Weekly Retail Real Estate News
Could a Marina del Rey freeway become a park?
The 90-freeway in Marina Del Rey is a vestigial roadway left over from a bygone era’s freeway expansion boom and like an appendix or wisdom teeth, a new group thinks the community would be better if it were removed.
Pie Five to Test Pizza Inn as Virtual Brand
Fast casual Pie Five, the pizza concept inspired by Chipotle, is receiving help from sister chain Pizza Inn to build volume in its kitchens. The brand plans to package Pizza Inn as a virtual concept in five locations. Brandon Solano, CEO of parent company RAVE Restaurant Group, said the pilot will "leverage Pizza Inn’s 'latent brand equity' in areas without Pizza Inn coverage to drive volume and four-wall economics." The test will start during the company's second quarter, which is during the fall season.
Costco delivers strong Q4; to open nine U.S. clubs in Q1
Costco Wholesale Corp. beat estimates for its top and bottom lines as rising store traffic helped make up for a decrease in its average transaction. Sales were impacted by weakness in spending on big-ticket items and discretionary purchases. But one high-ticket item is selling out fast: 24K gold bars. On the company's earnings call, CFO Richard Galanti said that Costco has been selling one-ounce gold bars. The bars, which are only available online, are limited to two per member.
Ollie’s Bargain Outlet to support growth with new distribution center
Ollie's Bargain Outlet Holdings Inc. has big plans for expansion in the Midwest.The close-out retailer is in the process of building a 615,000 -sq.-ft. distribution center in Princeton, Ill with ARCO Design Build. Scheduled to open in 2024, the new distribution center is a part of Ollie's nationwide expansion efforts to open more than 1,050 stores and will specifically enable it to enter new states in the Midwest market.
The Fresh Market named best grocery store in America by USA Today
The Fresh Market has once again been named the “Best Grocery Store in America” by USA Today. The honor is a part of USA Today’s “10Best Readers’ Choice Awards.” A panel of local experts and contributors nominated their favorite American grocery stores based on value, selection, and service.
Dick’s closing all but three Moosejaw stores amid integration with Public Lands
Dick’s Sporting Goods is doing some internal realigning — and store closings.The sporting goods giant will close 11 of Moosejaw’s 15 stores, with locations in Birmingham, Mich.; Salt Lake City, Utah, and Bentonville, Ark., remaining open. According to the Detroit Free Press, the stores, along with Moosejaw’s headquarters in Madison Heights, Mich., will go dark in February 2024.
Rite Aid, bracing for bankruptcy, will close hundreds of stores
Rite Aid is getting ready to close hundreds of stores as it gets ready to file for bankruptcy, reports the Wall Street Journal. The Philadelphia-based retailer has over 2,100 locations, and the ones which are not closed will either be sold or taken over by creditors. It’s speculated that as many as 500 stores could be closed.
Bankrupt Burger King Franchisee Sells 70 Restaurants
Burger King franchisee Meridian Restaurants Unlimited sold a majority of its restaurants out of bankruptcy months after filing for court proceedings due to COVID pressures.The company had 120 restaurants when it entered bankruptcy in March. At the time of the auction—which occurred this month—it had 91 stores.
Starbucks Opens First Airport-Based Pickup Unit
Starbucks is about to make ordering a lot more convenient for busy Houston travelers. In partnership with airport hospitality group OTG, the beverage giant will open its first airport-based pickup-only concept in Terminal E of the George Bush International Airport. It's going to exclusively take mobile orders through Starbucks' app. When doing so, customers can either enable location services or manually select IAH Terminal E to start the process. When the order status updates to "ready," guests can swing by to grab their items without waiting in line.
Bowling Center Owner Looks To Score Sale-Leaseback Deals
Bowlero, one of the country’s largest owners and operators of bowling alleys, is considering possible sale-leaseback deals to finance further expansion, the company disclosed in its year-end earnings call late last week.That strategy was exemplified this week as it closed the acquisition of 14 bowling centers from Lucky Strike Entertainment for about $90 million.
