June 24, 2021
Shopping Center
& Owner News
Delray Commons Sold for $10.5M ($139 PSF) Kroger sold the 75,717 square-foot center to an affiliate of PEBB Enterprises on May 28th for $10.5 million. The price equated to $139 per square foot. After buying the property in 2018, Kroger planned to bring Lucky’s Market to Delray Commons, but all Lucky’s Market locations were closed in early 2020 after the chain filed for bankruptcy. The new owners plan to bring in Sprouts Farmers Market. (Business Journals 5/27) [Read]

Coral Park Shopping Center in Miami Sold for $19M ($313 PSF) An LLC managed by Joseph A. Sanz in Miami sold the 60,692-square-foot retail plaza an affiliate of Miami-based Core Investment Properties on June 7th for $19 million. The price equated to $313 per square foot. Notable tenants include Goodwill, CVS, and AutoZone. (Business Journals 6/7) [Read]
Plantation Square Sold for $12M ($182 PSF) Plantation Square Ltd., managed by Marvin Feinstein in Plantation, sold the 65,796 square-foot center to Miami based MMG Equity Partners on May 25th for $12 million. The price equated to $182 per square foot. Plantation Square last traded for $7.1 million in 2003. (Business Journals 5/25) [Read]

Oakland Park Festival Centre Sold for $23.4M ($155 PSF) SELA LLC., managed by Amos Chess in Fort Lauderdale, sold the 150,537 square-foot center to an LLC managed by Steven Hudson of the Hudson Capital Group, on June 1st for $23.4 million. The price equated to $155 per square foot. Oakland Park Festival Centre last traded for $4.9 million in 2011. Notable tenants include AutoZone, Bravo Supermarkets, Crunch Fitness, Dollar Tree, and America’s Got Soccer. (Business Journals 6/1) [Read]
Royal Palm Beach Plaza Sold for $10M ($104 PSF) An LLC managed by former Palm Beach County Commissioner Jess Santamaria sold the 97,000 square-foot center to Iberic Malls on April 24th for $10 million. The price equated to $104 per square foot. The center was 100% occupied at the time of sale. Marcus & Millichap brokered the deal. (Business Journals 5/24) [Read]

Market News

Nearly a Million New Workers Hired in May Private job growth for May accelerated at its fastest pace in nearly a year as companies hired 978,000 workers. It was a big jump from April’s 654,000 and the largest gain since the 4.35 million added in June 2020 as the national economy came out of its Covid-19 lockdown. (CNBC 6/3) [Read]
Retail Sales to Exceed $4.44 Trillion in 2021 The National Retail Federation forecast that 2021 retail sales will total between $4.44 trillion to $4.56 trillion, up from $4.02 trillion in 2020. The numbers exclude automobile dealers, gasoline stations, and restaurants. Non-store and online sales, which are included in the total figure, are expected to grow between 18% and 23% this year. (Chain Store Age 6/9) [Read]

Retail Rent Collections Eclipse 90% Mark for First Time Since Pandemic Total retail rent collections approached 91% last month, the first time since March 2020 that collections eclipsed the 90% mark. May collections clocked in at 90.85%, up more than a percentage point over April figures. National tenants performed even better than the national average, at 94.3%. Rent collections among non-national tenants came in at 87.1%. (Globe St 6/14) [Read]
Retail News
Amazon Fresh is Coming to Uptown Boca This will be the first store in the southeast region of the U.S. With active stores only being in California and Illinois, the company is building up to create a new chain of grocery stores. The store will provide a new grocery store experience by combining its available technology with national brands. As of right now, an opening date has not been announced. (Boca Raton Tribute 5/8) [Read]
Whole Foods to Open Midtown Tampa Location in July Whole Foods Market, who is moving a store from nearby Walters Crossing shopping plaza to Midtown, announced that the new 48,000 square-foot store will open July 7th. Whole Foods is Midtown's latest big name to open its doors. Outdoors store REI has been open for months, and more retailers will open in the weeks ahead. (Business Journals 6/9) [Read]

Bealls Outlet/Home Centric Concept Coming to Grove at Wesley Chapel The Grove at Wesley Chapel will soon feature a combination outlet and home décor concept. Bealls Outlet/Home Centric will occupy about 35,000 square feet in the former Toys ”R” Us location. The store’s opening later this year is part of a wave of exciting changes at the Grove, which developer and landlord Mark Gold of Mishorim Gold Properties purchased for around $64 million in September 2019. (Tampa Bay Newswire 5/20) [Read]

Amazon to Open 4-Star Retail Store in Orlando Amazon is opening a “4-Star” store at 2746 E. Colonial Drive in Colonial Plaza. A typical 4-Star store is about 5,000 square feet in size. Amazon's 4-Star stores sell the e-commerce giant's books, electronics, games, kitchen devices and more. Amazon also offers pickups and returns at the store. (Biz Journals 5/12) [Read]

Five Below Q1 Tops Expectations; On Track to Open 170 to 180 Stores Five Below got off to a strong start in 2021, opening 67 net new stores during the quarter, for a total of 1,087 stores. Five Below reported net earnings of $49.6 million in the quarter ended May 1, compared to a loss of $51 million in the year-ago period. Sales rose 197.6% to $597.8 million compared to the year-ago period and 64% compared to the first quarter of 2019. (Chain Store Age 6/4) [Read]

AutoZone Beats Sales and Earnings Expectations AutoZone reported net income of $596.2 million, up 73.8% from $342.9 million a year ago. Net sales grew 31.4% to $3.65 billion, beating the expectation of $3.27 billion. Domestic same-store sales increased 28.9% for the quarter. During the quarter, AutoZone opened 25 new stores and closed one store in the U.S. (The Street 5/25) [Read]
Big Lots to Open 50-60 Stores Amid Strong Sales Big Lots reported net income of $94.6 million for the quarter ended May 1, up from $49.3 million posted in the year-ago period. Sales rose 13% to $1.626 billion, ahead of analysts' expectations for $1.544 billion. Online sales grew 30%, and same-store sales increased 13%. The retailer expects to open from 50 to 60 stores in 2021 while also closing some underperforming locations, for a net new store increase of 21. Big Lots operates 1,414 stores in 47 states. (Chain Store Age 5/28) [Read]
Dollar General, Dollar Tree Store Expansion on Track for 2021 Dollar General is on track to open 1,050 new stores, remodel 1,750 locations and relocate 100 stores in 2021, and reported net income of $677.7 million in the quarter ended April 30. Dollar Tree said it plans to open 600 new stores and to renovate 1,250 Family Dollar stores in fiscal 2021. The new stores are expected to consist of 400 Dollar Tree stores and 200 Family Dollar stores. The chain’s net income totaled $374.5 million. (Chain Store Age 6/1) [Read]
Chicken Salad Chick Inks 5-Unit Deal in Fort Myers and Naples Chicken Salad Chick, the fast casual chicken salad restaurant concept, announced the signing of a 5-unit development deal for the greater Fort Myers and Naples areas. This news builds on the tremendous growth Chicken Salad Chick is experiencing throughout the state with five additional locations slated to open by year-end, growing its statewide presence to 30 thriving restaurants. (QSR 5/28)[Read]
Dick’s Sporting Goods Reports its Highest-Ever Q1 Earnings Dick's reported net income of $361.8 million, or $3.41 per share, for the quarter ended May 1, compared to a loss of $143.4 million, or $1.71 per share, in the year-ago period. Adjusted earnings per share of $3.79 easily blew past analysts’ estimates $1.19. Net sales rose 119% to $2.919 billion, ahead of estimates of $2.230 billion. Sales increased 52% compared to the pre-COVID first quarter of 2019. (Chain Store Age 5/26) [Read]

Hibbett’s Sports Beats Q1 Expectations Net sales for the 13-week period ended May 1, 2021, increased 87.8% to $506.9 million compared with $269.8 million for the 13-week period ended May 2, 2020. Comparable sales increased 87%. Brick and mortar comparable sales increased 113.5%. E-commerce sales grew by 1.0% and represented 11.7% of total net sales for the first quarter compared to 22.3% in the prior year’s first quarter. (SGB 5/28) [Read]
Costco Sales Jump 24% in May Costco Wholesale racked up healthy sales gains in May as more consumers return to stores. Sales rose 24.2% to $15.59 billion in May. Total same-store sales rose 22.8%, Online sales increased 12%, down from the big increases the retailer saw during the height of the pandemic. For the 39 weeks ended May 30, 2021, Costco reported net sales of $142.17 billion, an increase of 18.3% from $120.19 billion last year. Online sales are up 58.9%. Costco currently operates 809 warehouses, including 559 in the United States. (Chain Store Age 6/4) [Read]
Tuesday Morning to be Relisted Tuesday Morning, which exited Chapter 11 at the beginning of this year after closing about 200 stores, was re-listed on the Nasdaq stock market and has commenced trading as of May 25, 2021, under the ticker symbol "TUEM". Based in Dallas, Tuesday Morning currently operates 490 stores in 40 states. (Chain Store Age 5/24) [Read]
Until Next Time!