Discount Retailers Fuel 2024 Openings Store openings this year are expected to be similar to 2023, with discount retailers such as Dollar General taking the lead. While store openings are expected to decrease slightly from 5,645 in 2023 to 5,500 in 2024, closings are likely to ease up after seeing a 28.6% increase in closures in 2023 compared to 2022 due to expectations of multiple interest rate cuts. (Chain Store Age 1/19) [Read]

Walmart to Add Over 150 Larger-Format Stores The retail giant is moving back into brick-and-mortar expansion as they plan to build or convert more than 150 larger-format stores in the next five years. Walmart will also continue its program to remodel existing locations where 650 remodels are expected to be completed within the next 12 months. The retailer has also finalized construction plans on 12 new projects predicted to start this year. (Chain Store Age 1/31) [Read]

Tractor Supply to Open 80 Stores in 2024 Tractor Supply announced plans to open 80 Tractor Supply stores and 10-15 Petsense by Tractor Supply stores in 2024. The company opened 70 locations in 2023 and has plans to increase its growth to 90 stores per year in 2025 and beyond. Net sales increased 2.5% year-over-year. (Chain Store Age 2/1) [Read]

Sprouts to Open 35 Stores in 2024 The company saw strong results in their fourth quarter and full fiscal year which brings confidence to their plan of continuing to grow their footprint. Net sales in their Q4 rose 8% year-over-year and Sprouts saw 30 new stores open in 2023. Strong openings and financial results has Sprouts eyeing 35 new locations in 2024, as well as expected net sales growth of 5.5% to 7.5%. (Chain Store Age 2/23) [Read]

Kroger was Top-Visited Grocer in 2023 Placer.ai’s end-of-year report for the grocery sector in 2023 shows that Kroger and its banner locations accounted for nearly 19% of annual grocery foot traffic. They were followed closely by Publix at roughly 17%, and then Safeway (10.5%), Aldi (9.4%), and H-E-B (8.7%). Among grocers, Trader Joe’s had the highest median household income amongst its shoppers. (Chain Store Age 1/25) [Read]

Pet Supplies Plus Eyes 2024 Growth The pet supply store ended 2023 with 83 new franchise agreements as well as signing 12 deals to grow its Wag N’ Wash chain. This comes after a year when Pet Supplies Plus opened 62 new stores and Wag N’ Wash opened 13. The company believes that they will open more than 60 new locations between their two banners in 2024. (Chain Store Age 2/13) [Read]

Chipotle to Grow Openings, Posts Strong Q4 The quick-service giant saw net sales rise 15.4% in their quarter ended Dec. 31, exceeding estimates, and pushing the company’s growth strategy forward. The company also saw revenue rise 14.3%. Chipotle opened 271 locations in 2023 and has said that they plan to open 285-315 new locations in 2024. (Chain Store Age 2/7) [Read]

Smoothie King Expects New Locations in 2024 The company saw sales increase 11.5% in 2023, along with positive traffic growth for the year. Smoothie King had its highest sales period in their 50-year history in Q3, as well as one of their largest periods of growth of new developments in Q4. The company has said that they are forecasting the addition of 100 locations in 2024. (Nation’s Restaurant News 2/8) [Read]

Lowe’s Net Sales Fall in Q4 The company reported net sales in their fourth quarter were down roughly 17% year-over-year, despite net earnings gaining 4.5%. Earnings for the quarter beat expectations and, despite the poor sales, Lowe’s saw higher conversion rates and lower returns, indicating that customers are responding to the company’s improved digital experience and fulfillment. (Retail Dive 2/27) [Read]

Macy’s to Close 150 Stores, Expand Other Formats The department store giant said it will be closing 150 underproducing locations to “focus resources” and prioritize their investments elsewhere. Roughly 50 locations will close by the end of 2024, while Macy’s looks to open roughly 30 small-format, off-mall stores starting later this year and opening through the end of 2025. The stores expected to close account for 25% of Macy’s square footage, but only 10% of sales. (Chain Store Age 2/27) [Read]

TGI Fridays Closing, Selling Locations The casual-dining chain is looking to optimize operations and drive growth as they have announced 36 locations will close across the U.S. These locations were underperforming and will be closed as part of the company’s ongoing growth strategy. TGI Fridays currently has more than 850 locations in over 55 countries. (Chain Store Age 1/3) [Read]

All VillageMD Locations in Florida to Close Walgreens is pulling out of all Florida VillageMd locations not even 3 years since buying a major stake in the company for $5.2B. Walgreens is moving on without Florida to allow them to focus on areas with more market power. The closings began taking place in December of last year as 10 locations in Jacksonville were announced to be shuttering.

(Supermarket News 2/23) [Read]

Shoppes of Lake Mary Sells for $26.1M The 74,234-square-foot shop portion of the Shoppes of Lake Mary center was sold by an affiliate of Nuveen Real Estate, brokered by Cushman & Wakefield. The portion of the center sold was 97% leased at the time of sale, Target and Publix were excluded. An entity related to Phillips Edison & Co. paid $26.1M for the portion of the property. (RE Business Online 2/23) [Read]

Palm Plaza Sells for $17.8M The 133,419-square-foot Publix-anchored shopping center was sold for $17.8M by the joint venture of Crosspoint and Long Wharf Capital, 2 years after they had acquired the center for $14M. Colliers represented the seller.

(Connect CRE 2/26) [Read]

Economists See a Brighter 2024 The National Association for Business Economics predicted that GDP will increase 2.2% in 2024. They credit faster growth, shrinking inflation, and healthy job creation as reasons to expect this year to be a softer landing than previously predicted. Consumer Price Index is also forecasted to decline to an annual rate of 2.4% this year after being 4.1% in 2023 and 8% in 2022. (CBS News 2/26) [Read]

Inflation to Fall in 2024 Inflation fell in 2023 after reaching a 40-year high in 2022, and inflation continues to show signs of returning to normal levels this year. The unwinding of price spikes due to supply chain issues being resolved, as well as the Fed’s tightening slowing economic growth, gives reason to believe that inflation can fall to an average 1.9% from 2024 to 2028. (Morningstar 2/29) [Read]