Friday, April 28, 2017
Accelerating Retail News
Apple opened 3 stores last month, including a flagship at Brickell City Center, a new mixed-use development in Miami, Apple’s 5th location in the area...Tropical Smoothie opened 86 restaurants in 2016, including its 500th unit, and has franchise agreements to develop more than 160 US units…Target is set to open a superstore this fall in NYC’s Herald’s Square. The 43,000 s/f store will be a part of a complex that consists of 92,000 s/f of retail space, including a Sephora and Foot Locker. This will be the third Target in Manhattan and the 13th in the five boroughs. Target also has plans to open 4 more New York stores by the end of 2019…Bibibop Asian Grill is the buyer of the leases for 15 closed ShopHouse Asian Kitchen locations, a deal that will double the chain’s size virtually overnight. The deal with Chipotle Mexican Grill Inc. for the shuttered ShopHouse locations will give the company 28 restaurants...Wegmans will open two new stores in northern New Jersey: a 113,000 s/f store in Hanover, and a 108,000 s/f store in Montvale. Both stores will be located about 25 miles from Manhattan, where Wegmans plans to open its first store next year...Duluth Trading Co. will open 10 to 12 stores in fiscal 2017. Stores opened recently opened in Noblesville, IN and Burlington, MA, giving the company 18 shops...Five Below will open 100 stores in 2017, including its first locations in CA. The chain opened 85 net new stores in 2016…Oak Hill Capital Partners has agreed to buy Checkers Drive-In Restaurants Inc., from Sentinel Capital Partners in a deal valued at $525 million. Checkers operates Checkers and Rally’s brands. The company has 840 locations in 29 states under the two brands... Home décor retailer At Home plans to open 25 new stores this year, with the potential for 500 more locations long term. At Home ended the year with 126 stores…Walmart rolled out a new prototype for its Neighborhood Market grocery-store concept in its new 46,000 s/f store in Myrtle Beach, SC…Cava, the company behind Cava Grill restaurants, will expand to 3 new markets in 2018, including Boston. The company will also expand in existing markets, including NYC, with 6 locations planned for 2017. There are currently 27 Cava Grill locations...Ollie’s Bargain Outlet Holdings Inc. expects to open 33 to 35 stores in 2017, with no planned closures. Ollie’s ended the year with a total of 234 stores in 19 states...Trader Joe’s plans to open 3 new NYC stores in 2017, plus one in Hoboken, NJ…Stage Stores, Inc. will acquire select assets of Gordmans Stores, Inc. through a bankruptcy auction. The transaction is expected to close during Stage’s first quarter of fiscal 2017, subject to the approval of the bankruptcy court and customary closing conditions. Stage’s will acquire a minimum of 50 Gordmans leases, with rights to assume leases for an additional 7 stores; all of Gordmans’ inventory, furniture, fixtures, equipment and other assets at the 57 locations and 7 trademarks and other intellectual property…South Moon Under will open its first stores in the South in April, with locations in the Atlanta, GA area. South Moon Under plans to open more than 20 stores by 2019. South Moon Under currently has 24 East Coast and Mid-Atlantic locations... Dollar General confirmed its plans to buy all 323 Dollar Express stores in 36 states. Terms of the Dollar Express deal were not disclosed. The acquisition is subject to certain closing conditions and regulatory approval...Dollarama, which operates some 1,000 stores across Canada, has revised its long-term target from 1,400 locations to 1,700….British lifestyle brand The White Company will open its first US store this summer, a 3,000 s/f flagship in Manhattan, following strong growth in its US online revenue. The White Company operates more than 50 stores across the UK…Panera Bread has been acquired by JAB Holding Company, the investment arm of the Reimanns of Germany, for $7.5 billion, including the assumption of about $340 million in debt. JAB’s US holdings include Krispy Kreme Caribou Coffee, Einstein Noah Restaurant Group Inc., Peet’s Coffee & Tea, and Keurig Green Mountain…TBC Corp. has opened 8 new NTB Tire & Service Centers in South Carolina, Georgia, Massachusetts, Tennessee, Minnesota and Alabama...Forever 21 plans to open more than 40 F21 Red stores across the US in 2017, bringing the brand’s total to more than 70 locations by year-end. Forever 21 launched F21 Red in 2014 as a value-oriented concept. Forever 21 operates more than 815 stores in 57 countries…7-Eleven is buying 1,110 convenience stores, mostly on the East Coast and Texas, from Sunoco in a deal valued at $3.3 billion. 7-Eleven has grown from 29,000 worldwide stores in 2006 to 61,500 in 2016. US store count increased over the last decade from 5,500 to 8,900. This acquisition will bring 7-Eleven’s total number of stores to 9,815 in the US and Canada... Supervalu Inc. is merging with Unified Grocers in a $375 million deal. Together, Supervalu and Unified operate more than 3,000 stores. The acquisition provides new growth opportunities across multiple geographies...Sporting goods manufacturers Mizuno has entered the US retail arena with the opening of The Mizuno Experience Center, a 3,800 s/f Experience Center at The Battery Atlanta.