Thursday, August 18, 2016

ACCELERATING NEWS

Target will open a 42,367 s/f 2-level store in Manhattan’s East Village...PizzaRev announced a franchise agreement to develop the chain throughout the northern part of Louisiana. There are more than 200 PizzaRev locations in various stages of development across the country. The brand currently operates 42 corporate and franchise locations in 11 states...Versa Capital Management has formed a new holding company, called Eastern Outfitters, which will continue the restructured operations of Eastern Mountain Sports (EMS) and Bob’s Stores. The news comes several months after Vestis Retail Group LLC, an entity of Versa that operated Bob’s, EMS and Sport Chalet, filed for Chapter 11. The company subsequently shut down Sport Chalet. EMS and Bob’s will now operate as business units of Eastern Outfitters. Other retailers in Versa’s portfolio include Avenue Stores, The Wet Seal and Black Angus Steakhouses...Chipotle’s burger concept, Tasty Made, will make its debut in Lancaster, OH this fall. The new concept will specialize in burgers, fries, and milkshakes...Dollar General bought 41 former Walmart Express stores in 11 states. The company will relocate 40 of its existing Dollar General stores into these new, slightly-larger locations by October. The retailer will also operate gas stations in 37 of the locations.  In January, Wal-Mart Stores Inc. shut down all 102 of its Walmart Express stores, part of an effort to shutter 269 underperforming stores worldwide and 154 in the US...GameStop Corp. acquired 507 AT&T wireless stores in 26 states as part of a plan to diversify... Steinhoff International Holdings will acquire Mattress Firm, the largest mattress retailer in the US, whose assets include Sleepy’s. Steinhoff is an integrated retailer that manufactures, sources and sells furniture, household goods and clothing in Europe, Africa and Australia. It operates more than 40 brands in 30 countries. The acquisition is expected to create the largest multi-brand mattress retail distribution network in the world. Mattress Firm operates more than 3,500 stores in 48 states. The acquisition is expected to close by or around the end of the third calendar quarter, subject to regulatory approvals... Abercrombie & Fitch has been developing a new prototype. The chain will unveil its new look early next year, at Polaris Fashion Place, in Columbus, OH, with a new aesthetic and updated merchandise selections...Dick’s Sporting Goods will open six stores this fall in the Houston area, up from the five it had previously announced...Fazoli’s, fast casual Italian chain, announced the signing of nine multi-unit and single-unit franchise agreements to develop 22 new restaurants nationwide. Fazoli’s has nearly 220 restaurants in 24 states..Domino’s Pizza celebrated the grand opening of its 13,000th store in the world, located outside of Seattle... Flying Tiger Copenhagen is expanding its US footprint. The discounter Danish-designed goods is set to open its fourth NYC location. Flying Tiger opened its first store in 1995, in Copenhagen. In 2015, the retailer opened more than two new stores every week. It currently operates more than 650 stores in 28 countries...Fast casual restaurant Newk’s Eatery is expanding into Virginia with a development agreement to open 10 locations in Fairfax and Arlington counties over the next 6 years.  Newk’s currently operates and franchises more than 100 units in 13 states...Children’s salon Snip-its will open 16 CA locations in the next five years. The chain currently has 63 locations in the US, including 3 in California... Blaze Pizza, the fastest-growing restaurant chain in 2015, according to research group Technomic, has expanded to 150 locations, with 350 more slated to open by 2020...Buffalo Wings & Rings has grown to 70 franchises across the globe. In 2016, the brand opened new franchises in South Dakota and Texas, and has signed franchise agreements for up to 5 more locations before year’s end. Another 8- 10 locations are expected in 2017...Mission BBQ will open a location in King of Prussia, PA. The company has five PA restaurants, and will open at least two more next year...Jinya Ramen Bar has 12 franchised restaurants in California, Texas, Washington, Chicago Las Vegas, and Canada. 10 more will open before the end of the year...TJX increased its store count by 14 stores in the quarter, bringing its total store count to 3,675 locations...Skechers opened a flagship store at the new World Trade Center in Manhattan. With 1,545 stores worldwide, Skechers anticipates more than 1,600 locations by year end....Tuesday Morning opened an updated prototype at two Texas locations. The format feature new fixtures, flooring, improved lighting and a redesigned layout, as well as an expanded assortment of goods. Since January 1, Tuesday Morning has opened 8 new locations and relocated or expanded 34 stores. The company plans to upgrade more than 35 additional locations by year-end...Michaels purchased the rights to Hancock Fabrics’ brand and intellectual property for $1.3 million from US Bankruptcy Court in Delaware. Hancock was in the process of closing 70 stores when it filed for bankruptcy in February. Unable to locate a buyer for the remaining 185 units, it shuttered them in April. Michaels has 1,300 locations.

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