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Weekly Perl: A Commercial Real Estate News Recap 5/31/2024

Ollie’s wins bankruptcy bid for 11 former 99 Cents Only Stores

 

Discount retailer Ollie’s announced Friday that it’s acquiring 11 former 99 Cents Only stores. Ollie’s said the U.S. Bankruptcy Court for the District of Delaware approved the company’s stalking horse bid for the 99 Cents stores for $14.6 million in cash on Thursday. 99 Cents Only announced it would liquidate on April 4 and less than a week later, the California-based company filed for Chapter 11.



How Ace Hardware, America’s neighborhood hardware store for 100 years, is beating its big-box rivals


New York CNN — Mahin Barker said soccer moms keep her on her toes at her store in West Lake Hills on the outskirts of Austin, Texas. They come in nearly every day and they’re keen to shop. “They have a lot of time and disposable income to spend so we have to keep our merchandise fresh because they’re here so often,” she said. 



Unknown number of Stop & Shop stores to shutter

 

Ahold Delhaize USA will close an unspecified number of Stop & Shop stores, the company announced in a recent investor strategy day. On Wednesday, Ahold Delhaize USA CEO JJ Fleeman said an evaluation of Stop & Shop’s overall portfolio had been completed and that underperforming stores will be shut down to create a healthy store base for the long term.



Ross Stores Q1 sales up 8% as shoppers continue to hunt for off-price bargains


Ross Stores reported better-than-expected first-quarter earnings and revenue even as inflation continues to squeeze its core shoppers. The company also raised its earnings forecast amid lower costs and traffic gains. 



Nintendo to open store in San Francisco


Twenty-years after it opened its first — and only —U.S. store, Nintendo is planning a follow-up.Nintendo of America said it plans to open an official store in San Francisco’s Union Square. The store, called Nintendo San Francisco, will open in 2025.



Taco chain to grow in Arizona, Texas

 

The fast-casual taco chain has signed two multi-unit development agreements to mark the brand’s expansion throughout Arizona and Texas. The deals will bring 40 new restaurants to market over the next eight years.


The Weekly Closeout: E.l.f. Beauty reports $1B in net sales and Wayfair opens its first large-format store

 

It’s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week, and what we’re still thinking about. 



The Chicken Wars Are Far From Over


Known across the Southeast for its fried chicken and biscuits, Bojangles is looking to grow beyond its home turf and establish itself as a national player in one of fast food’s most crowded categories. The expansion strategy starts with a big change to the menu.  








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