Weekly Retail Real Estate News
Property Insurance Costs Surge
The increasing frequency of severe weather events, such as hurricanes, tornadoes and flooding from heavy rains, is said to be accelerating the cost of property insurance in coastal states including Florida, Louisiana and California.Commercial property insurance premiums were 25% higher for retail properties last year than the average price of the previous five years, according to loan data tracked by CoStar Group, the publisher of CoStar News.
Krystal Pushes to be National Brand
Melissa Hodge, senior director of franchise, joined Krystal’s team in June 2020, during one of the biggest turning points in the chain’s 91-year history.
The brand filed for bankruptcy earlier that year and was later purchased by Fortress Investment Group for $48 million. Krystal began 2019 with 368 restaurants systemwide, but the footprint fell to 287 stores by the end of 2021, according to the chain’s FDD. It’s now at 281 restaurants (143 franchises and 138 corporate), according to a Krystal spokesperson.
McDonald’s Vet Adds Fuel to BIGGBY COFFEE’s Growth Aspirations
For 21 years, she used her expertise around numbers to rise the ranks at McDonald’s, eventually reaching finance director of the U.S. portfolio. While in this role, Kaylor directed the team tasked with analyzing and reviewing development/construction decisions for 1,500-plus corporately owned and franchised restaurants. Her tenure saw improved performance in average unit cash flow, U.S. free-level cash flow, operating margin, and return on investment.
Electric Vehicle Charging Stations, Spreading Fast, Come in Varying Shapes, Speeds
As electric vehicles become more commonplace on American roads, a variety of charging equipment for motorists is popping up in shopping centers and commercial parking areas across the country. But vehicle owners are finding the chargers work at various speeds — and not with every electric car. While online maps provide clues about the location and capabilities of charging stations at a variety of commercial properties, they aren't always updated with the latest information.
Starbucks to shutter seven stores in San Francisco; locations include
Add Starbucks to the list of retailers closing some stores in San Francisco. The coffee giant will close seven of its stores in downtown San Francisco during the next few weeks. (Locations listed at end of article.) Starbucks currently operates 59 locations throughout the city. There will be 52 effective October 22. The company noted that all employees at the closing stores will be offered the opportunity to transfer – no one will lose their jobs.
Pretzelmaker Puts Twist on Tradition to Woo the Modern Consumer
After purchasing Pretzelmaker as part of an approximately $445 million package of chains two years ago, FAT Brands recently brainstormed a new and consistent look for the concept. Based on feedback from franchise partners and research conducted by the marketing team, the brand switched to brighter, livlier colors and a new tagline, “Bite-Sized Fun. Full-Sized Flavor,” which puts an emphasis on the chain’s classic Pretzel Bites.
City will pursue new partners to reopen the Civic Auditorium
The end may be in sight for the long and confusing process over the future of the Santa Monica Civic Auditorium.
In an email sent out Tuesday, community organization Save The Civic said SMMUSD had abandoned its proposal to purchase the property.
“We’re thrilled the School District realized that residents adamantly opposed its expensive plan to acquire the Civic and repurpose it for use primarily as a gym. Publicly owned spaces for music and the arts are rare and important cultural venues and should not be sold off and turned into basketball courts,” said Save the Civic Steering Committee member, Bea Nemlaha.
Macy’s To Accelerate Small-Format Store Rollout
As Retailers Shrink Sites
Macy’s is going even bigger with its small-format store launches, planning up to 30 openings at off-mall locations next year through fall 2025 as it looks to drive its sales growth with a real estate practice spreading across the industry. The New York-based company — the parent of its namesake chain as well as Bloomingdale's and Bluemercury — on Tuesday said it will accelerate the expansion of its small-format store strategy, potentially tripling the total number of those pint-sized brick-and-mortar locations. Beginning next year, Macy's said it will debut up to 30 new Macy’s small-format locations across the nation.
Intuit Dome's exterior takes shape in Inglewood
The $1.2-billion project, which will be home to the Los Angeles Clippers starting int he 2024-2025 NBA season, has now been under construction for two years at the intersection of Century Boulevard and Prairie Avenue. While the main attraction is the 18,000-seat arena.
Insomnia Cookies Goes Up for Sale
Krispy Kreme executives in February said Insomnia Cookies, a brand it acquired in 2018, had room for more than 4,000 locations. It just appears that result will be driven by somebody else. The company on Tuesday shared it’s exploring strategic alternatives for the dessert brand, including a potential all-cash sale.
68 Circle K stores are up for sale
Alimentation Couche-Tard Inc. is looking to sell 68 U.S. Circle K convenience stores, reports
Petrol Plaza. NRC Realty & Capital Advisors will assist with the sale, marking the third time in three years the Chicago firm has worked with Alimentation Couche-Tard to sell Circle K stores.
