Thursday, June 22, 2017

Special News Issue: Amazon & Whole Foods - Who The Heck Knows?!

Few news stories in the retail industry have caused such a huge sensation - or such an insane level of general freaking out - as Amazon’s proposed acquisition of Whole Foods. Journalists, pundits, and commentators of all stripes are falling all over themselves to explain what it all means for grocery shopping, e-commerce, real estate, the economy, and, you know, eating food. Here’s a brief compendium of just a few of the thousands of recent banner headlines, with a selection of quotes from each story (the italics are, generally, ours):

Amazon to buy Whole Foods for $13.7 billion
Market Watch, June 16
“Amazon.com Inc. said it would buy Whole Foods Market Inc. for $13.7 billion as the giant internet retailer makes a deeper push into the grocery space. Amazon will pay $42 a share for Whole Foods, valuing the grocer at a 27% premium to its closing price Thursday. The deal is expected to close in the second half of this year. Amazon’s move tanked the stocks of grocery competitors as investors worried that Amazon could do to grocery the same as it did to booksellers.”

Amazon and Whole Foods: 5 things to know about the blockbuster deal
Chain Store Age, June 17
“The food retail industry has been flush with big mergers lately, but today’s stunner has no precedent. The announcement that Amazon plans to buy Whole Foods Market for $13.7 billion heralds the coming together of two retail icons with vastly different cultures - one a mainstay of the brick-and-mortar world and the other a master of online shopping. It also creates big challenges for competitors in the wider retail landscape, especially those focusing on groceries, beauty and health.”

Amazon may have launched a bidding war for Whole Foods
MarketWatch, June 19
“Amazon.com Inc. may have a fight on its hands, because its move to buy Whole Foods Market Inc. could potentially launch a bidding war for the natural and organic foods grocery chain. Karen Short, analyst at Barclays,… believes all retailers that sell food and compete with Amazon are potential bidders, “because we think most have too much to lose not to bid.” As a result, she said potential bidders could include Wal-Mart Stores Inc. (WMT), Target Corp. (TGT) and Kroger Co. (KR), “to name a few.”

Amazon’s bid for Whole Foods sparks speculation on what it might gobble up next
Washington Post, June 20
“Amazon.com’s surprise announcement last week that it would buy Whole Foods Market for $13.7 billion sent rival grocery stocks plummeting. It also unleashed a flurry of speculation about the retail behemoth’s next move. Shares of CVS, Walgreens and RiteAid also fell Friday as drugstore chains feared that the online giant could be heading their way next...In other corners of the Internet, analysts and investors speculated that Seattle-based Amazon could be setting its sights on organic grocer Sprouts, discounters DollarTree and Dollar General, and used-goods purveyors such as Plato’s Closet and Once Upon a Child.”

How Will the Amazon-Whole Foods Deal Affect Retail Real Estate?
National Real Estate Investor, June 19
“The proposed $13.7 billion acquisition of organic grocery retailer Whole Foods Market by e-commerce giant Amazon holds the potential to upset the grocery cart, so to speak. Yet retail real estate investors should cheer the Amazon-Whole Foods deal, experts say…Amazon’s purchase of Whole Foods should instill confidence in retail real estate investors, especially those whose portfolios include grocery-anchored properties.”

How Amazon could change your Whole Foods
USA Today, June 20
There’s one big question likely on your mind now that Amazon has rung up its largest purchase ever with the $13.7 billion acquisition of Whole Foods Market: How will CEO Jeff Bezos change my local Whole Foods store?...Depending on how you shop, this deal could mean eventually you never have to set foot in a Whole Foods store again - because you would order online, drive up to the store and have your groceries stuffed in the trunk, or have them delivered straight to your front door. Or, you could make a Whole Foods your neighborhood hangout...After inputting your grocery list, someone gathers all your goodies up while you dine on pizza or a sandwich. Maybe even test the latest Alexa-powered devices

Our very simple take? Anything in any of these article could possibly be true. Until the deal is done and the dust settles, who the heck knows?!
Chris Cardoni, Marketing Manager
CCardoni@KeyPointPartners.com


The Report is coming soon! Watch for it.
The KeyPoint Report on Eastern Massachusetts/Greater Boston 2017:
The one retail real estate report you simply have to read.
Visit KeyPointPartners.com and click on Retail Reports at the top.

KeyPoint Partners Company News




National Retail News

US retail sales recorded their biggest drop in more than a year in May. The Commerce Department said retail sales fell 0.3% last month after an unrevised 0.4% increase in April. May’s decline was the largest since January 2016. Among retailers still reporting monthly sales, L Brands was down 7.0% and Costco was up 4.1%. See our sales reports below....Amazon is acquiring Whole Foods Market in an all cash transaction valued at $13.7 billion. John Mackey, co-founder and CEO of Whole Foods, will remain CEO after the deal closes. Stores will continue to operate under the Whole Foods banner, and the company’s headquarters will remain in Austin, TX. The transaction is subject to approval by Whole Foods Market’s shareholders, regulatory approvals and other customary closing conditions. The parties expect to close the transaction during the second half of 2017 (see Commentary above).

Accelerating Retail News

TJX plans to open several US HomeSense stores this year, to operate as a complement to TJX’s existing HomeGoods chain, which has nearly 600 stores. HomeSense is the TJX-owned chain that operates 110 stores in Canada, and 46 in Europe. It did not reveal details of the locations except to say one store will be in its home base of Framingham, MA…High-end sweets retailer Lolli & Pops is teaming up with GGP Inc. to open 30 new locations.  Lolli & Pops currently operates 38 locations…Taco Bell plans to open around 300 of its city-style Cantina restaurants in urban areas throughout the US by 2022. There are currently 11 of these urban Taco Bell Cantinas in operation…Texas Roadhouse expects to open roughly 30 new units in 2017. That includes 24 new Roadhouses and six Bubba’s 33. The company operates more than 525 restaurants in 49 states and six foreign countries…Exercise bike brand Peloton hopes to have 40 stores by year-end. It currently has 22 US retail stores…Korean fast-casual chain Bibibop plans to open 3 stores in the Washington, DC this month. The expansion comes as a result of Bibibop’s takeover of all ShopHouse location from parent Chipotle earlier this year…Kohler Co. is debuting a retail format designed to showcase its products. The first Kohler Experience Center, in Manhattan, houses displays of Kohler’s product line. Kohler plans to open 9 KECs over the next year, with London to open soon…Lidl will open its first 9 US stores this month in Virginia, North Carolina and South Carolina… Vegan food chain Veggie Grill, which has 28 locations in California, Washington, and Oregon, expects to double in size by 2020, thanks to a new $22 million round of funding... Meijer plans to open its smallest urban store yet, a nearly 30,000 s/f store that will go by the name Bridge Street Market, to be open in fall 2018…CVS Pharmacy has acquired all 14 Illinois locations of Doc’s Drugs in Illinois, and plans to convert and rename the pharmacies by mid-July... French cosmetics giant L’Oreal will sell its Body Shop division to Brazilian make-up company Natura Cosmeticos. The Body Shop has 3,000 stores in 66 countries…Icahn Automotive Group LLC has entered into an agreement to acquire Precision Auto Care Inc., the parent company of Precision Tune Auto Care, which has more than 250 locations in 26 states. Icahn Automotive Group LLC is a wholly-owned subsidiary of Icahn Enterprises L.P. and consists of retailer Pep Boys and parts distributor Auto Plus...Soft Surroundings opened its 50th store this month. Soft Surroundings started as a catalog business in 1999 and opened its first brick-and-mortar location in 2005…Aldi plans to open 900 stores by the end of 2022, giving it 2,500 stores nationwide. The grocer currently operates approximately 1,600 stores in 35 US states…Fred’s Pharmacy secured additional financing to meet its obligation to acquire 1,200 Rite Aid stores that are expected to be divested as part of the Walgreens Boots Alliance/Rite Aid merger, even as reports circulated that the Federal Trade Commission was preparing to block the merger...Buffalo Wild Wings is opening two smaller format restaurants called B-Dubs Express. B-Dubs locations will be about 2,500 s/f  with seating for 35 to 50 people. Its full-service restaurants are about 6,000 s/f and seat 250. Buffalo Wild Wings has 1,200 US locations…Sports Direct, the largest sporting goods retailer in the UK, has completed its acquisition of Bob’s Stores and Eastern Mountain Sports. It will initially operate a total of some 50 stores in the Northeast and 5 EMS outdoor adventure schools, along with e-commerce sites for both brands. Sports Direct owns a portfolio of over 30 brands, including Slazenger, Everlast, Lonsdale, Karrimor, No Fear and Kangol. 

Decelerating Retail News

Payless ShoeSource is seeking bankruptcy court approval to close up to 408 more stores. The chain, which filed for Chapter 11 bankruptcy protection in April, had originally said it planned to close nearly 400 underperforming locations. Payless currently has 4,000 stores in 30+ countries…Michael Kors will close more than 100 full-price retail stores in the next two years...RadioShack closed more than 1,000 stores since Memorial Day weekend and will only have 72 company-owned stores and about 500 dealer-owned stores remaining by mid-June...Central Grocers filed for Chapter 11 bankruptcy. Central Grocers is a grocery cooperative that operates as wholesaler for more than 400 independent grocery stores in the Chicago area. It’s also the parent company of Strack & Van Til and Ultra Foods stores in Illinois and Indiana, which are included in the bankruptcy filing. Last month, Central Grocers announced plans to sell 22 Strack & Van Til stores while closing 9 underperforming stores. The company said it expects to enter into a sales agreement for 19 of the Strack & Van Til stores...Sears is closing 72 more stores, in addition to the more than 180 closings already announced this year. The list includes 16 Sears stores, 49 Kmart stores, and 7 auto centers. The closings will bring Sears’ store count to about 1,200, down from 2,073 five years ago... Ascena Retail Group, operators of Ann Taylor, Lane Bryant and Dressbarn, is planning to close more than 250 locations by July. An additional 400 stores could close if the company can’t negotiate reduced rent with landlords. No particular brand is being targeted for the closures…Gymboree has filed for Chapter 11 bankruptcy protection. The retailer expects to operate its overall business and its stores as usual during restructuring. As of April, Gymboree operated a total of 1,281 retail stores…Bebe Stores, Inc. has made a series of deals that will leave it with no stores. Additionally, it turned over intellectual property rights, international wholesale agreements and e-commerce URLs to BB Brand Holdings LLC, the joint venture it has with brand management company Blue Star Alliance. The deals allow bebe to wind down operations and keep its brand alive without declaring bankruptcy...Teen apparel retailer Papaya Clothing has filed for Chapter 11 bankruptcy protection. Papaya asked the court for the ability to exit leases for 8 stores it is currently operating and another 22 it has already shut down.

New England News

The HYM Investment Group, a Boston-based real estate firm closed on the purchase of the 161-acre Suffolk Downs property in Revere and East Boston. HYM aims to begin developing retail and residential on the site, with office coming later...Dickey’s Barbecue Pit and local franchisee Larry Jones have signed an agreement for MA. The first Dickey’s locations in the state are under development in Andover and Burlington, scheduled to open in late fall 2017. Dickey’s has nearly 600 locations in 44 states... Oath Craft Pizza, a Nantucket startup known for its quick-bake pizza, has opened 5 MA locations since 2015, and plans 2 more Boston-area locations...Democracy Brewing Cooperative has signed a lease for 7,600 s/f, 145-seat brewery and restaurant at Temple Place in Downtown Crossing, expected to open in 2018…A $1 billion, 2.3-million s/f mixed-use development in Somerville’s Union Square is moving forward following zoning approval. Upon full buildout, developer US2’s project will feature 1.38 million s/f of commercial space, with uses including office, lab, hotel, retail and arts and creative economy spaces, in addition to residences…Bon-Ton will close its store at the Maine Mall in South Portland by the end of August.

RETAIL SALES REPORT


























Notes: figures gathered from individual company websites, press releases, and Federal filings.  Not all companies report all figures; results not reported will be marked “n/r”. Quarterly results will be updated when available; quarterly figures are shown in italics. Figures from companies not calculated to one decimal point automatically received an ending digit of 0. 

COMMERCE DEPARTMENT MONTHLY SALES

The Commerce Department said retail sales fell 0.3% last month after an unrevised 0.4% increase in April. May’s decline was the largest since January 2016. Excluding automobiles, gasoline, building materials and food services, retail sales were unchanged.

Source: U.S. Department of Commerce - commerce.gov

TREASURY YIELDS

















Treasury Yield Sources:  federalreserve.gov; ustreas.gov

CONSUMER CONFIDENCE INDEX

The Conference Board Consumer Confidence Index®, which had decreased in April, declined slightly in May. The Index now stands at 117.9 (1985=100), down from 119.4 in April. The Present Situation Index increased marginally from 140.3 to 140.7, while the Expectations Index declined from 105.4 last month to 102.6 in May.

Source: The Conference Board - www.conference-board.org

PURCHASING MANAGERS INDEX

Manufacturing expanded in May as the PMI® registered 54.9 percent, an increase of 0.1 percentage point from the April reading of 54.8 percent, indicating growth in manufacturing for the ninth consecutive month. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.

Source: Institute for Supply Management - Manufacturing Report on Business - www.ism.ws

Monday, June 5, 2017

Eastern MA/Greater Boston KeyPoint Report Preview

The 2017 KeyPoint Report for Eastern Massachusetts/Greater Boston, based on our proprietary GRIID™ retail database, is in production. While you’re waiting, here’s a preview:

Vacancy Rate: The vacancy rate in Eastern Massachusetts finished the year at a surprising level of 8.5%*, significantly below the 8.8% vacancy rate reported last year. At the same time total inventory ended the year slightly higher at 194.6 million square feet, a modest gain of 0.4%. A number of vacant big box demolitions attributable to redevelopment projects as well as property conversions to non-retail use had a large hand in a net reduction of vacant space of 1.1 million square feet. While vacancy absorption is good news, we also have to keep in mind that a significant number of announced store closing have not yet occurred.

Size Classifications: Redevelopment has much to do with lowering the vacancy rates in all size classifications this year, with the exceptions being the 25,000-49,999 SF range as well as 200,000+ SF (which remains fully occupied). The ten-store liquidation of Sports Authority, which had an average store size of 41,000 square feet in the region, was largely responsible for the rate rise in the 25,000-49,999 SF segment.

Town Rankings: The five communities with the most amount of retail space remain the same as last year, with Boston and Cambridge maintaining their dominance in first and second position. Natick, Brockton, and Burlington follow. Randolph now has the lowest vacancy rate in the region after ranking 65th last year. The opening of Brothers Supermarket, its third store in the region, as a grocery replacement for the vacant Sudbury Farms resulted in the leap to first place. Taunton is again the community with the highest vacancy rate at 19.2%. Eight other towns have vacancy rates of 15% and higher.

Retailer Activity: The retailer adding the most retail space in the region was Big Y, now a serious grocery player in Eastern Massachusetts, by way of its acquisition of eight Hannaford locations. Big Y currently occupies more than 500,000 square feet in the region. Runner-up was Life Time Athletic, which added a 136,000 square foot Framingham club. Market Basket is third with the addition of an 82,000 SF store in Plymouth.

In terms of contraction, Hannaford vacated the most retail space in the region by divesting eight stores in the merger between Ahold and Delhaize, and recently closing another, for a a total of 445,300 square feet. Sports Authority was the runner-up, closing 10 stores in the region, or 411,600 square feet. Kmart ended in third place as a result of four store closings in Tewksbury, Attleboro, Fairhaven, and Fall River.

With respect to store count - and aside from 2015-early 2016 acquisitions that continued converting store brands (i.e. Mattress Firm/Sleepy’s, 7-Eleven/Tedeschi’s, Sprint/Radio Shack) - Cricket Wireless added 10 units, the most in the region, followed by Metro PCS and Starbucks, both adding 10 stores.

*NOTE: Our more observant readers may have noticed that we adjusted last year’s vacancy rate downward from 9.0% to 8.8%. We did so after concluding that approximately 226,000 SF of chronically vacant supply had become obsolete and was unlikely to be leased as retail in the foreseeable future.

Readers can expect to see much more detail on retail changes in Eastern Massachusetts when we publish our 2017 KeyPoint Report for Eastern Massachusetts/Greater Boston. Stay tuned!

Bob Sheehan, Vice President of Research
BSheehan@KeyPointPartners.com


The KeyPoint Report examines changes in supply, vacancy and absorption, retailer activity, and market composition by store size and retail categories during the year ending May 2017. This study includes 189 cities and towns, representing more than 3,500 square miles (44% of Massachusetts’ land area) and approximately 5.2 million people (76% of the state population).  

KeyPoint Partners’ GRIID™ database maintains detailed information on virtually all retail properties in three key regions: Eastern Massachusetts, Southern New Hampshire and Greater Hartford, Connecticut. These markets encompass approximately 44% of all retail space in New England. GRIID™ has information on nearly 262 million square feet of retail space and nearly 60,000 retail establishments. The KeyPoint Reports contain a summary and analysis of market trends and activity for each studied area.

The KeyPoint Reports: Visit KeyPointPartners.com and click on Retail Reports at the top.

Company News

Employee News: Jane Herrick has been promoted to Senior Corporate Accountant, Joanellen Sullivan has been promoted to Accounting Manager, and Sarah Frisone has been promoted to Property Manager in the Burlington, MA office.

National News

US retail sales in April increased 0.3%, the National Retail Federation said, while the Commerce Department said retail sales rose 0.4%. Excluding automobiles, gas, building materials and food services, retail sales gained 0.2%. Among retailers still reporting monthly sales, L Brands was down 5.0% and Costco was up 3.0%. See our sales reports below.

Accelerating News

T-Mobile will open 43 new stores in the coming year, adding to a base of 263 retail locations…Papaya King is planning 500 locations across North America. The plan is to go after the 40 biggest media markets in North America and drop franchisees in each one…U.K. sports retail company Sports Direct received the approval of the Delaware Bankruptcy Court to acquire certain assets of Eastern Outfitters LLC, including the businesses of Bob’s Stores and Eastern Mountain Sports for $101 million in cash. The acquisition includes approximately 50 Bob’s Stores and Eastern Mountain Stores in the US…J.C. Penney will open 70 new in-store Sephora shops in Penney locations and expand 32 existing shops by nearly 50%. Sephora shops will be featured in nearly 650 Penney stores in 2017…Sprint plans to add 79 new retail locations across Texas by the end of 2017. Sprint operates 350 retail locations throughout the state…L.L.Bean will open its first Utah store in Park City in the winter 2017 or spring 2018…Macy’s plans to add 30 Backstage shops to existing Macy’s stores this year…Starbucks will open a four-level, 43,000 s/f Starbucks Reserve Roastery in 2019, in the building currently occupied by Crate & Barrel on Michigan Avenue in Chicago. The Chicago Roastery will be the company’s third US Roastery…Bojangles’, Inc. announced a multi-unit development agreement with new franchisee MSR Restaurants, LLC to open multiple Bojangles’ restaurants in metro Washington, DC over the next several years…Bonobos added three new stores (which it calls “guideshops”), in Los Angeles, Kentucky, and Chicago...Daiso Japan opened its 5th store in Texas. The popular 100 yen store, where almost everything costs $1.50, has more than 2,800 stores in Japan and more than 600 in other countries including the US...Weis Markets will open 7 stores and remodel 14 stores by 2018. In 2016, Weis acquired 44 stores from Ahold-Delhaize (including 38 Food Lion locations), converting them to its own banner. The acquisition grew the company’s store base to 204 stores in 7 states…Women’s apparel retailer Avec Les Filles has opened a 1,200 s/f in-store shop at Macy’s Herald Square in NYC. The brand has opened 9 in-store shops at Macy’s to date... DICK’S Sporting Goods  opened 36 new US Golf Galaxy stores, bringing the golf retailer’s footprint to 98 locations across 33 states…Tech repair brand uBreakiFix opened its 300th location, continuing its successful expansion across North America…Spin Master Corp. purchased Marbles: The Brain Store. Under the terms of the sale, Spin Master will acquire the company’s brand name, e-commerce business, portfolio of games, and other assets. Marbles filed for Chapter 11 in February and closed all stores, but continued to look for a buyer for its business…Hammer & Nails Grooming Shop for Guys plans to have 250 locations by 2022. The company will be opening its first franchise locations this year, with 5 slated to open by the end of this summer. After offering a franchise opportunity in 2015, the brand has awarded licenses for more than 200 shops...Plus size retailer Juno Active will open its first store this spring, at Mall of America in Bloomington, MN. Originally called Junonia, the company was founded in 1995 as a catalog operation. It rebranded itself as Juno Active in 2012, and switched to an online model...Sarah Jessica Parker will open her second The SJP by Sarah Jessica Parker store at the Bellagio Resort & Casino in Las Vegas this summer….Amazon Books will open a 10,000 s/f store in the Georgetown section of Washington, DC, and will be Amazon’s 13th bookstore...ZIPS Dry Cleaners opened the first of 110 locations planned for Southern CA. The chain operates more than 50 stores in 6 states…Potbelly Sandwich Shop plans to open at least 4 restaurants in Southern CA... Pep Boys - Manny, Moe & Jack has acquired 12 retail tire locations in the Memphis area with the purchase of Mathis Tire & Auto Service Inc. and Direct Tire Distributors Inc... German chain grocery Lidl is opening its first US stores in June, with 20 stores set to open throughout the summer. The chain plans to open up to 100 stores across the East Coast by next summer...Forever 21 has entered into a partnership with mall owner GGP Inc. to debut a new retail format called Riley Rose, a beauty boutique, at 13 GGP regional shopping centers, with 10 locations opening in 2017.

Decelerating News

Central Grocers is in talks to sell 22 stores operated by its largest retail customer, Strack & Van Til, and is closing Strack’s remaining 9 stores this month. Albertsons Cos. Jewel Food chain has been revealed as a bidder for 19 of the stores…The Fresh Market is closing 5 stores while continuing the rollout of its new format to additional locations. The Fresh Market is also planning to open a new store near Miami, FL. It will operate about 175 locations after the planned openings and closures... Many of Gander Mountain’s 160 stores are closing, and inventory will be liquidated, under a plan filed in bankruptcy court. When the chain filed for bankruptcy in March, it said it would shut 32 stores in 11 states. Now those numbers could go higher. Camping World Holdings won a bankruptcy auction of Gander Mountain’s assets; the deal requires Camping World to assume the leases on just 17 Gander Mountain stores, and gives it the right to assign others... Macy’s is winding down operations related to the agreement it had to establish Tailored Brands’ Men’s Wearhouse tuxedo rental shops in 300 Macy’s stores. Macy’s will continue to take new reservations until June 1, and plans to cease operations by July 14... 86-year-old grocery chain Marsh Supermarkets filed for Chapter 11 bankruptcy protection, and is seeking a buyer for all or part of its business.  The company’s 44 locations will continue normal operations throughout the process, but will be shuttered if the company does not find a buyer within 60 days…Rue21 filed for Chapter 11 bankruptcy protection in a Pennsylvania court. Rue21 has entered into agreements with some lenders to reduce debt and provide additional capital for restructuring, but expects to continue normal operations throughout the process. Rue21 warned that it could evaluate additional store closures, in addition to the already-planned 400 closures that began in April. The chain operates more than 1,100 stores…Sears Holdings announced in January that it would close 150 stores this year. Now the company is notifying local media of additional closures of both Sears and Kmart stores. Most will start liquidation sales in April and close in July. Over the last month, the list of additional closures has grown from about 5 stores to more than two dozen.

New England News

Target will open a 21,500 s/f location in Roslindale Village next year. Target has previously opened small-format urban stores in Brookline and Cambridge, with another expected to open this July in Stoneham. Target currently operates 36 small-format stores, with plans to open 100 more during the next three years…Native Grill & Wings opened its first MA location, in Oxford. The company plans call for 4 -6 locations throughout the Boston Metro Area over the next three years…84 Lumber opened its second MA location in Holbrook this month.  84 Lumber operates more than 250 US stores…Duluth Trading Company opened its 20th store, in Warwick, RI... At Home opened its first store in RI and New England in the former Sam’s Club location on Route 2. A second At Home store is scheduled to open in Seekonk, MA, at the end of May. The chain has 128 stores in 31 states... L.L. Bean will open its first permanent, full-line urban store in spring 2018, in the Seaport District of Boston. At 8,600 s/f the Boston outpost will be significantly smaller than Bean’s traditional retail footprint. Bean operates three mall-based stores in MA, along with a 150 s/f kiosk at the Prudential Center in Boston, and a seasonal kiosk at the Natick Mall, and will open a 20,000 s/f location at Mashpee Commons, a mixed-use center in Mashpee, MA, this summer...The New England Mobile Book Fair, a literary landmark in Newton for more than half a century, and one of the last remaining independent bookstores in the area, will move across the street, into Marshall’s Plaza at 241 Needham St. The new store will be 4,400 s/f, a lot smaller than the original 32,000 s/f warehouse space.

RETAIL SALES REPORT































Notes: figures gathered from individual company websites, press releases, and Federal filings.  Not all companies report all figures; results not reported will be marked “n/r”. Quarterly results will be updated when available; quarterly figures are shown in italics. Figures from companies not calculated to one decimal point automatically received an ending digit of 0. 

COMMERCE DEPARTMENT MONTHLY SALES

US retail sales for April were $474.9 billion, an increase of 0.4% from the previous month, the Commerce Department said. Excluding automobiles, gasoline, building materials and food services, retail sales gained 0.2%.

Source: U.S. Department of Commerce - commerce.gov

TREASURY YIELDS


















Treasury Yield Sources:  federalreserve.gov; ustreas.gov

CONSUMER CONFIDENCE INDEX

The Conference Board Consumer Confidence Index®, which had increased in March, declined in April. The Index now stands at 120.3 (1985=100), down from 124.9 in March. The Present Situation Index decreased from 143.9 to 140.6 and the Expectations Index declined from 112.3 last month to 106.7.

Source: The Conference Board - www.conference-board.org

PURCHASING MANAGERS INDEX

Manufacturing expanded in April as the PMI® registered 54.8 percent, a decrease of 2.4 percentage points from the March reading of 57.2 percent, indicating growth in manufacturing for the eighth consecutive month. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.

Source: Institute for Supply Management - Manufacturing Report on Business - www.ism.ws