Thursday, July 25, 2013
Industry News: Accelerating
Nordstrom Inc. plans to have over 230 Nordstrom Rack stores in operation by 2016. There are currently 127 Racks, with plans to open 24 this year and another 30 in 2014...Ulta Salon, Cosmetics & Fragrance Inc., after increasing to 576 stores across 46 states last year, is planning another 125 net new stores this year. The company targets an eventual 1200-store count...Lululemon Athletica Inc. will start opening stand-alone men’s stores by 2016...Lowe's agreed to pay $205 million for 60 Orchard Supply Hardware stores in California after Orchard filed for bankruptcy relief. The acquisition will provide the retailer with a smaller store format and give it access to a new customer base in California, where it already operates 110 outlets...The HoneyBaked Ham Co. plans to open 30 more franchise locations across the Northeast over the next five years. With 20 locations in New York, New Jersey, Connecticut, Massachusetts, and New Hampshire, the company thinks the area is ripe for expansion, along with Vermont, Maine, and Rhode Island. The company has more than 400 locations...Lumber Liquidators has opened its 300th store, in Las Vegas, Nevada. The Company operates stores in 46 states and Canada...Johnny Rockets has been acquired by an affiliate of private-equity group Sun Capital Partners Inc. Terms of the deal were not disclosed. Johnny Rockets was sold by RedZone Capital Management Co. Johnny Rockets operates and franchises about 300 restaurants in 30 states and 16 countries, and has about 220 US locations...Urban Outfitters has signed a lease for 56,730 s/f on three levels at 1333 Broadway in Manhattan, where the retailer will create a new “lifestyle center” concept. UO will take occupancy in September...RadioShack has unveiled a new logo after opening its first concept store which highlights a new direction for the retailer. The New York store includes new displays that showcase top brands and applications that help customers understand more about products. RadioShack is planning several different prototypes in New York, New Jersey and Texas in coming weeks which will eventually lead to the remodeling of its 4,300 stores...Kroger has agreed to acquire Harris Teeter Supermarkets for about $2.5 billion. Harris Teeter operates 212 supermarkets, primarily in the Carolinas, where Kroger does not have a significant presence...Saks Fifth Avenue Off 5th will open a new 28,000 s/f store in Atlanta, Georgia this month in the Outlet Shoppes at Atlanta at Woodstock, the third Off 5th in metropolitan Atlanta...International clothing retailer UNIQLO will open 10 stores this fall: 3 in New York, 2 in New Jersey, 1 in Connecticut, and 4 in California, expanding the brand's presence to a total of 17 US stores...West Elm is opening its first location in Missouri at the St. Louis Galleria. The 8,385 s/f store will open in July...Men’s Wearhouse agreed to buy the Joseph Abboud clothing brand for $97.5 million in cash as the chain seeks to offer exclusive brands. The purchase gives the retailer an exclusive label to sell through its more than 1,100 stores...Wal-Mart opened 24 new locations across the country this month, including 12 Neighborhood Market stores and 12 new, relocated or expanded supercenters...Regional shopping center company Crosland Southeast has acquired 24 former Blockbuster stores from Blockbuster Corporate. Blockbuster vacated all stores at closing, and Crosland Southeast has already sold 11 of the 24. Nearly all of the 13 stores retained in Crosland Southeast’s portfolio are pre-leased to other retail and medical tenants...An affiliate of private equity firm Roark Capital Group has acquired 65 unit Miller's Ale House from Jack Miller and SKM Equity Fund III, L.P...Wendy’s is selling 425 restaurants to franchisees in a move to help boost profit margins. The sale of the restaurants will help expand adoption of the company’s new restaurant designs.