Weekly Retail Real Estate News
TikTok launches e-commerce in U.S.
TikTok has made its long anticipated deep dive into e-commerce.The video-focused social media platform, which says it has more than 150 million U.S. users, has launched its e-commerce offering, TikTok Shop, in the United States. TikTok has been testing the e-commerce feature since last November.
Best Buy dives deeper into home health care
Best Buy is growing its at-home health care efforts.Building on the success of delivering in-home care for patients with chronic conditions through Geek Squad, Best Buy Health is expanding its partnership with Geisinger to bring a better level of care to more patients within the Geisinger network.
Holiday sales growth to be sluggish; six tips to weather the storm
A new holiday sales forecast is predicting sluggish holiday growth but offers some hope for improvement. Unadjusted seasonal sales are expected to grow 3.0% year-over-year in November and December, with 90% of the growth coming from e-commerce and mail-order sales, according to Bain & Company’s “2023 Holiday Shopping Outlook” study. Total holiday sales are expected to reach nearly $915 billion.
Billboards could be arriving at the Santa Monica Place mall
In this evening’s meeting, City Council will discuss in closed session the possibility of having billboards advertising adorn parking structure seven. The Daily Press has learned that multiple billboards, probably numbering two or three, will be considered, with one also potentially being placed on the exterior of the former Bloomingdale’s building at 315 Colorado Avenue that wraps around the corner of 4th Street.
Coca-Cola Bottler Launches $500M California Expansion
Reyes Coca-Cola Bottling, a West Coast and Midwest bottler and distributor of Coca-Cola beverages, plans to invest $500 million to demolish a single-building distribution center in Rancho Cucamonga, Calif., and replace it with a 620,000-square-foot manufacturing campus with full production capabilities.
Fast-Food Chains, Officials Reach Deal in California Wage Battle
Quick-service and labor groups in California struck a deal on worker regulations over the weekend, preventing a ballot fight that could have topped $100 million in campaign spending.Representatives of the restaurant industry secured an agreement to kill the controversial AB 257 (also known as the Fast Food Accountability and Standards Recovery Act or the Fast Act) in exchange for accepting one of the bill’s key provisions, the creation of a panel to regulate wages and working conditions for fast-food restaurants.
Looking for Retail Rent Growth? Follow the People.
The strength of the U.S. retail real estate recovery has surprised some market watchers over the past three years, as growing demand from a wide range of tenants has pushed store space availability to its lowest on record. Experiential, discount, off-price, medical and food and beverage tenants have driven strong demand gains as consumers pushed sales to record highs.
Forty-five new Sephora shops opening at Kohl’s this fall — here’s where
The department store retailer revealed the locations of 45 Kohl’s stores that will be opening a 750-sq.-ft. in-store Sephora shop this fall. The new additionswill bring the Sephora at Kohl’s fleet to more than 900 stores by the end of this year.
How Gen Z, millennial omnichannel shoppers differ from Gen X, boomers
Younger consumers have distinct behaviors when it comes to omnichannel commerce. According to “The Great Generational Shopping Divide,” a study of more than 2,000 consumers in the U.S., U.K., and Australia conducted by global data intelligence platform Near, 80.1% of respondents across generations are shopping online.
The Most Popular Grocery Store in Each State
With a rising number of grocers sprouting up, chains have been devising unique tactics to stay ahead. A recent report from Placer.ai, a location analytics and foot traffic data company, identified the most-favored grocery stores in states across the country.
Whataburger Opens First Digital-Only Restaurant
Whataburger announced Tuesday the opening of its first digital-only restaurant, catering to consumers' continuing shift toward off-premises. Referred to as the Whataburger Digital Kitchen, the Austin, Texas-based restaurant is exclusively off-premises and features a mobile order lane instead of a traditional drive-thru. The store is completely cashless and solely relies on customers using the website or app to order meals.
