Thursday, September 22, 2016
Accelerating Retail News
Aldi is building a divisional headquarters and distribution center in VA. Aldi has opened 7 stores in the Richmond region in the past year, and plans at least 2 more this year. Aldi has 32 stores in VA, and plans to open up to 60 more across the state in the next 5 years... Bob’s Discount Furniture will expand into St. Louis with two new showrooms, and add two Chicago stores, during the first quarter. Bob’s operates 73 stores...Cato Corporation opened 1 store and relocated 2 stores in the second quarter. The Company now expects to open 12 new stores during 2016, down from an estimated 23 stores. As of July 30, the Company operated 1,373 stores in 33 states....Tops Friendly Markets opened 6 stores last month in NY and MA that it recently acquired from Stop & Shop and Hannaford Supermarkets...West Elm opened its 100th store, at Empire Stores, in Brooklyn, NY, the first tenant to open in the restored 19th-century coffee warehouse. West Elm will open a location in Wayland Square, Providence, RI this month, and another that will anchor the Downtown Palm Springs (CA) Revitalization Project....5 Frank’s Auto Supermarket stores in PA have become part of national chain O’Reilly Auto Parts. As of June 30, O’Reilly Auto Parts had 4,660 locations in 44 state...Cookware chain Southern Season was sold at auction last month to Calvert Retail LP. Calvert owns 6 Kitchen & Company stores and 2 Reading China & Glass stores. Southern Season filed for chapter 11 bankruptcy protection on June 24...Modell’s Sporting Goods opened two stores in metro New York last month, bringing its total store count to 156 locations. The openings include Modell’s 11th location in Brooklyn, and a store in in Mount Kisco...DSW Inc. will open 21 stores nationwide between August and October. The footwear retailer currently operates 482 stores in 42 states...Sears is launching an in-store shop concept, called Showcase at Sears, which will feature 10 European and Latin American men’s, women’s and children’s apparel brands,most available for the first time in the US. The concept will initially launch in 5 New York-area stores this fall. Sears is building 10,000 to 15,000 s/f Showcase boutiques in each location...Ben’s Soft Pretzels plans to bring 15 new eateries to the Milwaukee area by 2021. The growth is part of a national expansion effort with more than 20 stores in development for 2016 and a master license agreement to open inside every newly constructed Meijer location. It has a similar master lease agreement with Wal-Mart to open a pretzel bakery in any open Walmart store tenant space. Ben’s Soft Pretzels has more than 75 locations in 8 states...Amazon Books has confirmed plans for a 7,200 s/f store in Chicago. Amazon Books opened its first store last fall in Seattle, and plans a store in San Diego this summer, 1 in Portland, OR later this year, and one at Legacy Place in Dedham, MA - no opening date has been announced...True Food Kitchen will open its first Northern CA location in Palo Alto next month. True Food Kitchen has 12 locations in Arizona, California, Colorado, Texas, Georgia and Virginia, with 4 more planned throughout the country in 2016...Nordstrom has entered into a deal with J. Crew to sell an assortment of J.Crew apparel in 16 select full-line Nordstrom stores and on its website this month. In 2015, Nordstrom entered into an arrangement with J. Crew’s Madewell brand. The collection was recently expanded to 20 additional stores, and is now available at 76 Nordstrom locations and at Nordstrom.com...Five Below opened a store in Lower Macungie Township, PA this month, the company’s 500th store and its 59th in PA... Boston’s Restaurant & Sports Bar is on its way to its goal of 100 locations by 2019 with several recent openings and franchise signings, including a deal for 2 units in El Paso, TX and recent openings in Arizona, Michigan, Maryland, and Virginia. Boston’s has 29 locations in 22 states...Fantastic Sams has been approved for a franchisee lending program through The Bancorp Bank which provides start-up funding for franchisees, as well as expansion and remodel funding for existing franchisees. Fantastic Sams has more than 1,100 locations...Mooyah Burgers, Fries & Shakes opened its 100th restaurant this month, a franchised unit in Tuscaloosa, AL... J. Crew plans to open 36 new stores this year, including 3 flagship J. Crew retail locations, 23 factory stores and 10 Madewell stores...Crown & Ivy, the private label brand launched by Belk in 2014, is opening its first standalone store in Raleigh, NC. Private equity firm Sycamore Partners bought Belk last year...Roark Capital Group has acquired a majority stake in Jimmy John’s Sandwiches. Terms of the deal were not disclosed. The sandwich chain joins a list of concepts controlled by Roark Capital: CKE Restaurants, Arby’s, and Naf Naf Grill. Once the Jimmy John’s deal is completed, Roark Capital will have acquired 56 franchised or multi-unit brands with 25,000 locations...Petco will open 13 new Petco stores across the country and relocate 1 store in September. The company will also transition 31 existing Unleashed by Petco stores to smaller format Petco stores this month... Aeropostale Inc. won court permission to sell its assets to buyers led by Simon Property Group Inc. and General Growth Properties Inc. The group prevailed at auction with a $243 million bid and a plan to keep open at least 229 stores...American Finance Trust Inc. (AFIN) acquired all outstanding common stock of American Realty Capital/Retail Centers of America Inc. (RCA) for approximately $1.4 billion. The merger creates a retail REIT with an enterprise value of approximately $3.9 billion. The combined company will retain the AFIN name and continue to be led by AFIN’s management team. The combined portfolio includes 494 properties totaling 20.8 million s/f of single-tenant net lease, power center, and lifestyle center assets...Amazon opened 21 pop-up electronics stores in 12 states.