Weekly Retail Real Estate News
The Fed Maintains Its Wait-and-See Stance
The Federal Reserve’s policy-setting committee on Wednesday voted to leave its policy rate unchanged, suggesting that the economy is moving in the right direction and inflation impulses are easing. The decision leaves the overnight lending target rate for banks at between 5.25% and 5.5%, which the Fed believes is restrictive territory or a level that constrains economic growth.The last time the committee raised rates was at its July meeting.
Portillo's Bolsters Growth Projections to 920 Restaurants
Portillo's has been around for six decades, but no era in the company's history matches up to its current growth trajectory. At a minimum, the brand said it has room for 920 U.S. stores, a more than 50 percent increase above its previous projection of 600. This larger whitespace projection calls for 120 drive-thru-only units and urban-based walk-up locations. These outlets would only appear in markets with six to eight full-scale Portillo's locations. The brand foresees additional alternative formats in airports, college campuses, and overseas.
Beverly Hills Seeks To Eliminate Confusion Over Retail Image
An attempt to create an elegant image for luxury retail real estate in Beverly Hills, California, can cause confusion, real estate professionals say, potentially creating the appearance of a lack of property demand in the home to wealthy celebrities and corporate CEOs. Online news stories and social media posts have claimed that some shops and restaurant spaces around famed Rodeo Drive are empty or boarded up due to perceived theft issues.
First Look: Walmart opens its first-ever pet services center
Walmart’s transparent, affordable health care model is going to the dogs. Literally. In a pilot that expands its traditional pet supplies business, the retail giant has opened its first-ever dedicated Pet Services center, in the Atlanta suburb of Dallas, Ga. It’s located in the same store where Walmart opened the doors to its first walmart health center in 2019.
Inside Jack in the Box’s Franchise Revival
Salt Lake City is Jack in the Box’s first new market in over 10 years and marks the first step in an aggressive expansion effort. The 72-year-old legacy chain is making significant progress on its push to reignite franchise growth nationwide.
Nontraditional Site Competition Heats Up in Fast Food
Sbarro CEO David Karam knows how to capture an impulse occasion. It starts with igniting the senses and creating a craving, then satisfying it with a slice of New York-style pizza. That’s how the chain became the quintessential food court operator synonymous with mall culture back in the early 2000s.
The 24 Fastest-Growing Fast-Food Chains in America
As brands seek growth, they're still dealing with equipment issues, permitting delays, and a potential recession. All of there factors are under deep consideration as chains pick and choose real estate.
Chicago Studies Possibility of City-Owned Grocery Store
The city of Chicago said it is partnering with a national nonprofit organization to explore the feasibility of opening a city-owned grocery store in an underserved area of Chicago. Chicago would be the first major U.S. city to open a municipally owned grocery store to address food inequity, according to a statement from the office of Chicago Mayor Brandon Johnson.
6 Shifting Consumer Trends Affecting Quick-Service Restaurants
Consumers’ preferences are shifting like never before, due to a variety of societal and economic dynamics. How can quick-service restaurants adjust to maintain—and potentially increase—foot traffic during these transformative times? The first step is to gain awareness of the consumer mindset, and then develop a strategy to add value and growth.
Birkenstock files for IPO
An iconic, German-made footwear brand with a devoted global fan base has filed to go public in the U.S. Birkenstock, which was founded some 250 years ago, has filed for an initial public offering. The company, whose filing didn’t how many shares it will list or a price range, plans to list on the New York Stock Exchange under the ticker symbol BIRK. The IPO could be valued at more than $8 billion, according to Bloomberg.
L.A.'s Thriving Sycamore District Is Home to Beyonce's Management, SiriusXM, Top Restaurants and a Record Store
Los Angeles has a new, hidden hub of music, art, retail and restaurants frequented by some of the biggest stars in music who are increasingly lured to the area by industry staples including SiriusXM, Jay-Z’s Roc Nation, Beyoncé’s Parkwood Entertainment, Kobalt Music Group, recording studio Record Plant and, soon, Sony Music Publishing.
Growth-Minded Freddy’s Keeps the Focus on Franchisees
Freddy’s Frozen Custard & Steakburgers has added more than 100 commitments to its growth pipeline this year already. That after just shy of 130 last year and 117 the calendar before. As one of
QSR’s Franchise Council members phrased it recently, “this quiet success story from the Midwest” has left its low profile behind. But how and why the burger brand charted rapid growth during an era of delays, surging inflation, and the continued recovery of the sector out of COVID, trails back to the origin, says Chris Dull, CEO and president, who took over the top post in May 2021.
No Fred Meyer stores are included in Kroger, Albertsons deal with C&S
Kroger and Albertsons agreed to sell hundreds of stores to C&S Wholesale Grocers as part of a divestiture plan for their proposed $24.6 billion merger, but the deal will not include any Fred Meyer stores, reports the
Oregonian. Instead, Kroger will sell stores from their QFC chain — in addition to some Albertsons Safeway banners — in an attempt to alleviate competitive concerns in the Northwest Region.
