McDonald's plans 10,000 New Stores The quick-serve giant is ramping up expansion, eyeing a target of 50,000 locations by the end of 2027. McDonald’s currently operates over 40,000 locations worldwide and, of the targeted growth, roughly 900 locations will open in the U.S. This expansion would mark the fastest growth period in McDonald’s history. (Chain Store Age 12/6) [Read]

Dollar General to Open 800 Stores in 2024 The company reported better-than-expected third quarter earnings and revenue as consumers continue to spend at price-conscious retailers. Dollar General will aim to open 800 new locations and remodel over 1,500 stores, which is a modest slowdown from recent years. The company saw sales rise 2.4% and expects their momentum to continue into 2024. (Chain Store Age 12/7) [Read]

Nordstrom Rack Adding 19 Stores Nordstrom continues to make expanding its Rack division one of its top priorities. The company so far has plans to open 19 more locations in 2024 and 2025, of which one location will be added to the Florida market. Nordstrom Rack will open a 30,000-square-foot store at the South Beach Regional center in Jacksonville Beach (Chain Store Age 12/14) [Read]

Coffee is Growing Coffee consumption was at an all-time high in 2022 as 66% of Americans said they drank coffee every day. As a result, emerging coffee concepts such as Dutch Bros and Scooter’s Coffee have capitalized on the popularity. Despite drive-thru demand remaining steady, more artisanal coffee concepts are tapping into the market of quality-sourced coffee being served in cozy settings. Blue Bottle Coffee, Foxtail Coffee Co., and Caffѐ Nero are some chains expanding in 2024. (Nation’s Restaurant News 12/18) [Read]

Caribou Coffee Expands to Florida The coffee chain, part of Panera Bread, opened its first Florida location in St. Petersburg, and has claimed the company intends to open more locations in the state. Caribou Coffee has nearly 800 locations in total and has announced the signing of several development agreements to franchise more than 300 new locations across the U.S. (Chain Store Age 12/6) [Read]

It’Sugar Expands in Florida It’Sugar, one of the largest specialty candy retailers in the U.S., has opened in Miami to become the company’s 10^th location in South Florida. Looking ahead, the company plans to open several larger format stores in 2024, including an 18,000-square-foot store in Miami’s Bayside Marketplace. The retailer operates more than 100 locations nationwide. (Chain Store Age 12/4) [Read]

Ollie’s Bargain Outlet Posts Strong Q3 Third quarter earnings were better than expected, leading Ollie’s to raise its full-year outlook while sales grew as well. Citing pressures on consumers to save money and seek out deals, Ollie’s saw net income rise 37.8% for the third quarter compared to last year. Sales grew 14.8% in the same period. (Chain Store Age 12/6) [Read]

Dollar Tree Reports Mixed Q3 As shoppers cut back discretionary spending, the deep discounter saw net income fall slightly while revenue increased 5.4%. This has the company initiating a comprehensive review of its Family Dollar business and evaluating “stores that are not aligned with its transformative vision for the company”. Dollar Tree has narrowed its fiscal 2023 guidance as well. (Chain Store Age 11/29) [Read]

Tropical Smoothie Seeking Sale It is reported that Tropical Smoothie could be exploring a sale for as high as $2B, less than 4 years after being bought by Levine Leichtman Capital Partners. Tropical Smoothie has seen their footprint grow from 870 locations in 2020 to over 1,300 at the end of 2023. (Restaurant Dive 12/21) [Read]

Chuck E. Cheese Seeks Sale CEC Entertainment, parent company of Chuck E. Cheese and Peter Piper Pizza, is reportedly exploring a sale after they partnered with Goldman Sachs. They are looking to attract private equity firms and other entertainment companies such as Dave & Buster’s. CEC Entertainment was rumored to have sought a sale during their bankruptcy in 2020 after failing to go public in 2019. (Restaurant Dive 12/19) [Read]

Benderson Acquires Linton Commons for $28M The 85,000-square-foot shopping center was acquired by Benderson Development in November. The seller, Menin Development, had bought the center in 2016 for $33M with the intent to redevelop the main portion of the center into a 5-story apartment building but never began development despite gaining preliminary approvals in 2021. Tenants include RH Outlet, Guitar Center, and PetSmart. Newmark represented the seller. (Shopping Center Business 11/27) [Read]

1600 Commons Sells for $38.4M RK Centers acquired the 65,338-square-foot Trader Joe’s anchored center for $38.4M, nearly $11M less than it was last sold for. The seller, PGIM Real Estate, purchased the center for $49.2M in 2017. (Commercial Observer 12/11) [Read]

U.S. Consumer Confidence Rose in December A more positive view on current business conditions and job availability, as well as less pessimistic views on the labor market and personal income issues, has led to an increase in consumer confidence. The trend had been falling since July of 2023, but it seems that the overall state of the markets has consumers looking forward to better days ahead. (The Conference Board 12/20) [Read]

E-Commerce Helps Healthy December Sales Online sales for the 2023 holiday season rose 7% over last year’s season, thanks to 11% year-over-year growth in online sales. The surge in online sales to beat estimates was also powered by 27% year-over-year grocery sales growth, as well as 19% in electronics spending and an additional 14% in leisure and outdoor goods. (Chain Store Age 1/5) [Read]