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Weekly Perl: A Commercial Real Estate News Recap 6/30/2024

Consumers plan to trim restaurant, entertainment spending this summer


Consumers are continuing to make spending tradeoffs in the face of high prices. Between 45% and 60% of consumers plan to maintain the same amount of online spending on essentials.



Arby’s Franchisee Declares Bankruptcy for Second Time


Miracle Restaurant Group, a 25-unit Arby’s franchisee, filed bankruptcy on June 20 after facing financial challenges exacerbated by the COVID pandemic. The company, founded in 2005, has stores across Illinois, Indiana, Texas, Mississippi, and Louisiana. It listed $1 million to $10 million in assets and liabilities.



Food Hall Concept Local Kitchens Raises $40 Million


Food hall concept Local Kitchens announced Tuesday that it raised $40 million to fuel further growth across the country. The funding round was led by venture capitalist General Catalyst Partners, with participation from existing investors Human Capital, Pear VC, and DoorDash cofounder Stanley Tang (he will also join the board of directors). With the latest injection, the brand has raised $75 million.



Are Ohio Rite Aid stores closing? Some remain open, but pharmacy chain is shrinking


The pharmacy chain Rite Aid filed for bankruptcy in October. Since then, the chain closed hundreds of stores, including 16 more locations in Ohio during additional recent downsizing. Rite Aid filed for bankruptcy to restructure and cope with losses and lawsuits related to opioids and intends to sell parts of its company.



BJ’s plots 2025 store growth


BJ’s Wholesale Club is looking ahead to 2025. The membership warehouse club retailer said it will open a location in Hanover, N.J., and one in Southern Pines, N.C., early next year. The openings will mark BJ’s 25th club in New Jersey and 10th in North Carolina.



How a Dunkin’ Franchisee Took Atomic Wings to New Heights


Zak Omar didn’t imagine he’d end up running Atomic Wings when he first inquired about franchising a store a decade ago. The multi-unit Dunkin’ franchisee just wanted to add a second concept to his portfolio. As fate would have it, the chicken wing restaurant’s founder was starting to think about retirement. He jumped on the chance to purchase the company a few years later. 



Kroger beats estimates with lower profits in Q1


The Kroger Company’s net earnings declined year-over-year in the first quarter of fiscal 2024, but still came out ahead of analyst predictions. The grocery conglomerate reported net earnings of $1.01 billion in the quarter ended May 25, 2024, down 2.7% from $1.05 billion the same quarter a year earlier. 



Placer.ai: An analysis of Kroger’s diverse, national reach


Kroger — the largest grocer in America after Walmart with sales of nearly $150 million in 2023 — continued to see traffic rise at its top banners in the first quarter by adhering to a strategy of serving different audiences with different supermarkets.



Ballot measure to overturn ULA struck down by California Supreme Court


One of the industry’s key hopes to overturn Measure ULA is dead. The California Supreme Court blocked the Taxpayer Protection and Government Accountability Act from heading to the November ballot, according to a ruling on Thursday. The measure would have overturned the City of Los Angeles’ tiered transfer taxes on residential and commercial sales over $5 million.



Going, Going, Gone: Shopping Center Space Gets Snapped Up at Record Pace


After more than a decade of minimal shopping center development and still riding the tailwinds of the post-pandemic rise in sales, retail tenants are finding themselves in the unfamiliar position of competing for available space. That is, when they can find it.



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