Weekly Retail Real Estate News
A&G Announces Plan to Sell Certain Company-Owned Store Leases and Properties in Connection with Rite Aid's Financial Restructuring
The initial leases and properties are available in private sales, pending court-approval, as part of Rite Aid's financial restructuring process. As it moves through this process, the Company will continue assessing its property footprint and close additional stores to improve its overall financial performance.
Rite Aid plans to close over 150 stores after bankruptcy filing: Is yours on the list?
(NEXSTAR) — More than 150 Rite Aid locations are expected to close after the Rite Aid Corporation filed for Chapter 11 bankruptcy protection earlier this week. As part of the process, Rite Aid expected to close underperforming stores.
Netflix Announces Plans to Open ‘Netflix House’ Retail Stores
Netflix, the popular streaming TV service, has announced its plans to open retail stores called “Netflix House” in 2025. These stores will offer fans the opportunity to fully immerse themselves in the worlds of their favorite TV shows, providing a unique and interactive experience.
Freddy’s to open 60 locations in 2023
Freddy’s Frozen Custard & Steakburgers continues to expand in traditional and non-traditional locations. So far in 2023, the quick-service restaurant chain has added more than 70 new development commitments to its pipeline through several franchise development agreements. Freddy’s expects to open more than 60 new locations across the country this year, moving closer to its goal of more than 800 sites by 2026
Banks Boost Incentives to Lure Buyers With Office Deals Frozen
(Bloomberg) -- In a tough market for US commercial real estate, sellers are stepping up efforts to entice buyers before plummeting property values force them to accept deeper discounts.
Walgreens To Close 60 VillageMD Clinics as It Cuts $1 Billion in Costs
Walgreens Boots Alliance joined other pharmacy chains in the past year in shifting its focus from primarily retail to healthcare for guiding future growth and acquisitions. Now it's treating the side effects of that rapid expansion by focusing on profitability with the closing of roughly 60 of its VillageMD healthcare clinics.
Walgreens Looks To Close Stores, Exit Markets In Bid To Save $1B
As Walgreens Boots Alliance prepares for a new CEO, the pharmacy chain plans to shutter 60 clinics and exit five markets entirely in an effort to shore up costs. Walgreens officials plan to alter store hours based on local market conditions and are focusing on closing unprofitable drugstores, interim CEO Ginger Graham said during a Thursday morning earnings call.
SQRL acquires 210 c-stores, bringing total count to 350-plus locations
An emerging c-store player has made a milestone acquisition. Little Rock, Ark.-based gas station and convenience store company SQRL said it has acquired 210 stores throughout the U.S. SQRL did not disclose the name of the seller.
Huey Magoo’s Flourishes in Chicken Tender
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Andy Howard knows his way around chicken. The current president and CEO of Florida-based chain Huey Magoo’s has been in the poultry business for over 35 years, moving from rotisserie to breast to wing and finally tender. He started with Kenny Rogers Roasters, becoming senior vice president before moving to Ranch One, where he gained experience in marketing, purchasing, research, and development of the chicken industry.
Ross Stores opens 51 stores, hits 2023 growth target
Ross Stores has been busy this fall. The off-price apparel and home goods retailer opened 43 Ross Dress for Less (Ross) stores and eight DD’s Discounts outposts across 22 different states in September and October. With the opening of the new locations, the company has completed its growth plans for fiscal 2023, with the addition of 97 new locations, for a total of 2,112 stores.
Why Higher Interest Rates May Not Go Away
Investors hoping for a reprieve after months of short-term interest rate hikes from the Federal Reserve may have longer to wait before rates settle back down amid a rapid ascent in longer-term government bond yields. In fact, the yield on the 10-year Treasury note has climbed an entire percentage point over the past few months and is now at a 16-year high around 4.7%, rattling equity investors and driving a retreat in benchmark stock indices
Inglewood exploring land use, design guidelines near Intuit Dome, SoFi Stadium
INGLEWOOD, Calif. – The city of Inglewood continues to explore land use and design guidelines near the Inglewood Sports and Entertainment District. The City has enlisted the assistance of Urban Land Institute to assemble a team of experts to assist with evaluating options for the Century Blvd. corridor as it is a major gateway to the City for visitors of the Kia Forum, SoFi Stadium and Intuit Dome.
Piggly Wiggly could see big growth again in Texas
Piggly Wiggly is showing signs of a comeback in the state of Texas — and the growth is being attributed to both the recent C&S acquisition deal, as well as the efforts of one independent grocer, reports the Dallas Morning News.
Checkers Changes the Drive-Thru Game Yet Again
Frances Allen’s first few weeks as CEO of Checkers & Rally’s were exceptionally crucial. Taking on the lead role of an 800-plus-unit company is inherently challenging, but her onboarding process had the unique twist of coming right before the unprecedented global COVID pandemic.
Best Buy makes another deep dive into at-home healthcare
Best Buy continues to make inroads into the home healthcare space. The consumer electronics giant said it will soon start selling prescription continuous glucose monitoring systems (CGMs) delivered directly to the customer’s home. It marks the first time that Best Buy will offer prescription-based medical devices.
Target Is Blaming Theft for Store Closures, But Landlords Say Otherwise
Target Corp. grabbed national headlines last week when it blamed worsening theft for its plan to shut nine stores in four states, feeding into a narrative on the deteriorating state of America’s cities.
