Tag: drops

SM Prime net income drops 53% to P18B in 2020 on lower mall revenues

SM Seaside City, Cebu. Handout

MANILA – SM Prime Holdings said Monday its net income fell 53 percent to P18 billion last year from P38.1 billion in 2019 due to lower mall revenues amid the ongoing lockdown restrictions during the pandemic.

Consolidated revenues totaled to P81.9 billion, also lower than P118.3 billion the previous year.

This is primarily due to the 59 percent drop in mall revenues to P23.6 billion from P57.8 billion.

Despite the weak business environment, SM managed to open two malls at the tail end of 2020 which are SM City Butuan and SM City Mindpro —

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Weekend’s spending drops, National Retail Federation says

A person wears a face mask while carrying shopping bags in Columbus Circle on November 28, 2020 in New York City.

Noam Galai | Getty Images

Fewer holiday shoppers bought gifts during the five-day period from Black Friday to Cyber Monday, and those who did spent less, as discounts started early this year, according to the National Retail Federation.

The retail trade group said about 186.4 million shoppers bought holiday gifts, food or decorations from Thanksgiving to Cyber Monday. That’s less than the 189.6 million shoppers who bought items during that period last year, but higher than the 165.8 million

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Stocks end a whipsaw session lower as tech selloff resumes; Nasdaq drops 2%

Stocks traded choppily Thursday and turned sharply negative, as a temporary resurgence in technology shares lost steam. Each of the three major indices sank more than 1.2%.

The big tech and software stocks pummeled over the past week fell anew, with shares of Apple, Microsoft and Netflix each lower by more than 2.5%. A day earlier, these and other tech stocks led the Nasdaq to its best one-day gain since April. However, the index remained lower by about 5% for September to date.

The short-lived rally Wednesday came in absence of any major catalysts, as investors swooped in to purchase

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CIM Group drops plan to buy Baldwin Hills Crenshaw Plaza

Developer CIM Group has backed out of a pending deal to buy Baldwin Hills Crenshaw Plaza in the face of opposition from activists in the mall’s South Los Angeles neighborhood.

The Los Angeles developer said in April that it had agreed to pay more than $100 million for the 40-acre property at Crenshaw and Martin Luther King Jr. boulevards and that it planned to remake the shopping center, one of the largest in the region, into a mixed-use complex that included offices for rent in addition to shops and restaurants.

Opponents of the sale called CIM Group’s plans unwelcome gentrification

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