Weekly Retail Real Estate News

Marc Perlof • December 1, 2023
Holiday Shopping Kicks Off With Record-Topping Thanksgiving Weekend


During the past few weeks, a number of brick-and-mortar retailers offered very cautious and even gloomy sales forecasts for the holiday season. But U.S. shoppers came out to stores in droves for the official kickoff of the end-of-year buying tradition.

A record-breaking 200.4 million consumers shopped over the five-day holiday weekend from Thanksgiving Day through Cyber Monday, up 2% and surpassing last year’s record of 196.7 million, according to the annual survey released Tuesday by the National Retail Federation and Prosper Insights & Analytics. The figure surpassed NRF’s initial expectations of 182 million shoppers by more than 18 million.

 

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Dollar Tree income falls; reviewing Family Dollar portfolio


Dollar Tree reported mixed third-quarter results as shoppers continued to cut back on discretionary purchases.

The deep discounter also said it has initiated a comprehensive review of its Family Dollar business “to address stores that are not aligned with its transformative vision for the company.”

 

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Jack in the Box’s ‘playbook’ for new markets seems to be working

 

During Jack in the Box’s fourth quarter earnings call last week, CEO Darin Harris reiterated that development is critical to the company’s story. It has been since mid-2021, when Jack relaunched a franchise development program after a decade-long break.

 

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Carrols is on the Front Lines of Burger King’s Comeback


Behind the bones of its $400 million comeback, Burger King’s turnaround is an optimization effort as much as a rethinking. Many of the frameworks at hand are designed to over-incentivize “A franchisees.” This calendar year, Burger King’s U.S. arm has closed a net of nearly 200 stores, with 300–400 gross expected to shut down across 2023. That’s well above the norm of roughly 200, but not an unexpected glitch in the journey. Pizza Hut, in August 2019, as it began to move away from Red Roof stores in favor of more carryout, delivery-friendly Delco units, started to shed underperforming restaurants and strengthen relationships with operators who were well-capitalized and committed to the close-and-replace approach.


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Amid CEO Change, El Pollo Loco Keeps Eyes On Accelerated Growth


Roughly three-and-a-half years ago, El Pollo Loco unveiled a new “acceleration agenda” intended to spark franchise growth across the country, become more asset-light, and further digitize the business. Since, the chicken chain has grown by a net of 13 restaurants to 492 stores, moved its franchise ownership percentage from 59 to 65 percent, and overhauled its rewards program.

 

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PacWest, Banc of CA Merger Approved


Four months after PacWest Bancorp and Banc of California Inc. announced their intent to merge under the Banc of California banner, the transaction officially closed on Nov. 30 following both shareholder and regulatory approval.


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BurgerFi Shows Confidence in Turnaround Despite Sales Dip


BurgerFi CEO Carl Bachmann said Wednesday that after 90 days on the job, he’s “more confident than ever” about his decision to join the fast casual. He also described his progress thus far as “very productive.” But a lot of work remains.

The brand’s same-store sales lowered 11 percent in Q3. That breaks down to a 15 percent dip at 26 corporate restaurants and a 9 percent drop for 84 franchised units. The difference in performance between the two groups is because franchised units have higher-performing nontraditional locations and corporate units are mostly based in a currently weaker South Florida market.


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Jack In The Box Inc. Q4 Profit Decreases, misses estimates


Jack In The Box Inc. (JACK) announced a profit for fourth quarter that decreased from the same period last year and missed the Street estimates. The company's earnings came in at $21.9 million, or $1.08 per share. This compares with $45.9 million, or $2.17 per share, in last year's fourth quarter.

 

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With Hundreds Of Closures Coming, Drugstores Can't Find The Cure For What Ails Them


In just the last two years, the country’s three largest pharmacy chains have announced plans to close some 1,500 locations nationwide, a response to increased competition and dampened demand that have bitten into their budgets.

This contraction comes as the retail category overall continues to improve slowly after years of bankruptcies and buyouts. Drugstores including Walgreens, CVS and Rite Aid can’t seem to seize on the broader retail reset as consumers find more convenient ways to get their medications and get pickier about the retailers they frequent.

 

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By Marc Perlof • October 30, 2026
Tractor Supply Q3 sales rise 5.1%; to moderate new store openings Tractor Supply Company delivered third-quarter earnings and sales that beat analyst expectations and said it was gaining share against most categories and metrics even as its customers remain cautious. On the company’s earnings call, CEO Hal Lawton said that elevated interest rates and reduced housing mobility are weighing on property improvements and larger projects. Pet ownership headwinds, particularly new pet acquisition, continue to affect demand in certain categories...
By Marc Perlof • October 28, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 October 26, 2026 If you own retail real estate, here’s what just changed for you. A lease guaranty can become less useful if the tenant changes entities, the guaranty expires, or a later agreement releases a guarantor. That can affect your income security, refinancing options, and property value. The main owner decision is whether the guaranty still supports your planned hold, refinance, renewal, or sale. Why Should You Review a Lease Guarantee Every Few Years? Many owners review the lease when they buy the property and do not examine the guaranty again until there is a tenant problem or planned sale. During that time, the tenant may be acquired, reorganized, assigned to another entity, or operating under a guaranty that is capped, reduced, or approaching expiration. A review every few years can help you identify those issues while you still have time to respond. Annual Lease Guarantee Review Checklist 1. Confirm the Current Tenant and Every Guarantor Start with the exact legal name of the tenant currently responsible for the lease. Then identify every company or individual that signed a guaranty. Do not rely on the brand name displayed at the property. The company on the sign may not be the legal tenant or the entity supporting the rent. Confirm whether the guaranty comes from the national parent ompany, a subsidiary, an affiliate, a franchise operator, a location-specific LLC, an individual, or more than one guarantor. 2. Check What the Guaranty Covers and When It Ends A signed guaranty may not cover every lease obligation for the entire lease term. Determine whether it is full, capped, reduced over time, limited to certain lease years, or restricted to specific obligations. It may cover base rent but exclude additional rent, property expenses, repair obligations, or legal costs. Compare the guaranty term with the remaining lease term. Do not assume that a lease extension automatically extends the guaranty. 3. Review Later Documents and Ownership Changes The original lease and guaranty may have been changed by later documents. Review amendments, extensions, assignments, assumption agreements, landlord consents, estoppel certificates, ownership change notices, and any guarantor releases or replacements. A tenant may continue using the same brand while the legal tenant, ownership structure, or guarantor changes behind the scenes. When the relationship among the tenant, guarantor, parent company, and affiliates is unclear, request an organizational chart or entity structure. The chart can explain how the companies are connected, but the lease and guaranty documents still determine who is legally responsible. Qualified legal counsel should confirm unclear obligations. 4. Review the Guarantor’s Current Financial Support A guaranty is only as useful as the company or person behind it. Depending on your lease rights and the information available, review current financial information, rent payment history, operating locations, recent closures, ownership changes, and whether the guarantor still appears to own meaningful assets. The goal is not to complete a full credit analysis. It is to determine whether the support behind your rent is still consistent with what you believed when you bought the property or negotiated the lease. 5. Compare the Guaranty with Your Ownership Plan The value of a guaranty depends partly on what you plan to do with the property. If you expect to hold for several years, determine whether the guaranty lasts through your planned ownership period. If you think you are going to refinance, renew, or sell, consider whether the guaranty will still provide meaningful support at that time. You should also consider what happens if the tenant leaves. Contract rent, market rent, vacancy downtime, leasing commissions, tenant improvement costs, repairs, and replacement demand can all affect NOI, capital needs, and net sale proceeds. The central question is whether the guaranty, the underlying real estate, or both support your next major ownership decision. Owner Self Assessment Could you clearly explain who guarantees your largest tenant’s rent, what the guaranty covers, when it ends, and whether it still supports your ownership plan? Reviewing your lease guaranty every few years can help you identify income, financing, vacancy, and value risks before they limit your options. Contact me for the expanded Retail Lease Guarantee Review Checklist . It includes a more detailed document list, guarantor review questions, financial and ownership checks, vacancy and replacement cost considerations, and a one page owner summary you can use before a refinance, renewal, hold, or sale decision. Are you relying on a guaranty that will still provide meaningful support when you refinance, renew the lease, or sell the property? Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #RetailProperty #NetLease #LeaseGuarantee #CorporateGuarantee #TenantCredit #PropertyValue #RetailInvesting #InvestmentSales #MarcRetailGuy #MarcPerlof
By Marc Perlof • October 26, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 October 26, 2026 If you own retail real estate, here’s what just changed for you. A lease guaranty can become less useful if the tenant changes entities, the guaranty expires, or a later agreement releases a guarantor. That can affect your income security, refinancing options, and property value. The main owner decision is whether the guaranty still supports your planned hold, refinance, renewal, or sale. Why Should You Review a Lease Guarantee Every Few Years? Many owners review the lease when they buy the property and do not examine the guaranty again until there is a tenant problem or planned sale. During that time, the tenant may be acquired, reorganized, assigned to another entity, or operating under a guaranty that is capped, reduced, or approaching expiration. A review every few years can help you identify those issues while you still have time to respond. Annual Lease Guarantee Review Checklist 1. Confirm the Current Tenant and Every Guarantor Start with the exact legal name of the tenant currently responsible for the lease. Then identify every company or individual that signed a guaranty. Do not rely on the brand name displayed at the property. The company on the sign may not be the legal tenant or the entity supporting the rent. Confirm whether the guaranty comes from the national parent ompany, a subsidiary, an affiliate, a franchise operator, a location-specific LLC, an individual, or more than one guarantor. 2. Check What the Guaranty Covers and When It Ends A signed guaranty may not cover every lease obligation for the entire lease term. Determine whether it is full, capped, reduced over time, limited to certain lease years, or restricted to specific obligations. It may cover base rent but exclude additional rent, property expenses, repair obligations, or legal costs. Compare the guaranty term with the remaining lease term. Do not assume that a lease extension automatically extends the guaranty. 3. Review Later Documents and Ownership Changes The original lease and guaranty may have been changed by later documents. Review amendments, extensions, assignments, assumption agreements, landlord consents, estoppel certificates, ownership change notices, and any guarantor releases or replacements. A tenant may continue using the same brand while the legal tenant, ownership structure, or guarantor changes behind the scenes. When the relationship among the tenant, guarantor, parent company, and affiliates is unclear, request an organizational chart or entity structure. The chart can explain how the companies are connected, but the lease and guaranty documents still determine who is legally responsible. Qualified legal counsel should confirm unclear obligations. 4. Review the Guarantor’s Current Financial Support A guaranty is only as useful as the company or person behind it. Depending on your lease rights and the information available, review current financial information, rent payment history, operating locations, recent closures, ownership changes, and whether the guarantor still appears to own meaningful assets. The goal is not to complete a full credit analysis. It is to determine whether the support behind your rent is still consistent with what you believed when you bought the property or negotiated the lease. 5. Compare the Guaranty with Your Ownership Plan The value of a guaranty depends partly on what you plan to do with the property. If you expect to hold for several years, determine whether the guaranty lasts through your planned ownership period. If you think you are going to refinance, renew, or sell, consider whether the guaranty will still provide meaningful support at that time. You should also consider what happens if the tenant leaves. Contract rent, market rent, vacancy downtime, leasing commissions, tenant improvement costs, repairs, and replacement demand can all affect NOI, capital needs, and net sale proceeds. The central question is whether the guaranty, the underlying real estate, or both support your next major ownership decision. Owner Self Assessment Could you clearly explain who guarantees your largest tenant’s rent, what the guaranty covers, when it ends, and whether it still supports your ownership plan? Reviewing your lease guaranty every few years can help you identify income, financing, vacancy, and value risks before they limit your options. Contact me for the expanded Retail Lease Guarantee Review Checklist . It includes a more detailed document list, guarantor review questions, financial and ownership checks, vacancy and replacement cost considerations, and a one page owner summary you can use before a refinance, renewal, hold, or sale decision. Are you relying on a guaranty that will still provide meaningful support when you refinance, renew the lease, or sell the property? Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #RetailProperty #NetLease #LeaseGuarantee #CorporateGuarantee #TenantCredit #PropertyValue #RetailInvesting #InvestmentSales #MarcRetailGuy #MarcPerlof
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