandising effort that became the model for modern suburban shopping.
The store consisted of 66 individual shops. Lord & Taylor's relationship with Raymond Loewy Associates continued until 1969, following the construction of the Stamford, store. Many of Lord & Taylor's special services, including personal shoppers, were introduced while Shaver presided. During this period she introduced the Andrew Geller hand written logo and the American Beauty Rose as icons of the store. Shaver died in 1959. William J. Lippincott was elected chairman and chief executive in 1972, his obituary in The New York Times read: "In his years as president and chairman, Lord & Taylor moved beyond its traditional territory in the northeast to open stores in Atlanta and Dallas and four stores in Illinois." A management shakeup ousted him in 1976. Under the leadership of CEO Joseph E. Brooks during the 1970s, the company aggressively expanded into Texas and Michigan; the chain withdrew from the oil-shocked Texas and southern Florida markets in 1989–1990 after its 1986 acquisition by May. Under May, the majority of the upscale Hahne & Co.
Wanamaker's, Woodward & Lothrop chains were converted to Lord & Taylor. Jane Elfers became Lord & Taylor's second female president in June 2000. Former Neiman Marcus executive, Brendan Hoffman replaced her in October 2008, when Elfer's contract had expired. A third female president, Bonnie Brooks, took over in 2011, a fourth female president, Liz Rodbell, took over in 2013. Federated Department Stores, now Macy's Inc, acquired May Department Stores on August 30, 2005. On January 12, 2006, Federated chairman, CEO Terry Lundgren announced that Lord & Taylor would be sold by the end of the year. In a move that took advantage of valuable real estate, Federated announced on March 10, 2006, that seven conflicting Lord & Taylor locations would either close or downscale into Macy's; the legendary Center City, Philadelphia store, former flagship of the John Wanamaker chain, opened after a one-month renovation as Macy's City Center on August 1, 2006. On June 22, 2006, NRDC Equity Partners, LLC announced it would purchase Lord & Taylor for $1.2 billion after Federated converted and closed the seven locations that it announced were closing.
Federated continued to service Lord & Taylor consumer credit accounts in an agreement with NRDC under the terms of its sale until mid-2007. On July 16, 2008, NRDC Equity Partners announced that it had purchased the 338-year-old Hudson's Bay Company for an undisclosed price, with the intention of expanding internationally, positioned Lord & Taylor under HBC; the combined HBC, as of February 2018, consists of Hudson's Bay and Home Outfitters in Canada, Galeria Kaufhof in Germany, Lord & Taylor and Saks Fifth Avenue in the United States. HBC committed to spend an additional $250 million upgrading stores; the Fifth Avenue flagship store received a $150 million update in 2010. In March 2017, Lord & Taylor partnered with Brideside to launch an in-store bridal shop. In April 2017, Lord & Taylor completed a $12 million renovation plan at the Fifth Avenue store, however in October 2017 they announced that they were selling the building to WeWork for $850 million. In February 2019 the sale completed for $725 million in cash and the remainder in equity, forming a joint venture with Lord & Taylor was minority owners.
On April 1, 2018 the Hudson Bay Company gave notice of a theft of customers credit and debit cards due to a hacking incident. A hacking group, known as JokerStash or Fin7, was attempting to sell the information from f
Omni Providence Hotel
The Omni Providence Hotel is a Neo-Traditionalist skyscraper in downtown Providence, Rhode Island. At 100 m, it became the fourth-tallest building in the city and the state on 15 February 2007, when the nearby taller The Residences Providence topped out. Brick facades and a pitched roof adorn the building. With the completion of the Residences tower, that added 200 rooms, the Omni Providence now boasts 564 rooms, is still the tallest and largest hotel in Providence, having usurped the title from the 1922 Providence Biltmore upon completion. William McKenzie Woodward, a local architectural historian and staff member of the Rhode Island Historical Preservation & Heritage Commission does not believe its styling to be architecturally innovative, calling it "yet another bland addition to the city's growing recent collection of buildings designed not to offend." The Westin Providence, as it was known, was completed with 364 beds in December 1994 as part of a larger construction project which included the Rhode Island Convention Center and two parking garages.
The hotel held its first gala in January 1995. The hotel was sold to Omni Hotels & Resorts in October 2012, was converted to the Omni Providence Hotel on January 15, 2013; the hotel is connected by the Providence Skybridge, constructed by the architect Friedrich St. Florian in 2000, with the Providence Place shopping mall. Omni Providence Hotel official website
New York City
The City of New York called either New York City or New York, is the most populous city in the United States. With an estimated 2017 population of 8,622,698 distributed over a land area of about 302.6 square miles, New York is the most densely populated major city in the United States. Located at the southern tip of the state of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban landmass and one of the world's most populous megacities, with an estimated 20,320,876 people in its 2017 Metropolitan Statistical Area and 23,876,155 residents in its Combined Statistical Area. A global power city, New York City has been described as the cultural and media capital of the world, exerts a significant impact upon commerce, research, education, tourism, art and sports; the city's fast pace has inspired the term New York minute. Home to the headquarters of the United Nations, New York is an important center for international diplomacy.
Situated on one of the world's largest natural harbors, New York City consists of five boroughs, each of, a separate county of the State of New York. The five boroughs – Brooklyn, Manhattan, The Bronx, Staten Island – were consolidated into a single city in 1898; the city and its metropolitan area constitute the premier gateway for legal immigration to the United States. As many as 800 languages are spoken in New York, making it the most linguistically diverse city in the world. New York City is home to more than 3.2 million residents born outside the United States, the largest foreign-born population of any city in the world. In 2017, the New York metropolitan area produced a gross metropolitan product of US$1.73 trillion. If greater New York City were a sovereign state, it would have the 12th highest GDP in the world. New York is home to the highest number of billionaires of any city in the world. New York City traces its origins to a trading post founded by colonists from the Dutch Republic in 1624 on Lower Manhattan.
The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, the Duke of York. New York served as the capital of the United States from 1785 until 1790, it has been the country's largest city since 1790. The Statue of Liberty greeted millions of immigrants as they came to the U. S. by ship in the late 19th and early 20th centuries and is an international symbol of the U. S. and its ideals of liberty and peace. In the 21st century, New York has emerged as a global node of creativity and entrepreneurship, social tolerance, environmental sustainability, as a symbol of freedom and cultural diversity. Many districts and landmarks in New York City are well known, with the city having three of the world's ten most visited tourist attractions in 2013 and receiving a record 62.8 million tourists in 2017. Several sources have ranked New York the most photographed city in the world. Times Square, iconic as the world's "heart" and its "Crossroads", is the brightly illuminated hub of the Broadway Theater District, one of the world's busiest pedestrian intersections, a major center of the world's entertainment industry.
The names of many of the city's landmarks and parks are known around the world. Manhattan's real estate market is among the most expensive in the world. New York is home to the largest ethnic Chinese population outside of Asia, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is the largest single-operator rapid transit system worldwide, with 472 rail stations. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, Rockefeller University, which have been ranked among the top universities in the world. Anchored by Wall Street in the Financial District of Lower Manhattan, New York has been called both the most economically powerful city and the leading financial center of the world, the city is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ. In 1664, the city was named in honor of the Duke of York.
James's older brother, King Charles II, had appointed the Duke proprietor of the former territory of New Netherland, including the city of New Amsterdam, which England had seized from the Dutch. During the Wisconsinan glaciation, 75,000 to 11,000 years ago, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth; the erosive forward movement of the ice contributed to the separation of what is now Long Island and Staten Island. That action left bedrock at a shallow depth, providing a solid foundation for most of Manhattan's skyscrapers. In the precolonial era, the area of present-day New York City was inhabited by Algonquian Native Americans, including the Lenape, whose homeland, known as Lenapehoking, included Staten Island; the first documented visit into New York Harbor by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown. He named it Nouvelle Angoulême. A Spanish expedition led by captain Estêvão Gomes, a Portuguese sailing for Emperor Charles V, arrived in New York Harbor in January 1525 and charted the mouth of the Hudson River, which he named Río de San Antonio.
The Padrón Rea
Filene's was an American department store chain. The success of the original full-line store in Boston, Massachusetts was supplemented by the foundation of its off-price sister store Filene's Basement in 1908. Filene's, in partnership with Abraham & Straus and Shillito's, was an original member of the holding company Federated Department Stores upon its establishment in 1929. Filene's expanded into shopping malls throughout New England and New York in the half of the twentieth century, was rivaled by fellow Boston-based department store Jordan Marsh. Federated sold Filene's to The May Department Stores Company, spun off Filene's Basement into a separate company, in 1988. With this reorganization, the Filene's nameplate replaced the Hartford-based G. Fox & Co. in 1992 and Steiger's in 1994. May itself was acquired by Federated in 2005. Federated itself was renamed Macy's, Inc. in 2007. The former Filene's flagship store at Downtown Crossing in Boston is listed in the National Register of Historic Places.
The precursor of the main company was a store opened in 1881 by William Filene. William Filene was a German Jewish immigrant from Posen, who immigrated to Boston in 1848. Although William Filene is credited with creating Filene’s, it was his sons, Edward Filene and Abraham Lincoln Filene, who expanded the business greatly. Edward and Lincoln were two of the best known businessmen in America and were responsible for converting their father’s clothing store into one of the largest department stores in the country; the two sons assumed management of the store in 1891 and inherited the store upon their father’s death in 1901. In 1908 Edward Filene opened the automatic bargain annex or Filene's Basement as a way to sell excess merchandise from the upstairs department store, he developed an automatic mark-down schedule to reduce the price of merchandise, used thereafter for decades. Edward's influence gave Filene’s an early reputation as a customer oriented store with slogans like “money back if not satisfied.”
A new main store, Filene's Department Store, was completed in 1912 in Boston on the corner of Washington and Summer streets, by Chicago architect Daniel Burnham as his last major project. By 1929 Filene’s expanded the main building, converting the block around Washington, Summer and Franklin streets into one department store. During 1929, Filene’s joined Abraham & Straus and Lazarus as the founding members of Federated Department Stores. From the 1930s through 1990s Filene’s continued expanding beyond New England with the country growing and adapting to new shopping malls. Filene’s main rival company during this period was Jordan Marsh, whose main store, like Filene's, was located in Downtown Crossing in Boston, was making the transition, expanding into shopping malls. In 1947, the Filene’s Basement trade-name was first applied to an annual bridal gown sale. Lines extending around the store made it famous. In 1988, after the leveraged buyout of Federated Department Stores by Campeau Corp. of Toronto, Canada, the division was sold to May Department Stores Co. along with Foley's of Houston.
It was that the Filene's and Filene's Basement trade-names were disassociated. In 1992, Filene's absorbed G. Fox & Co. of Hartford and Steiger's in 1994, two other divisions of May Company. During the 1990s there was a doubling of the Filene's organization as May invested in new stores and variegated Filene's price and product assortments. In 2002 Filene's assumed operational control of the Kaufmann's stores in Ohio, West Virginia, western New York state. Speculated since the early 2000s, Federated announced its planned acquisition of May in February 2005; the likelihood that the May nameplates would be replaced by the Federated-owned Macy's was acknowledged, citing the "considerable success in re-branding regional stores as Macy's" and that "operating regional stores under one brand means can advertise nationally, unlike regional retailers, more cost-effective. Indeed, the company-wide conversion to Macy's was confirmed in July, the merger was completed in August. Federated continued to divest "duplicate" properties in shopping malls where Filene's and Macy's were both present.
In regards to Downtown Crossing, the company remained uncertain whether the Filene's Department Store or the neighboring former Jordan Marsh flagship store would be retained. Then-Boston Mayor Thomas Menino expressed his preference for "marrying Macy's to the Filene's building." The existing Macy's location was left intact and the Filene's store was closed in 2006. The last remaining Filene's stores closed on September 9, 2006, with the conversion of the May-owned nameplates, Macy's had become a national retailer with over 800 stores. Upon receiving approval from shareholders that Federated itself be renamed Macy's, Inc. in 2007, then-CEO Terry Lundgren admitted that business was struggling from " a lot of change on the May company stores quickly." When Filene's closed, the Boston Landmarks Commission voted unanimou
Cranston, Rhode Island
Cranston, once known as Pawtuxet, is a city in Providence County, Rhode Island, United States. With a population of 80,529 at the 2010 census, it is the third largest city in the state; the center of population of Rhode Island is located in Cranston. Cranston is a part of the Providence metropolitan area. Cranston was named one of the "100 Best Places to Live" in the United States by Money magazine in 2006, it is according to CQ Press's research. According to the survey done by 24/7 Wall St website, Cranston ranked 36th on the list of “America’s 50 Best Cities to Live”The Town of Cranston was created in 1754 from a portion of Providence north of the Pawtuxet River. After losing much of its territory to neighboring towns and the city of Providence, Cranston itself became a city on 10 March 1910. Much of the land was purchased by Roger Williams from the Narragansett Indians in 1638 as part of the Pawtuxet Purchase, the first settler in the area was William Arnold, followed shortly by William Harris, William Carpenter and Zachariah Rhodes.
Stephen Arnold, a brother-in-law of Rhodes and William Arnold, built a gristmill on the Pawtuxet falls and laid out the "Arnold Road" connecting it to the Pequot Trail leading to Connecticut. Arnold's son, Benedict Arnold, became the first Governor of Rhode Island under the charter of 1663. After area residents were unable to agree upon a name for a new town for decades, the Town of Cranston was created by the General Assembly in 1754 from a portion of Providence north of the Pawtuxet River. Historians debate whether the town was named after Governor Samuel Cranston, the longest-serving Rhode Island governor or his grandson, Thomas Cranston, serving as Speaker of the Rhode Island House of Representatives at the time that the town was created. In the early 1770s town meetings were held at the taverns of Caleb Arnold and Nehemiah Knight where Cranstonians voted in favor of a resolution opposing the British Parliament's Coercive Acts, the town supported the Patriot cause during the Revolutionary War.
After losing much of its territory to neighboring towns and the city of Providence over the nineteenth century, Cranston itself became a city on 10 March 1910. Cranston is located at 41°46′N 71°27′W. According to the United States Census Bureau, the city has a total area of 29.9 square miles, of which, 28.6 square miles of it is land and 1.4 square miles of it is water. It is three percent of Rhode Island's total land mass; the following neighborhoods and villages are located in Cranston: The Cranston Public Schools School Committee consists of seven members. Committee members are elected to a two-year term, as of 2014, members are limited to five consecutive two-year terms; as of August 2018, the School Committee members are as follows: 1996 United States Champions 2015 New England Champions As of the 2010 US Census, there were 80,387 people residing in the city. The racial makeup of the village was 81.93% White, 5.26% African American, 0.32% Native American, 5.17% Asian, 0.06% Pacific Islander, 4.6% from other races, 2.66% from two or more races.
Hispanic or Latino of any race were 10.83% of the population. As of the census of 2000, there were 79,269 people, 30,954 households, 20,243 families residing in the city of Cranston; the population density was 2,774.6 persons per square mile. There were 32,068 housing units at an average density of 1,122.5 per square mile. The racial makeup of the city was 89.19% White, 3.69% African American, 0.30% Native American, 3.28% Asian, 0.04% Pacific Islander, 1.93% from other races, 1.57% from two or more races. Hispanic or Latino of any race were 4.56% of the population. There were 30,954 households out of which 28.7% had children under the age of 18 living with them, 49.2% were married couples living together, 12.5% had a female householder with no husband present, 34.6% were non-families. 29.4% of all households were made up of individuals and 13.1% had someone living alone, 65 years of age or older. The average household size was 2.41 and the average family size was 3.01. In the city the population was spread out with 21.6% under the age of 18, 7.7% from 18 to 24, 31.5% from 25 to 44, 22.0% from 45 to 64, 17.3% who were 65 years of age or older.
The median age was 39 years. For every 100 females, there were 95.9 males. For every 100 females of age 18 or over, there were 92.8 males. The median income for a household in the city was $44,108, the median income for a family was $55,241. Males had a median income of $40,031 versus $28,279 for females; the per capita income for the city was $21,978. About 5.6 of families and 7.3% of the population were below the poverty line, including 8.6% of those under the age of 18 and 8.5% of those ages 65 or older. The Rhode Island Department of Corrections has its headquarters and its adult prison facilities in Cranston; the Rhode Island Department of Children, Youth & Families operates the Rhode Island Training School, a juvenile correctional facility, in Cranston. The Rhode Island Division of Motor Vehicles is headquartered in Cranston; the City of Cranston operates under a mayor-council form of government. General city elections are held on the first Tuesday in November of every even-numbered year. Terms for elected officials begin on the first Monday in January of the year following their election.
The City Council consists of nine members: six representing each of the City wards, three citywide representatives. Council members are elected to a two-year term, are limited to five consecutive two-year terms.. The current Cranston City Council Presi