Weekly Retail Real Estate News
Albertsons, Kroger Close To Selling Stores To SoftBank-Backed Buyer, Clearing Path For Merger
Albertsons and Kroger are closing in on the sale of an unknown number of stores across the country to clear the way for their nearly $26B merger. C&S Wholesale Grocers, operator of grocery chains like Piggly Wiggly and Grand Union, has partnered with Japanese investor SoftBank to buy the stores for an undisclosed amount, Bloomberg reported.
Party City Set To Emerge From Chapter 11 With ‘More Profitable’ Store Portfolio
Party City, North America's largest party-goods retailer, is ready to emerge from its Chapter 11 bankruptcy proceeding with what it called an "optimized" store footprint after exiting some locations and getting better deals on leases for others.The Woodcliff Lakes, New Jersey-based company on Wednesday reported that the U.S. Bankruptcy Court for the Southern District of Texas had approved its reorganization plan
Chick-fil-A to Significantly Expand Mobile Order Lanes
Chick-fil-A is doubling down on mobile order drive-thru lanes, following a growing trend across the quick-service industry.
The fast-food giant noted that after a two-year test, "Mobile Thru" is launching at more than 300 restaurants across the U.S. this year. The digital lanes will be featured in even more units in 2024. The service will be added in stores where "it will optimize the experience for customers and make processes more efficient," the company said. Eighty-five percent of guests who used the mobile order drive-thru lane during tests said they were likely to use it again and 90 percent said the pilot went smoothly.
Drew Brees and Smalls Sliders Game Plan for National Stardom
Twelve years ago, Drew Brees was sitting in a Jimmy John’s near Purdue University, enjoying his favorite order (a No. 9, no cheese, add hot peppers) for what felt like the first time in ages.
He’d been a devoted fan for a decade, starting with his early days at the school’s freshman dorm, when he relied on the sandwich to fuel late-night study sessions. But neither San Diego, where he started his pro-football career with the Chargers, nor New Orleans, where he cemented his legacy with the Saints, had any stores.
Lowes Foods acquires Foothills IGA Market in Georgia
Lowes Foods will bring the Lowes banner to Georgia via the acquisition of a Foothills IGA Market in Marble Hill, Georgia, according to reporting from Georgia news group Smoke Signals.
This would be the first store in the state of Georgia for the Winston-Salem, North Carolina-based Lowes Foods. The sale is expected to finalize in September.
Five Below sales up 15.2%; opening 200 stores; cuts guidance amid shrink increase
Five Below delivered second-quarter results in line with its guidance on the top and bottom line and, similar to many other retailers, warned of shrink increases.
The tween and teen discounter remains committed to opening a record number of stores in 2023. It opened 40 stores across 24 states during the quarter, for a total of 1,407 stores in 43 states. Five Below is on track to open more than 200 new stores and convert 400 existing locations to its new Five Beyond format (includes a selection of items beyond the chain’s $5.00 price threshold) this year.
Iconic Gladstone’s restaurant set to close after 50 years in business
After 50 years, Gladstone’s is set to close for good. The last day to order from the iconic restaurant at Sunset and Pacific Coast Highway is said to be Sept. 15.
That’s the date a concessions agreement with the county runs out. The agreement was with the restaurant’s last owner, former Los Angeles Mayor Richard Riordan, who passed away in April. Celebrity chef Wolfgang Puck has had his eye on the spot for years and made a proposal to the county to take over the spot five years ago. Puck has teamed with famed architect Frank Gehry to build an entire new look for the space that is said to include a walkup window for to-go orders, a public deck, and a stop for the Big Blue Bus in an effort to provide more access to the beach.
Dollar General posts tough quarter; slashes guidance
Dollar General Corp. reported weaker-than-expected second-quarter earnings and sales and cut its full-year guidance as its shoppers continued to focus on lower-priced everyday essentials over discretionary goods.
Echoing other retailers’ warnings about shrink, the discounter said an increase in product theft has cut into its its profit.
Despite its soft results, Dollar General remains committed to expansion. It opened 215 stores during the quarter and is track to open 990 stores for the full year, along with 2,000 remodels.
