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Weekly Retail Real Estate News- 2/2/2024

Inglewood transit connector project delayed until 2030

 

Another automated people mover project in Los Angeles has run into its fair share of roadblocks. The $2 billion Inglewood Transit Connector Project, which would connect the Metro K Line to Inglewood and provide easier access to venues like SoFi Stadium, Kia Forum and Intuit Dome, has also ran into several delays in its preliminary stages.



The Fed Declares Interest Rates Have Reached Their Peak

 

Federal Reserve Chairman Jerome Powell declared the end of the current monetary tightening cycle on Wednesday as policymakers decided to hold interest rates steady. "The policy rate is at its peak in this tightening cycle," Powell told reporters after the Fed's policy-making committee's first meeting of the year. 



Walmart to add more than 150 larger-format stores during next five years


Walmart is moving back into brick-and-mortar expansion.The retail giant said it plans to build or convert more than 150 larger-format stores during the next five years while also continuing its program to remodel existing locations. During the next 12 months, Walmart expects to remodel 650 stores across 47 states and Puerto Rico. 

 


USPS installs EV charging stations, plans 66,000 EVs by 2028

 

The U.S. Postal Service (USPS) is moving forward with plans to deploy one of the nation's largest electric vehicle (EV) fleets. As part of a 106,000-vehicle acquisition plan for deliveries it launched in 2022 (which is included in a larger $40 billion investment strategy to upgrade and improve processing, transportation, and delivery networks), USPS has implemented  its first set of EV charging stations at its South Atlanta sorting and delivery center (S&DC).

 


South Block and Savory Fund Ink Deal to Bring Açai to the Masses


He first learned about the company when a friend and mentor shared an article with him. The private equity firm built its reputation on investing in emerging quick-service chains, even through COVID. As the founder and leader of South Block, a rising fast casual in the DMV area known for its selection of made-to-order smoothies, açai bowls, toasts, and cold-pressed juices, Mostafavi seemed to fit what Savory typically looks for.



QDOBA Will No Longer be an ‘Afterthought’ on the National Stage


At 750 restaurants in 45 states, Canada, and Puerto Rico, QDOBA is the No. 2 player in the Mexican fast-casual space. What’s more impressive, according to CEO John Cywinski, is that the brand reached this height while dealing with lackluster ownership. 



Target’s ‘winning retail format’ includes large — and small — store expansions


Target Corp. is pulling back the curtain on its 2023 new store openings and remodels for a glimpse of what’s to come as the retailer set an ambitious pace moving into 2024.“From more stores to more deliveries, we’ve set an ambitious pace moving into 2024," the company said in a blog post, in which it offered up details about its “winning retail formula.”

 


Jack in the Box Believes it’s a Challenger, but that’s Changing Soon


With Jack in the Box being the fifth-biggest quick-service burger chain in the U.S. and Del Taco positioned as the second-largest Mexican brand in the space, CEO Darin Harris honestly can’t think of any other chains that have that type of scale and proof of concept, yet still maintain “such tremendous whitespace across the United States for growth.” 



Retailers are finding more of what they want off mall


After decades together, some retailers are redefining their relationships with malls. Stores like Macy's, Dillard's, Belk and J.C Penny have long been seen as pillars of stability for America's indoor shopping malls. But in recent years, those retailers have increasingly been looking and moving-off-malll. The pandemic accelerated

the trend.  



Aldi acquisition of Southeastern Grocers moves forward with divestiture of Fresco y Más


Southeastern Grocers Inc. has completed its divestiture of Fresco y Más to Fresco Retail Group, LLC, the company announced Thursday. Southeastern continues ownership and operation of Harveys Supermarket and Winn-Dixie grocery stores. 



Love’s Travel Stops details 2024 store opening, remodeling plans


Love’s Travel Stops is celebrating its 60th anniversary by continuing to expand its footprint and service offerings. The travel stop and convenience-store retailer plans to add 20 to 25 new locations and update 35 to 40 aging stores and in 2024. It also will completely rebuild four stores in 2024. 



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