April 27, 2021
Shopping Center
& Owner News
The Pointe at Kendall Sold for $22.4M ($290 PSF) An affiliate of Toronto based Northbridge Capital sold the 77,051 square-foot center to an affiliate of A+ Storage on April 7th for $22.35 million. The price equated to $290 per square foot. The center is anchored by an Aldi and a PetSmart, and shadow anchored by a BJ’s. CBRE was the broker on the deal. (Business Journals 4/6) [Read]

Veranda Shoppes in Plantation Sold for $17M ($357 PSF) Regency Centers sold the 47,678 square-foot center to an affiliate of Sunny Isles Beach-based RK Centers on March 17th for $17 million. The price equated to $357 per square foot. The center is anchored by a Publix grocery store. Cushman & Wakefield was the broker on the deal. (Business Journals 3/17) [Read]

The Shoppes at Sherbrooke in Lake Worth Sold for 11.3M ($195 PSF) An affiliate of New York based DRA Advisors sold the 57,901 square-foot center to continental Realty Corp on April 14th for $11.3 million. The price equated to $195 per square foot. The center is anchored by a LA Fitness. Marcus & Millichap was the broker on the deal (Business Journals 4/13) [Read]

Whole Foods Nears Completion in Midtown Tampa Whole Foods will open a brand new 52,000-square-foot market at Midtown Tampa this spring, its largest location in Tampa. The expansive market is part of the ever-evolving Midtown Tampa development. Whole Foods Market is right across from REI, the massive outdoors store that just recently opened in Midtown. (That’s so Tampa 3/31) [Read]
Publix Coming to Bal Harbour Square in Fort Lauderdale An application has been filed with Fort Lauderdale’s Development Review Committee to bring a Publix Super Market to the space formerly occupied by HH Gregg at the Bal Harbour Square shopping center. Retail Property Group, the landlord, would demolish the 35,806-square-foot retail and build a 31,143-square-foot Publix. The adjoining Ulta Beauty and Lens Crafters stores would remain. (Biz Journals 4/12) [Read]

Market News

Retail Sales Surge Past Expectations Customers’ spirits are getting a boost from stimulus checks and the growing number of vaccinations. The initial reading of consumer sentiment rose to 83 in early March from 76.8 in February according to an index produced by the University of Michigan. It was the index’s highest level in a year. The largest monthly gains were concentrated among households in the bottom third of the income distribution, as well as those aged 55 or older. (Chain Store Age 3/12) [Read]
Retail Sales Surge Past Expectations, Rising 9.8% Advance retail sales rose 9.8% for the month of March. Sporting goods, clothing and food and beverage led the gains in spending and contributed to the best month for retail since the May 2020 gain of 18.3%. First-time filings for unemployment insurance plunged, with 576,000 new jobless claims for the week ended April 10. That was easily the lowest total since the early days of the Covid-19 pandemic and represented a sharp decline from the previous week’s total of 769,000. (CNBC 4/15) [Read]
Restaurant Sales Almost Fully Recovered in March Restaurant sales surged 36% year-over-year in March. Food services and drinking places generated $61.2 billion in sales in March, up 13.4% from February. That was easily a post-pandemic high. It was also down just slightly from the $62.7 billion in sales the industry recorded in March of two years ago. (Restaurant Business 4/15) [Read]
Retail Rent Collections Within 4% of Pre-Pandemic Levels Retail rent collections are continuing to improve. Retail collections totaled 87.7% in March 2021, the highest rate since the start of the pandemic—collections totaled 90.9% in March 2020—and a stark improvement from the 40% total collections in April 2020. (Globe St 4/20) [Read]
Retail News
Sprouts Farmers Market to Open 20 Stores in 2021 Natural and healthy grocer Sprouts Farmers Market will open approximately 20 new stores this year, including four with a new, smaller format and one store relocation. Among the openings are 10 stores in Florida where Sprouts has been growing rapidly since 2018 and currently operates 23 locations. (Supermarket News 3/5) [Read]

H-Mart to Open First Florida Location H-Mart, a Korean Grocer, has confirmed that it plans to occupy the entire 183,894-square-foot Westland Terrace Plaza at 7501 W. Colonial Drive, which used to be a SuperTarget before the company closed the store in 2012. The Orlando location will be far larger than typical H Marts, which span anywhere from 16,000 to 100,000 square. The average size of an H Mart is usually around 50,000, making the Orlando store possibly H Mart's largest-ever format. (Progressive Grocer 3/10) [Read]
Ross to Open 60 Stores in 2021 Ross remains committed to growing the footprint in fiscal 2021, but at a more modest pace compared to recent years when it routinely opened some 100 stores annually. The off-pricer opened four Ross stores and three dd's Discounts stores across five different states in February and March. The openings are part of the approximately 60 new stores — 40 Ross Dress for Less and 20 dd’s Discount’s locations — that Ross plans to open during fiscal 2021. (Chain Store Age 3/8) [Read]
Burlington to Open 100 Stores in 2021 Burlington reported Q4 sales and profit that beat estimates and will double its store count potential. Burlington, which ended the year with 761 stores nationwide, expanded its long-term store count potential to 2,000 stores, up from its previous target of 1,000 stores. It expects to open 100 new locations in its current fiscal year. (Chain Store Age 3/4) [Read]
Five Below to Open 170-180 Stores in 2021 Five Below remains one of the few specialty retailers that is not pulling back on brick-and-mortar growth. Five Below plans to open 170 to 180 new stores in 2021, up from 120 last year. Five Below’s net income increased 12.3% to $123.9 million in the quarter ended Jan. 30, earnings per share totaled $2.20 compared to $1.97 in the year-ago period, and net sales increased 24.9% to $858.5 million, and comparable sales rose 13.8%. (Chain Store Age 3/18) [Read]
Chipotle to Open 200 Stores in 2021 Chipotle Mexican Grill smashed first-quarter earnings expectations amid a 17.2% rise in same-store sales. The fast-casual chain anticipates opening 200 new restaurants in 2021. Chipotle opened 40 new sites during the first quarter and closed five, bringing its total store count to 2,803. It is the only restaurant company of its size that owns and operates all its restaurants. (Chain Store Age 4/21) [Read]
Dollar Tree to Open 600 Stores in 2021 Dollar Tree plans to open 600 stores and renovate 1,250 Family Dollar locations this year, with the openings consisting of 400 Dollar Tree stores and 200 Family Dollar stores. The new Family Dollar stores will be comprised of combination stores and “H2” stores, which feature improved merchandise offerings. First piloted in 2019, the combination store format combines the Dollar Tree and Family Dollar brands under one roof. (Chain Store Age 3/3) [Read]

Publix: Pandemic Boosted Fiscal 2020 Sales by 12.1% For the quarter ended Dec. 26, Publix sales climbed 14.8% to $11.2, with same-store sales rising 13.4% year over year. Fiscal 2020 sales came in at $44.9 billion, up 17.7% from $38.1 billion a year ago. Comparable-store sales surged 16% from fiscal 2019. The coronavirus crisis boosted fiscal 2020 sales by 12.1%, or about $4.6 billion. (Supermarket News 3/2) [Read]

DSW Closing 65 Locations DSW, which currently operates 501 retail locations, is closing 65 of its stores soon. DSW confirmed that the business had seen a 34% dip in sales amid the pandemic. To offset these losses—amounting to approximately $489 million in total—the company plans to shutter 24 of its stores in 2021, and an additional 41 over the next four years. (BestLIfe 3/17) [Read]
Until Next Time!