Weekly Perl: A Commercial Real Estate News Recap
Net Lease Strength Driven By Food Tenants In Retail Market
A new Marcus & Millichap analysis highlights the resilience of the single-tenant net lease (STNL) retail market, reports GlobeSt. Food-centric tenants are playing a key role in maintaining stability. This comes despite several quarters of net relinquishment across the broader retail sector. Grocery stores, quick-service restaurants (QSRs), and convenience stores are driving that strength...
Best Buy opens first-ever in-store Ikea shops in select locations
Ikea is moving into select Best Buy stores in Texas and Florida.
The Swedish furniture giant and Best Buy Co. are partnering to open an in-store planning and shopping experience at 10 Best Buy stores. The shops are now live at six Best Buy stores, with three more to open in mid-November, and one later this winter...
Branch Expansion Fuels PNC Push Into Sun Belt Markets
PNC Financial Services Group plans to open 300+ new branches by 2030, expanding its retail banking network, reports CoStar. The bank’s latest move boosts its total investment in brick-and-mortar expansion to around $2B.
Branch banking has declined in some regions due to digital trends. Still, PNC sees physical locations as key to building deposits and relationships...
Saks Off 5th gets ready to shut select stores across country
Saks Off 5th will be closing 10 stores scattered across the United States as its parent, luxury retail giant Saks Global, looks to streamline its brick-and-mortar property.
The off-price chain with 79 locations now has slated nine stores for closing starting early next year, New York-based Saks Global confirmed in an email to CoStar News. A 10th location, at 125 E. 57th St. in Manhattan, will go dark on Dec. 31 as the building that houses it is converted from commercial to residential use. That prompted Saks Off 5th's decision to exit that retail site...
Online retailer Wayfair’s brick-and-mortar foray leads to small-format store in Ohio
Online furniture retailer Wayfair will be testing a prototype for a small-format store in Ohio as it continues to expand its brick-and-mortar footprint.
The Boston-based company said it will open a 70,000-square-foot store, roughly half the size of its existing and previously announced namesake physical locations, late next year in the Buckeye State. It's slated for 1552 Gemini Place in Columbus, adjacent to the Polaris Fashion Mall...
Harris Teeter to expand footprint in three states
Harris Teeter is growing its presence across the Southeast.
The grocer, a division of The Kroger Co., plans to open five stores across its region, which include expansion into new markets for the company. Harris Teeter is also planning to introduce fuel centers and pharmacies at each location...
Mexican Fast-Food Chains Closing Across US In 2025
Several Mexican fast-food chains across the U.S. have declared bankruptcy or announced the closure of multiple locations across the country, as the restaurant industry continues to face pressures.
Why It Matters
These closures highlight the ongoing pressures facing the restaurant industry, including rising labor and supply costs, shifting consumer habits since the COVID-19 pandemic, and competition from fast-casual and delivery-focused options...
Store Expansion News: October update
Retailers and restaurants alike made headlines in October with store expansions and new formats.
Here are the major stories as reported by Chain Store Age, starting with the most recent.
- Shipley Donuts on track for 'record-setting' store expansion in 2025 The Houston-based donut chain, which was acquired by a private equity firm earlier this year, has opened 25 new shops so far this year, including eight in the third quarter alone...
Where streaming meets shopping: Netflix unveils first immersive year-round entertainment venue
Streaming giant Netflix is playing tribute to its roots at its first permanent entertainment-and-retail venue at a mall outside Philadelphia.
A huge red envelope, a nod to the company's DVD-by-mail origins, frames the outside entrance to Netflix House at the King of Prussia mall in Pennsylvania. On the wall behind it, there's a colorful mural by a local Philadelphia artist, a mashup of characters from Netflix programming...
