Weekly Perl: A Commercial Real Estate News Recap 2/23/2024
Capital One-Discover merger could put a bigger squeeze on credit card users, experts warn
Capital One’s $35.3 billion deal to buy Discover is a long way from being completed. But consumer advocates and some lawmakers are already raising questions about how the proposed merger could affect credit-card users — many of whom are already under pressure from high interest rates and record debts.
Philly Could Snag First Michael Jordan-Branded World Of Flight Store In The U.S.
Nike has targeted Philadelphia as the first known U.S. market for a retail concept store dedicated to its Michael Jordan brand.The activewear giant is eyeing 1617 Walnut St. as the site of a Jordan World of Flight, the Philadelphia Business Journal first reported. The report was backed up by city records indicatingMBH Architects had applied for final permission to change signage and the facade of the building to make way for the retail venture.
Auntie Anne’s and Cinnabon parent company Focus Brands rebrands to GoTo Foods
Auntie Anne’s, Cinnabon, and Jamba parent company Focus Brands announced Tuesday morning the company’s rebranding to GoTo Foods. GoTo Foods’ new name and identity represents its “continued transformation into a platform company,” and will also be the start of a new era of growth and change for the Atlanta-based foodservice company.
Fast-Food Franchising Stands Up to Economic Headwinds
It’s been a common theme in recent years for franchising to prove resilient during whatever rocky backdrop was in order. Last year, the International Franchise Association’s annual Economic Outlook report revealed job and unit growth outpacing 2019 levels. And of the myriad franchising fields, quick-service restaurants, along with “service-based industries,” projected as the highest-growth vehicles going forward.
McDonald's vs CosMc's: 5 Major Differences
If you've been at all tuned in to the world of fast food in the past six months, you've probably heard lots of talk about a chain called CosMc's. This brand-new spinoff concept was created by one of the world's preeminent fast-food chains: McDonald's. So, as you can probably imagine, the buzz around CosMc's has been pretty wild.
Popeyes Sets Sights on 800 New Locations, and a Lot More Wings
Restaurant Brands International last Thursday became the latest group to outline a massive growth agenda. In this case, the Burger King, Popeyes, Firehouse Subs, and Tim Hortons owner shared it would reach 40,000 restaurants, $60 billion in systemwide sales, and $3.2 billion in adjusted operating income by 2028. That suggests average annual same-store sales growth of 3 percent-plus, over 5 percent net unit growth, and systemwide sales expansion north of 8 percent.
Grocery Outlet Holding to buy United Grocery Outlet
Grocery Outlet Holding Corp. is acquiring United Grocery Outlet, a discount grocer operating in the Southeastern United States, the company reported on Friday. United Grocery Outlet’s 40 stores and distribution center will enable the grocer to expand into Tennessee, North Carolina, Georgia, Alabama, Kentucky, and Virginia.
Starbucks Creates New Store Design to Aid Guests and Workers with Disabilities
Starbucks on Friday announced new store design standards that provide better access to employees and customers with disabilities. Called the Inclusive Spaces Framework, the guidelines will become the norm for all new and renovated U.S. stores. “At Starbucks, we have challenged ourselves to imagine what’s possible when we take a closer look at the many ways our partners and customers interact with us and experience our stores every day,” Katie Young, senior vice president of store operations, said in a statement. “Building and scaling an Inclusive Store Framework is central to our mission of connection and will lead to greater access for all.”
Shoe Carnival acquires Midwestern shoe retailer
Shoe Carnival has acquired a Midwest footwear chain, expanding its store presence. The footwear retailer has acquired Rogan Shoes, a work and family footwear company with 28 locations in Wisconsin, Minnesota and Illinois. The purchase price was put at $45 million, subject to further adjustments, with the transaction funded entirely with cash on hand.
PNC Bank To Invest $1 Billion To Expand, Revamp US Retail Network
PNC Bank plans to open more than 100 retail banking centers, primarily in the nation's Sun Belt, as well as renovate more than 1,200 existing locations in its national real estate portfolio through 2028.The proposed expansion by the Pittsburgh-based bank, expected to cost about $1 billion, comes as other banks have exited some of its less desirable retail branches throughout the United States.
