Tuesday, April 21, 2015
Decelerating Retail News
Toys R Us will not renew the lease for its 110,000 s/f flagship store in Times Square. The toy giant plans to vacate by February 2016...Fresh & Easy plans to close 55 stores, which will leave the chain with about 110 locations, the Orange Country Register reported. Fresh & Easy is owned by the Yucaipa Cos., which bought the supermarket chain out of bankruptcy in 2013 from UK retailer Tesco...Aldi U.S. announced that fewer than half of the 66 Bottom Dollar stores it acquired from Delhaize will reopen as Aldi stores. Aldi said it intends to reopen 30 sites — most in Southern New Jersey and greater Philadelphia area — and seek a sale or sublease for 36 other stores. All of the sites operated as Bottom Dollar discount stores until they closed earlier this year...Jamba Juice owner Jamba Inc. plans to sell about 40% of its company-owned stores to a franchisee group.The company will sell 100 of its company-owned outlets in California for $36 million in cash to Vitaligent LLC...Walgreens will close about 200 less-profitable US Walgreens stores and open the same number of stores in new locations. No hard timeline has been set for the store closings and the list of stores slated to close is still being finalized...Pier 1 Imports will close about 100 stores over the next three years. Pier 1 will take advantage of lease expirations to reduce costs and has already identified about 100 stores. A list was not released. Within three years the company expects to operate just under 1,000 stores...On the heels of a similar deal with landlord General Growth Properties, Sears Holdings Corp. has formed a joint venture with Simon to own and manage 10 Sears anchor stores at Simon malls. Sears Holdings has contributed the 10 properties located at Simon malls to the joint venture, including property leased to outside parties. Simon has contributed $114 million to the venture, and plans to redevelop the properties and and re-lease space at each property to third-party tenants. The transaction values the 10 Sears stores at $228 million in total.