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Weekly Perl: A Commercial Real Estate News Recap 5/24/2024

Retail vacancy hits 25% on Santa Monica’s Third Street Promenade


Santa Monica’s Third Street Promenade once hosted with multitudes of shoppers, people watchers and patrons of street performers a couple of blocks from the beach. Though an estimated 10 million people a year head down to Santa Monica Pier each year, a small fraction now appear interested in strolling down the sunny, pedestrian mall on Third Street, between Broadway and Wilshire Boulevard, SFGate reported.



Retail Armageddon? Brokers Say No, Vacant Stores Should Find Eager Tenants.


U.S. store closings have surged in recent months compared to last year while openings have slowed slightly. But retail real estate professionals remain upbeat on the industry going into the last half of 2024, saying they see few signs the sector is about to enter another retail apocalypse.

 


'Shocking': The fall of Third Street Promenade, Calif.'s once-vibrant outdoor mall

 

On a recent Sunday, the glittering coastline buffeting the Santa Monica Pier teemed with throngs of tourists. Visitors tried their hand at carnival games and rides on the waterfront, stopping to snap photos backdropped by the city’s arching blue-and-white sign. Others took in the sunshine while moseying around shops and dive bars around Ocean Avenue, which overlooks the vast azure expanse of the Pacific.



Three Types of Businesses Largely Drive Retail Demand Resurgence


You wouldn't know it from headlines focusing on recent store closings, but the overall U.S. retail sector has undergone a resurgence in the past couple of years, with vacancy rates declining and rents rising to record highs. Three drivers are supporting the revival. 



The Manifestation of Inspire Brand’s Collective Strength


Inspire Brands has said at times in recent years there’s whitespace to double the footprint of each of its six concepts—Arby’s, Buffalo Wild Wings, Dunkin’, Sonic Drive-In, Jimmy John’s, and Baskin-Robbins. And while that’s mostly an individual, case-by-case outline. Inspire’s model was always built on the goal of collective scale. Imagine how hotel partners drive outside returns through a family of brands.



How Barbecue Chains are Growing and Overcoming Regional Divides

 

The ability to grow a restaurant concept into a multiple-unit enterprise is tough enough, but when the art, science, and craft of barbecue are added in, the degree of difficulty rises a couple notches.



Red Lobster files for bankruptcy with plan to sell itself

 

In a move that was not unexpected, Red Lobster has filed for bankruptcy protection. The casual-dining seafood chain — a mainstay for 56 years — filed for Chapter 11 protection in Florida as it looks to “simplify” its business through a reduction in locations and a sale of its assets as a going concern.  



In a Tough Operating Environment, Wayback Burgers isn’t Missing a Beat


The burger chain was up double digits in same-store sales in the first quarter, despite an unprecedented cold snap in places like Dallas and San Antonio. Wayback president Patrick Conlin emphasizes this increase is not just because of creeping menu prices; transaction counts are growing, meaning people are still coming into the restaurants or buying via the website and app. The chain has inched up menu prices, but not nearly as much as it has in previous years.

 


Walmart opens fourth next-generation fulfillment center


Walmart continues expanding its high-tech supply chain facility model.The discounter has opened its fourth next-generation fulfillment center. The 1.5 million-sq.-ft. facility is located in Greencastle, Penn., and being opened by Walmart with the intention of enabling faster order fulfillment. The Greencastle fulfillment center will employ more than 1,000 associates, and Walmart is currently hiring for a variety of positions, including tech-focused jobs. 

 


Raising Cane’s Explosive Growth Begins and Ends with Culture


The fast casual has an internal app called “One Love Crew” where employees post about success stories, farewells, and everything in between. The company that built the app said the chain has the highest engagement rate of any brand. It’s representative of Kumaran’s belief in having open channels of discussion at every level. 






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