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Shopping Center
& Owner News
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Doral Shops Sold for $57M ($502 PSF) Sammoury Investment sold the 113,354 square-foot center to an LLC managed by Americo D’Agostini, who is also manager of A&D Group Realty, for $57 million. The Doral Shops was built on the 5.9-acre site, a block east of Florida’s Turnpike, in 2002. This is the first time it has sold. High retail occupancy rates and record rents have led to increasing retail property values in Miami-Dade County. Marcus & Millichap was the broker on the deal. (Business Journals 12/2) [Read]
Post Commons in Melbourne Sold for $28M ($139 PSF) Fort Lauderdale-based Post & Wickham Corp. sold the 202,050 square-foot center to CrossMarc Services for $28 million. Post Commons, located at 4100 N. Wickham Road in Melbourne, is anchored by Publix, Beall's, and a Pet Supermarket. Marcus & Millichap was the broker on the deal. (Business Journals 11/7) [Read]
Monarch Town Center in Miramar Sold for $61.5M ($409 PSF) A partnership between Stiles Corp. and Ferber Co. sold the 150,426 square-foot center to New Jersey-based PGIM Real Estate for $61.5 million. Completed earlier this year, Monarch Town Center at the corner of Miramar Parkway and Flamingo Road. In addition to Publix, tenants include Ross Dress for Less, Five Below and Planet Fitness. (Business Journals 11/6) [Read]
Palm Beach County Approves New Floor & Décor Store The Palm Beach County Commission approved plans for a new 80,000 square-foot Floor & Décor store at 6500 Okeechobee Blvd. MG WPB LLC, managed by Jon Samuel of Miami-based Midtown Group, acquired the 8.25-acre site for $9 million in April and will be the developer. Construction is anticipated to start in mid-2023.(Business Journals 12/1) [Read]
Market News
National Retail Rents up 4.4% in Q3 Retail property fundamentals remained rock-solid in the third quarter as retailers continues to open more stores than they closed. Vacancy fell from year-ago levels across all major markets except San Francisco. National retail rents rose 4.4% from the year-ago period, with almost all major metros are seeing gains. (Chain Store Age 12/2) [Read]
Consumer Sentiment Improves in Early December Sentiment among U.S consumers turned more positive in the beginning of December as inflation concerns eased to a 15-month low. The overall index of consumer sentiment rose 4% to 59.1 in its preliminary December reading, up from 56.8 in November. Consumer’s views of current economic conditions rose to 60.2 in December from 58.8 in November, while the indicator of expectations for the next six months rose to 58.4 from 55.6 last month. (Chain Store Age 12/9) [Read]
Black Friday In-Store Traffic Up 3% Shoppers returned to physical stores and shopping centers on Black Friday even as they continued to set new records online. In-store traffic edged up 2.9% compared to last year. Non-mall traffic (includes lifestyle centers, strip centers and standalone stores) increased 4.7% compared to Black Friday 2021. Traffic to enclosed malls inched up 1.2%. (Chain Store Age 11/28) [Read]
Consumers Concerned About Online Holiday Shopping Brick-and-mortar grocers may have an edge when it comes to holiday shoppers. According to a survey of more than 1,200 U.S. consumers, over 50% of surveyed consumers have returned to in-store shopping year-round. However, 70% of consumer respondents expect to shop in-store for their holiday meal and/or holiday party groceries. (Chain Store Age 11/22) [Read]
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Chipotle to Open 250-285 Restaurants in 2023 Chipotle plans to open between 255 to 285 new restaurants, with at least 80% including the digital order drive-thru lane, in 2023. Introduced in 2018, the format is designed to give customers and delivery drivers a fast and convenient experience. New restaurant openings that feature this digital order pick-up lane have demonstrated higher volumes and greater returns than a traditional Chipotle restaurant format. (Chain Store Age 11/16) [Read]
Dutch Bros Targets 150 New Stores for 2023 Dutch Bros. Inc. is targeting to open at least 150 new shops in 2023. The openings would enable Dutch Bros. to reach its goal of 800 shops by the end of 2023. In its Q3 earnings release, it opened a record 38 locations across 11 states during the quarter, almost as many as it opened during the entire year of 2019. Dutch Bros has opened at least 30 shops in five consecutive quarters. (Chain Store Age 11/14) [Read]
Dollar General’s Popshelf Concept is Expanding Dollar General’s Popshelf concept opened its 100th store in November. Of its 100 locations, more than 30 are store-within-a-store locations that combine Popshelf and DG Market offerings. The retailer is on track to operate 150 standalone stores and 40 combination formats by the end of the 2022 fiscal year. It has set a goal of approximately 1,000 stores by its 2025 fiscal year end. (Chain Store Age 11/04) [Read]
Walmart Q3 Beats Estimates, Fueled by Strong Grocery Sales Walmart’s Q3 sales rose by nearly 9% as shoppers continued to prioritize value and deals, especially in grocery. Revenue rose 8.7% to $153 billion, above estimates of $147 billion. Same-store sales increased 8.2% with strong grocery share gains. Comparable transactions rose 2.1%, and the comp average ticket was up 6%. Same-store sales at Sam's Club jumped 10%. (Chain Store Age 11/15) [Read]
Dick’s Sporting Goods Post Strong Q3 Results Dick’s Sporting Goods raised its outlook after posting strong results in Q3. Across Q3, more shoppers purchased items more frequently and spent more each trip. Overall, net sales in Q3 were $3 billion, up 7.7% from last year. Comparable store sales were up 6.5%. Comparable store sales are expected to fall between 3% and 1.5%. (Footwear News 11/22) [Read]
ULTA Soars in Q3 Ulta Beauty reported better-than-expected quarterly earnings, revenue and comparable sales as shoppers kept spending on beauty despite higher prices. Customer spending at ULTA was up across all income levels during the quarter. Net income rose 27.5% to $274.6 million in the quarter ended October 29th, from $215.29 million a year ago (Chain Store Age 12/2) [Read]
The Home Depot’s Momentum Continues in Q3 Home Depot reported profit of $4.3 billion in the quarter ended Oct. 30, compared to $4.1 billion in the year-ago quarter. Revenue rose 5.6% to $38.87 billion, beating analyst expectations for $37.95 billion. Comparable sales increased 4.3%, and comparable sales in the U.S. increased 4.5%. (Chain Store Age 11/15) [Read]
Sally Beauty to Close 6 Orlando-Area Locations Sally Beauty plans to close 350 locations by the end of the year, six of which will be in metro Orlando. The move for Sally Beauty was announced as part of the fourth-quarter earnings announcement. In fiscal 2022, the company had net sales of $3.8 billion. Sally Beauty was trading at $12.66 per share as of Nov. 17, down 34.99% for the year. Its stock has a 52-week range of $11.28-$21.86. (Business Journals 11/18) [Read]
Target Unveils Larger Format Store At 150,000 sq. ft., Target’s new large-format store is more than 20,000 sq. ft. larger than a typical Target. In addition to the larger store, Target has reimagined its store design, with a more open layout and elements to better serve customers and employees. Starting in 2023, more than half of Target's 200 store remodels and almost all of its 30 new stores will include elements of the new design. (Chain Store Age 11/10) [Read]
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