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Shopping Center
& Owner News
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Orlando Square Sells for $25.1 Million The 183,877 square foot shopping center across from Florida Mall sold on June 12th for $25.1 million, or $136.50 per SF. Apollo Global Management Inc. sold this to CORE Investment Management after Apollo acquired the center in March 2019 for $17.5 million. The center was 85% leased at the time of sale. (Orlando Business Journal 6/20) [Read]
Westfield Brandon Sells for $220 Million Unibail-Rodamco-Westfield (URW) sold the regional shopping mall while roughly 85% leased. North American Development Group and an institutional partner purchased the 1.2 million square foot center and a three-acre parcel approved for 180,000 square feet of commercial space as well as a seven-acre development parcel.
(Shopping Center Business 5/31) [Read]
Westland Mall Sears Sells for $16.5 Million Codina Partners acquired the 15-acre property that encompasses the 153,596 square foot former Sears building. The Sears box has been vacant for 3 years and, although there are no specific development plans, is expected to be redeveloped into a mixed-use project with lifestyle retail, local businesses, and primarily residential use. (South Florida Business Journal 5/23) [Read]
Apartments Proposed at Sarasota Square Mall The mall, which is noticeably vacant, has proposed a mixed-use redevelopment to revamp the once bustling shopping center. Torburn Partners, who own the center, have proposed building up to 1,200 apartments and up to 500,000 square feet of retail stores, restaurants, and office space. With other malls in the area currently undergoing similar renovations, Torburn Partners are excited to try to reinvigorate the community. (ABC Action News 5/19) [Read]
Market News
Retail Sales Unexpectedly Rose in May Purchases rose 0.3% among consumers for the month of May, beating nearly all estimates, according to data from the Commerce Department. This comes after the month of April showed a gain of 0.4% among consumer purchases. (Bloomberg 6/15) [Read]
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2022’s Top 500 Restaurants Every year, Nation’s Restaurant News ranks national restaurant chains based on their prior year’s systemwide sales, giving insight as to who are some of the bigger industry players. According to their research, 91% of restaurant chains showed domestic growth in sales last year. Raising Cane’s saw 31.2% growth, the highest on the list, ranking them at 29th. Five Guys saw 13% growth and ranked 40th, while Chipotle saw 14.4% and ranked 9th. McDonald’s, Starbucks, and Chick-Fil-A were the top 3 ranked based on their 2022 sales. (Nation’s Restaurant News 6/22) [Read]
Dick’s Sporting Goods Off to Strong 2023 The company reported another quarter of stronger-than-expected sales, earnings seeing sales rise 5.3% and earnings per share growing from $2.47 to $3.40. Dick’s said it plans to open 20 locations of its new store concept, Dick’s House of Sport, in the next 2 years with 9 locations expected to open by the end of this year. The company’s long-term goal is to have 75 to 100 House of Sport locations by the end of 2027. (Chain Store Age 5/23) [Read]
TJX Pushes Ahead of Rivals TJX reported its net sales grew 3.3% year over year while their pretax profit margins rose from 7.5% to 10.3% in part thanks to lower freight costs. TJX retailers believe they are pushing ahead of their rivals, such as Ross and Nordstrom Rack, because of their stronger assortment of more dressy styles which are “firmly on the consumer radar”. With their second quarter reportedly off to a good start, TJX is looking to take more of the leftover Bed Bath & Beyond market share. (Retail Dive 5/17) [Read]
Kohl’s Surprises in Q1 First-quarter profits and increased in-store traffic were unexpected results of Kohl’s efforts to turn their business around. A huge part of the company’s turnaround comes from their decision to expand their relationship with Sephora as Kohl’s saw a total beauty sales increase of 150% year over year. Despite plans to add Sephora to over 900 Kohl’s locations by the end of the year, the company’s full-year outlook still calls for a decline in net sales of 2-4%. (Chain Store Age 5/24) [Read]
BuyBuy Baby Gains Interest As the downfall of Bed Bath & Beyond continues, it seems that the BuyBuy Baby brand may fare better than its parent company. Online baby registry Babylist and an unknown bidder are both interested in buying the BuyBuy Baby trademark and domain. To date, there has not been any reported interest in buying the Bed Bath & Beyond banner to keep stores open, but there has been some interest in buying its digital assets. (Chain Store Age 6/2) [Read]
Bed Bath & Beyond Lives On The bankrupt retailer will officially be sold to Overstock.com for $21.5 million. The sale is expected to be approved at a bankruptcy hearing 6/27. Overstock, being a selected bidder at the Bed Bath & Beyond bankruptcy auction, will buy some of the intellectual assets such as brand name, publicity rights, business data, and digital assets. The sale does not include any of Bed Bath & Beyond’s brick-and-mortar stores. (Chain Store Age 6/22) [Read]
Fatburger Returns to Florida The restaurant known for their customizable burgers and milkshakes is opening its first location of the past 2 decades. Fatburger plans to open 4 Tampa Bay locations and 10 Orlando locations in the next 5 years, with the first one in Riverview already opening on June 24th of this year. Fatburger currently has nearly 180 locations worldwide. (Tampa Bay Business Journal 6/26) [Read]
Publix to Drop GreenWise Market Name A spokesperson with the grocer confirmed that Publix will be moving away from its organic brand GreenWise Market. There are only 8 locations that are considered a GreenWise Market location, all of which will now be converted into traditional Publix stores. (Tampa Bay Times 5/19) [Read]
Wendy’s to Test Underground Pickup Robots The quick-serve chain will pilot underground autonomous robots to test delivery of online food orders from the kitchen to designated pickup parking spots in seconds. Wendy’s plans to integrate the underground delivery system into an existing location later this year with goals such as streamlining order fulfillment and enabling fast order pickup. The company is also planning to pilot an AI-based drive-thru window in the near future. (Chain Store Age 5/17) [Read]
Costco E-Commerce Is Underperforming
The retailer has seen an e-commerce slump for a few months now, despite seeing a 1.4% company-wide sales increase for the month of April. April e-commerce sales dropped 5.9% after an even worse 12.7% drop in the month of March even though comparable traffic for April was up 4.0% in the U.S. Overall, Costco still reported net sales of $17.85 billion, a 3% increase from last year. (Store Brands 5/9) [Read]
Home Depot Sales Fall For the first time in more than a decade, Home Depot is expecting a decline in annual sales due to falling lumber prices, cold weather, and consumer pullback on big-ticket home improvement spending. The company reported net income down 8.5% in the first quarter and sales down more than 4.5%, although lumber deflation accounts for over 2% of that decline. Home Depot expects sales to decline 2-5% for the fiscal year. (Chain Store Age 5/16) [Read]
Lowe’s Sales Slip, Still Beat Estimates Falling lumber prices and a decline in DIY project spending led to Lowe’s posting sales that topped estimates but cut the company’s outlook. Total sales fell 5.5%, with same-store sales being down 4.3% despite online sales rising 6% in the first quarter. Lowe’s same-store sales performed better than Home Depot in Q1 as their sales dropped 4.6%. Lowe’s operates more than 1,700 locations. (Chain Store Age 5/23) [Read]
Burger King to Close 400 Locations The fast-food chain has plans to close as many as 400 locations by the end of 2023, though the exact number isn’t confirmed. Burger King will be closing locations that have been underperforming or in weaker than desired areas. (Bisnow 5/8) [Read]
Tuesday Morning Assets Up For Sale After a court-approved bankruptcy sale to Hilco Merchant Resources for $32 million, Tuesday Morning trademarks, domain names, customer databases, social media accounts, design patents, and related digital content are all up for sale by Hilco Streambank. Tuesday Morning filed for bankruptcy protection back in February. (Chain Store Age 5/24) [Read]
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