The rapid delivery company plans to close 76 warehouses across the U.S., representing roughly 12 percent of its network, as it consolidates in some cities.
Sephora’s exit comes as European and US sanctions on the country have made operations in Russia increasingly complex. It joins Nike Inc. which also said last month that it was leaving Russia.
During the pandemic, this constrained, very expensive supply became supercharged, as more people than ever jockeyed for the few mansions that hit the market.
“We’re seeing a slowdown in our order intake in the construction sector, and those customers are typically the fastest to react,” said Rob Van Gils, CEO of Hammerer Aluminum Industries.
After surging 11.4 percent over the past 12 months, the median national rent for a one-bedroom apartment rose just 0.5 percent in June, according to data from rental marketplace Zumper.
The firm said last week that it plans to partner with developer Sterling Bay to build an office tower on Brickell Bay, which spans less than a mile in the city’s business district.