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Weekly Perl: A Commercial Real Estate News Recap 3/22/2024

Joann Files for Bankruptcy, Plans To Keep Stores Open


Joann, the leading U.S. seller of sewing supplies, has become the latest retailer to file for bankruptcy this year, but in this case, the chain plans to keep its 815 stores open. The Hudson, Ohio-based seller of fabrics as well as arts-and-crafts merchandise, said on Monday it is seeking voluntary Chapter 11 protection in U.S. Bankruptcy Court of the District of Delaware. 



The Complex and Evolving Story of Steak ‘n Shake’s Comeback

 

Sardar Biglari can get philosophical when reflecting on Steak ‘n Shake. In 2022, he shared a quote from Italian Renaissance artist Michelangelo. “The sculpture is already complete within the marble block before I start my work. I just have to chisel away the superfluous material.”  Biglari’s point was the chain had to cut “superfluous elements” to sculpt a business model that worked. “We Michelangelo’ed Steak ‘n Shake,” Biglari said at the time.

 


Freddy’s Sets Up Growth for Many Years to Come

 

There was a real person behind the name Freddy’s Frozen Custard & Steakburgers. He was a man who grew up in Wichita, Kansas, enlisted in the Army, and came back a war hero with a Purple Heart and Bronze Star Medal.  After serving his country, Freddy Simon entered the hospitality business, meaning his entire adult life was in the business of serving others, said Freddy’s CEO Chris Dull.

 


Dick’s posts ‘incredibly strong’ Q4; plans 'significant' 2024 sq. ft. growth


Dick’s Sporting Goods reported the strongest holiday sales quarter in its history along with earnings that were far ahead of Street estimates.The nation’s largest sporting goods raised its quarterly dividend 10% to $1.10 per share and forecast another year of positive growth. 



Chick-fil-A’s First Mobile Pickup Restaurant Set to Open in NYC


In the summer of 2023, Chick-fil-A unveiled a four-lane drive-thru design with capacity to serve 75 cars at once. Naturally, it was a headline firehouse, and one that illustrated a couple of points: Firstly, digital orders had grown to more than half of the brand’s sales in some markets. And secondly, asset evolution, in general, had come a long way industry-wide toward meeting a shift in consumer preference ignited by COVID conditions. 



Naya Seeks 200 Locations and Elevation of Middle Eastern Cuisine

 

Hady Kfoury founded Naya Mezze & Grill in 2008 to create a casual, yet fine-dining restaurant platform for traditional Lebanese and Middle Eastern food. He was inspired by his hospitality management studies at Ecole Hoteliere de Lausanne in Switzerland and work with celebrity chefs Daniel Boulud and Francois Payard.



Angry Chickz Spices Up Chicken Franchise Segment


David Mkhitaryan was hooked the moment he tried Nashville hot chicken. As a spicy food fanatic since childhood, Mkhitaryan took his experience from working in his family’s restaurant and set out to popularize the dish along the West Coast.


Dollar Tree to close 600 Family Dollar stores in 2024; swings to Q4 loss


The discount retailer, which initiated a comprehensive review of its Family Dollar business in November, plans on closing approximately 600 Family Dollar stores in the first half of fiscal 2024. (At the end of the third quarter, slightly more than half of the company’s approximately 16,622 locations operated under the Family Dollar banner.) 




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