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Weekly Retail Real Estate News 10/27/2023

DTSM begins search for new security provider

After the shock announcement that private security firm Covered 6 had pulled out of the contract to patrol the 3rd Street Promenade, the Downtown Santa Monica, Inc. (DTSM) board has voted to move ahead with a Request for Proposal (RFP) from other similar companies.


Vici Strikes $433 Million Deal With Bowling Center Operator Bowlero

Seeing a match between their strategies, publicly traded entertainment firms Vici Properties and Bowlero have teamed up on a nearly $433 million sale-leaseback deal.Under the agreement, bowling alley owner Bowlero sold 38 of its centers to Vici, an owner of casinos, waterparks, resorts and golf courses. Read Full Article...



Golden Corral’s Fast-Casual Spinoff is Coming Soon

Golden Corral—known as the biggest and most recognizable buffet chain in America—is just a couple of months away from its debut in the fast-casual segment. The chain’s new spinoff, Homeward Kitchen, is scheduled to open in Southern Pines, North Carolina in December. The restaurant is opening in a former Chick-fil-A building.



Z Gallerie files for bankruptcy; pins hopes on finding buyer

Z Gallerie has filed for Chapter 11 bankruptcy protection and is hoping to find a buyer to avoid liquidation. It’s the third bankruptcy filing for the LA-based home furnishings and décor retailer, which previously filed in 2019 and 2009. In the new filing, Z Gallerie noted “severe liquidity constraints” resulting from “underperforming retail stores, adverse macroeconomic trends, and industry specific headwinds.” The retailer, which one had nearly 60 stores, currently operates 21 locations in nine states and an e-commerce site. Read Full Article...



Google opens store, cafe at new center in California

Google is celebrating its 25th anniversary with the opening of a “Visitor Experience” center that includes its first brick-and-mortar store on the West Coast. Located at the company’s Mountain View headquarters, the 10,000-sq.-ft. center is designed to provide visitors with an immersive experience that showcases Google as well as the local community. Read Full Article...



Uniqlo Planning Big Expansion, Wants To Bring U.S. Store Count To 200

Apparel brand Uniqlo is riding a wave of customer interest in its affordable offerings and plans to dramatically expand its footprint in the U.S. over the next three years. Uniqlo USA CEO Yoshihide Shindo said he aims to have 200 stores in the U.S. by 2027, beauty, fashion and wellness site Glossy reported. Hitting that target would represent a big growth spurt for the company, which has 53 stores nationwide now. Read Full Article...



Texas Roadhouse Is America's Most Beloved Sit-Down Restaurant Chain, New Report Says

It was already shaping up to be a stellar year for Texas Roadhouse as the chain saw rapid growth and record numbers of visits from its loyal customers. And now, new data only reinforces that Americans' love for Texas Roadhouse runs deep. Read Full Article...



Bank of America, Wells Fargo, JPMorgan Chase To Close Dozens of Branches

Banks are closing dozens of branches in less desirable areas to cut costs as financial pressure increases from higher interest rates and distressed commercial mortgages on office buildings. Bank of America, Wells Fargo, JPMorgan Chase, U.S. Bancorp and a handful of smaller banks have all recently closed or will soon close branch offices nationwide. The branches set for shutting are located in Atlanta, Dallas, Los Angeles, Phoenix, San Francisco and other large markets. Read Full Article...



Jollibee Embraces Life as a Challenger Brand

This year, Jollibee—a worldwide fast-food chain founded in the Philippines with roughly 1,300 total locations—is celebrating its 45th anniversary and 25 years in North America. However, head of marketing Luis Velasco describes the concept as a challenger brand. Read Full Article...



Fred Segal opens on Montana Avenue

Iconic Los Angeles fashion brand Fred Segal is returning to Santa Monica with a new store at 1533 Montana Avenue. The retailer announced its new location on social media last week to the surprise and delight of many. Read Full Article...



Rite Aid gets court OK for nearly $3.5B in bankruptcy financing

Rite Aid’s business portfolio “is burdened by unprofitable stores that it cannot effectively exit absent the tools available in Chapter 11,” Jeffrey Stein, who was appointed CEO and chief restructuring officer immediately upon the Chapter 11 filing, said in court documents. “Those stores challenge the company’s earnings profile, turnaround initiatives, and free cash flow.” Stein stated that Rite Aid has $80 million in annual “dead rent” costs because of its inability to exit underlying leases outside of a Chapter 11. Read Full Article...



Popeyes’ Journey from Cult-Favorite to the Mainstream

It’s been more than four years since Popeyes’ chicken sandwich landed like a meteor. The company fulfilled as many orders in 14 days as it projected over the following month and a half, leading to Popeyes famously running out of supply. Some stores reported serving 1,000 chicken sandwiches per day, and one tweet (the now-infamous challenge to Chick-fil-A) ended up garnering north of 20 billion impressions, according to Ad Age. Or some $220 million worth of media. Read Full Article...



Iconic Gladstones restaurant reopens; to remain open at least another two years

Gladstones restaurant which was scheduled to close last month has been given a reprieve. The iconic restaurant, once the highest grossing eatery in Los Angeles, has reopened under new management and is expected to keep its lease for at least two years. Read Full Article...

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