February 13, 2023
Shopping Center
& Owner News
Doral Shops Sells for $57 Million ($504 PSF) Sammoury Investments sold the 113,000 square-foot center to Sofi Retails for $57 million. The price equated to $504 per square foot. The center is 99% leased with a mix of restaurants and service retailers on the 1st floor, and medical and health service tenants on the 2nd floor. Marcus and Millichap brokered the deal. (The Real Deal 12/2) [Read]

Griffin Farm at Midtown Sold for $46 Million ($306 PSF) Unicorp National Developments sold the 150,000 square-foot center, anchored by Winn Dixie and 24 Hour Fitness, to Equity Management Partners for $46 million on January 1st2023. The price equated to $306 per square foot. The center is 100% leased. Legacy Realty Group was the broker on the deal. (Business Journals 1/11) [Read]

Publix to Anchor New Development Elevation Pointe, a mixed-use development scheduled to open in the summer of 2024, announced that Publix will anchor the retail portion of the project. The development will consist of 420 town homes, 320 apartments, 2 hotels, and 100,000 square feet of retail and office space. (Jacksonville Daily Record 1/4) [Read]

Market News
Retail Rents Rise as Vacancies Drop Through South Florida Retail rents steadily rose as vacancies dropped in all three South Florida counties. In Miami-Dade County, the average asking rent for retail in Q4 2022 was $44.16, up 11.94% year-to-year, and vacancies dropped from 3.6% to 3.3%. In Broward County, retail asking rents averaged $26.84 in Q4 2022, up 10% year-to-year, while vacancies fell from 4.7% to 4%. In Palm Beach County, retail rents averaged $29.16 in Q4 2022, up 8.93% year-to-year, and vacancies fell from 4.6% to 3.5%. (Business Journal 1/10) [Read]
Florida Migration is Trending Four Florida cities were among the top-25 destinations for one-way U-Haul trips in 2022. Florida, the 2nd ranked state for the most one-way U-Haul trips, is seeing a slowing of new Florida one-way destination trips. From 2021 to 2022, Florida saw the total number of one-way U-Haul trips decrease by 10%. However, the total number of one-way U-Haul departure trips from the state decreased by 11% in that same time frame. While things are changing, Florida is still seeing net population growth. (Business Observer 1/9) [Read]
Retail News
Top-10 Brands Set for a Big 2023 Whether its gaining traction in expansion strategies, adapting to new customer preferences, or reworking their pricing models, these brands have potential for a great 2023: Whataburger, Wawa, Bob’s Discount Furniture, Dave & Buster’s, Hibbett Sports, Five Below, Boot Barn, Grocery Outlet Bargain Market, Altar’d State, and Total Wine and More.
(Chain Store Age 1/3) [Read]
Top 25 Franchises in the U.S. Taco Bell, for the 3rd year in a row, was named the top franchise in the country in Entrepreneur’s 44th Franchise 500 ranking. Costs and fees, size and growth, and brand strength are some key factors in the ranking system. Popeyes Louisiana Chicken, Jersey Mike’s Subs, The UPS Store, Dunkin’, Kumon, Ace Hardware, Culver’s, Hampton by Hilton, and Wingstop round out the top 10 in the rankings, while McDonald’s and 7-Eleven rank slightly lower. (Chain Store Age 1/23) [Read]

Small-Format Stores & Stores within Stores Big name retailers are following in Macy’s footsteps by launching smaller-format stores in the near future. Burlington Stores, Ulta Beauty, and Nordstrom are a few that are looking to pilot their version of a small-format store as a way of getting into areas where large square footage spaces may not be available. Stores within a store is another way retailers such as Kohl’s and Target are getting more traffic to their stores. Kohl’s partnered with Sephora to put outposts within their store and has shown great success since launching; Target partnered with Ulta Beauty in similar fashion. (Marcus & Millichap 12/18) [Read]

Five Below to Open 200+ Stores, Convert 400 Locations Five Below plans to open more than 200 locations in 2023, while also converting more than 400 locations to its “Five Beyond” model that features higher-priced items above the retailer’s signature $5 price limit. Five Below has increased its aggressive expansion plan from a store potential of 2,500+ locations to over 3,500 locations. Five Below currently has over 1,300 stores in 42 states. (Chain Store Age 1/10) [Read]

Plum Market Opens in Aventura Plum Market opened its first location in Florida as the first of several stores nationwide planned to open in 2023. Plum Market operates full-service grocery stores focused on specialty and locally sourced products. Co-Founder and CEO, Matt Jonna, was a Whole Foods executive before co-founding Plum Market in 2006 with his brother Marc. (Supermarket News 1/6) [Read]

HomeSense Opens in Lake Mary HomeSense brings its selection of home furnishing items to Shoppes at Lake Mary as they opened their doors to the public January 26th. The new HomeSense location will include a “work from home” section as the remote work environment has taken off in recent years. HomeSense is the newest retail banner of The TJX Companies and operates over 40 stores across the U.S. (PR Newswire 1/24) [Read]
Conn’s HomePlus Expands to Jacksonville Conn’s HomePlus has opened in Jacksonville as the company’s 15th location in Florida. The specialty retailer of furniture, appliances, and electronics has a total of 167 stores across 15 states. (Chain Store Age 1/18) [Read]
Sam’s Club to Open 35 New Projects Sam’s Club is planning its first expansion in 5 years as it looks to open 30 new stores and 5 fulfillment centers. The fulfillment centers are expected to be delivered this year, while the store openings will be spread over several years with a Florida location set to be the first store to open in 2024. The new Sam’s Club outlets are increasing their footprint by encompassing 160,000 square feet, an increase of 20,000 square feet over current locations. (GlobeSt 1/30) [Read]

Salad Station Opens Florida Location Louisiana-based Salad Station is opening its first location in Pensacola, FL as it plans to enter 4 new markets in the near future. With 12% same-store sales growth and 7% reduction in cost of goods, the company is looking to expand to Houma and Monroe, Louisiana, McAllen, Texas, and Pensacola, Florida. Salad Station has nearly 30 locations and 8 more projected across Florida and Louisiana in 2023.(Nation’s Restaurant News 12/23) [Read]

Island Fin Poké Comes to Tallahassee Hawaiian-style build-your-own poké is coming to Tallahassee as Island Fin Poké becomes the first restaurant of its kind in the city. The opening of the Tallahassee location is the beginning of the company’s expansion plan as they currently operate 20+ locations and have plans in place for over 40 locations in the near future. (Restaurant News 1/2) [Read]

Capital Tacos to Triple Footprint in 2023 Tex-Mex franchise Capital Tacos expansion plans call for opening more than 20 brick and mortar locations in 2023. Founded in Tampa, Florida, Capital Tacos is taking their momentum of the past year to expand their reach into the Charlotte, Atlanta, Orlando, and South Florida markets. (PR Newswire 1/5) [Read]

Downtown Doral gets Two New Restaurants DC Pie Co and Sports Grill opened January 21st as the focus of Downtown Doral turns to their restaurants. DC Pie Co, known for its Brooklyn style pizza and all beef meatballs, is a family-style classic Italian restaurant. Sports Grill, celebrating 35 years in Miami Dade County, is opening its first location in Doral as the company is adding to their 6 Miami locations and 1 Broward location. (Downtown Doral 1/4) [Read]. (Business Journals 1/4) [Read]

The Good Pour Gives Back New start-up business, The Good Pour Wine & Spirits Marketplace, is set to open 7 locations across Central Florida in 2023. They will be working with the current Regency Wine & Liquor owners to renovate new designs, finishes, and inventory overhaul. The Good Pour plans to ink more deals like this with smaller, older liquor stores across the state to renovate and rebrand. (Orlando Sentinel 1/6) [Read]
Filipino Restaurant to Open in Orlando Jollibee, Filipino fast-food restaurant, is expanding its North American footprint by opening its first two-lane drive-through location in Orlando. This will be the company’s 4th location in Florida and its 87th location in North America. Jollibee is aiming to become one of the world’s top-five restaurant chains by expanding across new U.S. markets this year. (Verdict Food Service 1/13) [Read]

Restaurants Likely to Expand in 2023 According to a survey of over 10,000 dining location across the U.S., nearly 60% said they have growth planned in 2023 despite increasing labor costs and food costs. 75% of respondents are planning to focus on recruiting and retention in order to offset labor cost increases. Most respondents believe that they will need to increase their menu prices in order to balance margins and the customer experience in 2023 amid inflation concerns. (Chain Store Age 12/21) [Read]
Walmart’s 2022 Drone Delivery Success Walmart made more than 6,000 drone deliveries in 2022 in which the drones delivered a customer’s order in 30 minutes or less. So far, Walmart’s drone delivery service is active in 36 locations located in Arizona, Arkansas, Florida, South Carolina, Texas, Utah, and Virginia. Walmart plans to scale its drone delivery service to its 4,700+ locations in the future. (Chain Store Age 1/5) [Read]
Amazon to Slow Down Brick-and-Mortar Amazon’s grocery stores, Amazon Fresh, will be getting a strategy readjustment after just three years of operation by temporarily pausing its growth strategy and closing some locations. The grocery concept operates 44 locations across the U.S. with more expected locations either built, being built, or under lease. Analysts show that Amazon wasn’t dominating grocery sales as predicted and they were being outperformed by larger grocers in nearby locations, which contributed to Amazon announcing this pause during their 4th quarter earnings call. (Bisnow 2/6) [Read]

Tuesday Morning Voluntarily Delists Tuesday Morning has notified Nasdaq that the company will voluntarily delist its common stock effective January 12th. The delisting comes as the first step in a longer-term plan for the company to move from publicly registered to privately held in the wake of three executives leaving late last year. Lower than forecast sales and increased insurance costs were also factors in the decision. (Chain Store Age 1/3) [Read]

Bed Bath & Beyond faces Bankruptcy Bed Bath & Beyond has serious doubts that the company will be able to continue business with negative cash flows and significant losses that came in 2022. The company, with over 950 stores, announced mid-last year that they would be closing at least 150 stores and reducing their workforce by roughly 20%. In the past year, Bed Bath & Beyond’s stock has fallen 86%. (Bisnow 1/5) [Read]
Best regards!