Weekly Retail Real Estate News 10/6/2023
Updated: Oct 13
Banks Pull Back on Commercial Real Estate Lending
The top 25 banks by assets hold 31% of all commercial real estate loans on bank balance sheets. But in 2016, the growth of commercial real estate loans at large banks began to slow. The combination of increased banking regulations in the wake of the Great Recession, the expansion of non-bank lenders, and further competition from regional banks all led to more tepid loan growth among the top players.
Are Investors About to Win Big With Tractor Supply's New Growth Plan?
Tractor Supply (TSCO 0.30%) is an interesting retailer. While it is geared toward farming, even selling baby chickens, it isn't exactly focused on full-time farmers. That's partly why it has been able to keep expanding its store base for many years, drawing in both hobby farmers and general consumers. Read Full Article...
Welcome to the Rise of Drive-Thru-Only Restaurants
One modern marketing strategy tells companies to “meet customers where they are.” That could be amended in the limited-service restaurant industry to “meet customers where they drive.” As the percentage of customers using drive-thru lanes at quick-service and fast-casual restaurants has grown, an increasing number of dining brands of all sizes have considered—and gone forward with—launching drive-thru-centric units, many with pickup options.
Rite Aid gets listing warning from NYSE
Shares of Rite Aid Corp. fell 2% after hours on Wednesday after the drugstore chain said the New York Stock Exchange notified the company that it is “no longer in compliance” with the exchange’s minimum pricing and valuation standards, following a steep drop for the stock so far this year. The company said that it received the notice on Sept. 28, after its average market value over a 30 trading-day period slipped below $50 million, and after its average closing share price over that period fell below $1. Read Full Article...
For Burger King, a Reset, then a Revival
In reality, Patrick Doyle’s influence on Burger King began well before his arrival as executive chair last November. It started in mid-May 2021 when Tom Curtis joined after 35 years at Domino’s. Curtis, who started as a store manager, became a franchisee, and eventually served as EVP of corporate operations and U.S. operations and support, had a clear view of Doyle’s blueprint at the pizza giant. Read Full Article...
Toys R Us Sets National Roll-Out of Stores, Expansion Into Airports, Cruise Ships
Reborn Toys R Us plans to launch a fleet of stores next year across the country, as well as opening retail locations at airports and on cruise ships. The company's parent, New York-based WHP Global, on Friday said it plans to relaunch the brand by rolling out flagship stores nationally starting early next year in partnership with Go! Retail Group, which is headquartered in Austin, Texas. Read Full Article...
US Retail Market Thwarted by Its Own Success
Retail tenants across the U.S. leased just under 59 million square feet during the second quarter, the lowest amount of total space signed in a quarter in over two years. And while the total amount of space leased is expected to rise as more leases that were signed near the end of the quarter are fully captured, leasing has certainly downshifted across retail property in the past few quarters. Read Full Article...
Gelson’s to debut new store format — at EV charging stations
The specialty grocer, which operates 27 stores throughout Southern California, is partnering with electric vehicle-charging station developer Rove to provide food and beverage services at its new charging stations. Rove plans to build six locations in Southern California beginning this year, with 20 stations planned by 2026. Read Full Article...
Controversy surrounds Covered 6 contract cancellation
Following Thursday night’s shock announcement that private security company Covered 6 has withdrawn from its contract to patrol the Downtown and Promenade districts, City officials and Downtown Santa Monica, Inc. (DTSM) board members reacted with shock and bewilderment. Read Full Article...
If You Need 100 Car Chargers Right Now, You’re Already Behind The EV Revolution
The rising popularity of electric vehicles is catching some developers and property owners by surprise. For Paul Williams, the founder and president of Greenspeed Energy Solutions, it has created an opportunity. He recently got a call from a multifamily developer looking to install his company's EV chargers at their property. Read Full Article...
Restaurants, Movie Theaters Expected To See Uptick This Holiday Season
Restaurants and other retail venues such as movie theaters have reason to celebrate this holiday season: Americans say they intend to boost their spending on experiences in the festive period rather than just buying gifts. Read Full Article...
California Gov. Gavin Newsom Signs Fast-Food Wage Bill into Law
California Gov. Gavin Newsom signed a bill into law (AB 1228) Thursday that will raise the state's minimum wage to $20 for fast-food workers starting in April. The move comes a little more than two weeks after foodservice representatives and labor groups reached a compromise to kill the Fast Act, which was scheduled to go on the 2024 ballot as a referendum. Signed into law by Newsom last year. Read Full Article...