Weekly Perl: A Commercial Real Estate News Recap
Inglewood receives $200M down payment for transit project from Biden Administration
INGLEWOOD – The city of Inglewood has announced receiving a $200 million down payment from the Biden Administration towards the Inglewood Transit Connector (ITC) project. According to a press release issued by Inglewood Mayor James Butts, the down payment is scheduled to come from a $1 billion pledge of federal funds from the Federal Transit Administration (FTA) towards construction costs of the nearly $2.2 billion 1.6 mile transit project.
El Pollo Loco Aims for Consistency as Growth Looms
El Pollo Loco reported its Q4 earnings just a few days before incoming CEO Liz Williams took her post this week. Interim CEO Maria Hollandsworth and CFO Ira Fils offered investors a glimpse at what’s to come under her leadership as the company looks to accelerate expansion with aspirations of becoming a stronger national player.
Costco holiday-quarter sales, traffic up; no membership fee hike — yet
Costco Wholesale Corp. maintained momentum in the crucial holiday quarter amid strong e-commerce growth and traffic gains. The membership warehouse club giant reported earnings that easily topped Wall Street expectations, but its sales came in below estimates. For its second quarter, ended Feb. 18, Costco’s net income rose to $1.74 billion, or $3.92 per share, compared to $1.47 billion, or $3.30 per share, in the year-ago period. Analysts had expected earnings per share of $3.62.
As it plans 90 stores, Ross refocuses DD’s on existing markets
Ross Stores opened 18 stores from February through this week, the retailer said Monday. The company opened 11 Ross Dress for Less stores and seven DD’s Discounts in 11 states, part of a plan to open about 90 stores in 2024. The retailer expanded its presence in the newer markets of Michigan and New York, while DD’s growth focused on the existing markets of California, Florida, and Texas, Gregg McGillis, group executive vice president of property development, said in an announcement.
Potbelly Preps for Biggest Development Cycle in Years
Potbelly hasn’t experienced net unit growth since 2017, but that will change this year in a big way. The same will be true in 2025, 2026, 2027, and into the foreseeable future.
US Grocery Wars Heat Up With Aldi’s Plans for $9 Billion Expansion
The competition among grocers is growing even fiercer, with German discount supermarket chain Aldi planning to add 800 stores across the United States to its fleet during the next five years in a $9 billion expansion. Aldi, with domestic operations based in Batavia, Illinois, said Thursday it will increase its U.S. property holdings through a combination of new openings and store conversions pegged for completion by the end of 2028. As part of those plans, Aldi also announced it had completed its acquisition of Southeastern Grocers and its Winn-Dixie and Harveys Supermarket chains, moves it said "will drive significant growth in the Southeast region over the next few years" through conversions of those stores.
How Chip City Transformed into a Cookie Competitor
It didn’t take long for Chip City Cookies to recognize its offerings are meant for families. When the chain opened its first, 250-square-foot location in Queens, New York, it was picked up by a Facebook group comprising local moms who communicate about new concepts in the market.
“We had an army of strollers outside of our first location,” said cofounder Peter Phillips, speaking at the ICR Conference earlier this year. “We really just grew organically from that and developed very good around that.”
