Aldi Plans Big Expansion The company announced its ambitious plan to grow its U.S. footprint by at least 800 new locations by the end of 2028 through a combination of openings and store conversions. Aldi will drive significant growth in the southeast region, opening approximately 400 stores throughout Florida, Alabama, Georgia, Louisiana, and Mississippi. Aldi opened 109 locations in 2023. (Chain Store Age 3/7) [Read]

Target to Open 300 Stores in Next Decade The discounter said it plans to build more than 300 stores in the next decade as part of its 10-year plan as the company tries to reach new customers. This comes after Target saw better-than-expected Q4 results. The company also intends to invest in their existing locations such as full remodels and adding in-store Ulta Beauty shops. (Chain Store Age 3/5) [Read]

Academy Sports & Outdoors is Growing The sporting goods and outdoor recreational retailer has ambitious plans to open 160 to 180 new locations in the next five years. Academy Sports has stated they are trying to spread their openings evenly throughout each year and are expected to kick off their expansion by opening 15 to 17 new stores in their current fiscal year. (Chain Store Age 3/26) [Read]

Burlington to Open 100 Stores in 2024 Strong Q4 results and upbeat sales guidance in their current fiscal year has Burlington strengthening its pipeline and aiming to open 100 net new locations in 2024. The company’s total revenue rose 14% in Q4 year-over-year. Burlington recently opened its 1,000^th store. (Chain Store Age 3/7) [Read]

Publix Increases 2024 Capital Budget The grocer plans to increase their capital spending by 25%, from $2.0B in 2023 to $2.5B in 2024, which they intend to put towards openings and remodels primarily. Publix’s 2023 budget supported 45 new locations opening and 120 store remodels, after the company saw 40 openings and 117 remodels in 2022. (Grocery Dive 3/4) [Read]

Nordstrom to Dive Deeper into Rack Rising sales at the company’s off-price Nordstrom Rack banner helped the company bring in better-than-expected Q4 results. Total sales rose 2.2% year-over-year for Nordstrom, but its Nordstrom Rack division saw a 14.6% increase which is leading the company to push to open 22 new Rack locations this fiscal year. There were 19 new Nordstrom Rack stores that opened in 2023. (Chain Store Age 3/6) [Read]

Dick’s Plans Significant Growth Dick’s Sporting Goods posted the strongest holiday sales quarter in their history and now they have their sights set on major expansion in 2024. Dick’s plans to grow its House of Sport concept by opening 8 locations this year, as well breaking ground on an additional 7 locations. The company also plans to open 10 Golf Galaxy Performance Center locations and 16 next-generation Dick’s stores. (Chain Store Age 3/14) [Read]

Ulta to Open 60 to 65 Stores The expansion plans come as Ulta reported strong Q4 results such as net income increasing 15.7% and net sales increasing 10.2%. The company also reported a net sales increase of 9.8% year-over-year. Ulta plans to open 60 to 65 new locations in 2024, along with 40 to 45 store remodels/relocations. They opened 33 new stores, relocated 7, remodeled 18, and closed 3 in 2023. (Chain Store Age 3/15) [Read]

Ross Stores Opening Locations The off-price apparel retailer opened 11 Ross Dress for Less and 7 DD’s Discounts across 11 states in February and March. These locations are part of the company’s larger plan to open roughly 75 Ross and 15 DD’s Discounts locations in their fiscal 2024. This comes as Ross saw sales and net income increase in their most recent quarter over the year-ago period and sales are expected to grow 2-3% in 2024. (Chain Store Age 3/11) [Read]

BJ’s to Open 12 Stores in 2024 The company announced in its fourth-quarter earnings call that BJ’s plans to open 12 new locations this year, while acknowledging that they have more new units in their pipeline than any time in the past 20 years. BJ’s saw their Q4 sales dip slightly by 0.4%, while revenue increased 8.7% year-over-year. BJ’s currently has 244 clubs across 20 states. (Chain Store Age 3/7) [Read]

Dollar General Tops Q4 Estimates The discounter reported earnings and sales that beat expectations and has led the company to issue an upbeat outlook and reiterate plans to invest in new and existing locations. Dollar General is planning to execute roughly 2,385 real estate projects in their fiscal 2024, including approximately 800 new locations and 1,500 store remodels. Dollar General expects to see sales increase 2-3% in 2024. (Chain Store Age 3/14) [Read]

JoAnn Files for Bankruptcy The fabric and crafts retailer has filed for Chapter 11 bankruptcy protection, but has plans for a quick exit. JoAnn has entered into an agreement with its stakeholders and expects to emerge from bankruptcy as early as the end of May. As a result, JoAnn will become a private company owned by some of their lenders. All of JoAnn’s 829 stores will remain open during the bankruptcy process. (Chain Store Age 3/18) [Read]

Dollar Tree to Close 970 Family Dollar Stores After Dollar Tree fell short in their expected holiday-quarter sales and profit, the company has announced plans to shutter 970 Family Dollar locations to revamp the struggling business. The company saw a $1.71B loss in its most recent quarter, compared to a $452M profit in the year-ago period. Dollar Tree plans to close approximately 600 Family Dollar locations in the first half of their fiscal 2024 year, with the other 370 closings to come in the next few years. (Connect CRE 3/13) [Read]

Marketplace at Seminole Towne Center Sells for $68.7M The 318,000-square-foot power center is anchored by Ross Dress for Less, Marshalls, and Burlington among others, as well as being shadow-anchored by Target. The center was acquired by CTO Realty Growth, Inc. for $68.7M and was 98% occupied at time of sale. (Yahoo Finance 3/21) [Read]

Key Plaza Shopping Center Sold for $74.5M The 230,970-square-foot Publix anchored shopping center in Key West was sold to Publix by Auburndale Properties for $74.5M. Other tenants include OfficeMax and Dollar Tree. JLL represented the seller. (Shopping Center Business 3/13) [Read]

Shopper’s Haven Sells for $27.5M The 215,744-square-foot center was acquired by Stiles Corporation for $27.5M, roughly 45% below the previous purchase price, from an affiliate of Patridge Equity Group. Patridge bought the Winn-Dixie and Bed Bath & Beyond anchored center in 2016 for $50M. Currently, the center is anchored by Michaels, Bealls, and YouFit, while Publix is in the process of moving into the old Winn-Dixie space. (The Real Deal 3/12) [Read]

Economy to Remain Steady Barring any unexpected setbacks, the economy is expected to do well for the remainder of the year despite expectations of slower growth of GDP and retail sales. The National Retail Federation is forecasting retail sales to grow between 2.5% to 3.5% in 2024, which follows a similar growth trend as the 10-year pre-pandemic average of 3.6%. Adjusted for inflation, GDP is also expected to grow about 2.3% year-over-year. (Chain Store Age 4/4) [Read]