TJX to Add 1,300-Plus Stores The off-price retailer saw first-quarter earnings gain amid sales growth across all divisions and says their second quarter is off to a good start. TJX CEO, Ernie Herrman, sees potential to expand an additional 1,300 or more stores with their current banners in the company’s existing countries. TJX saw net sales increase 6% in Q1, in line with their estimates. (Chain Store Age 5/22) [Read]

Dutch Bros Starts 2024 Strong The fast-growing coffee chain opened a record 45 locations across 14 states in their first quarter, their 11^th consecutive quarter of 30 or more openings. Dutch Bros beat their expected earnings and revenue in Q1, and saw same-store sales rise 10%. The company remains on track to open 150 to 165 stores in 2024. (Chain Store Age 5/8) [Read]

Pinstripes to Grow with Newmark The experiential dining and entertainment brand has partnered with Newmark in a Master Broker agreement as it plans expansion across the country. The agreement with Newmark will give Pinstripes access to sites and developers across the country, which will be important as the company has a long-term goal of at least 150 locations. Pinstripes currently has 17 open locations, with an additional 6 under lease. (Chain Store Age 5/7) [Read]

JCPenney Remains Resilient Despite sales and net income falling, JCPenney remains profitable and might explore the idea of opening new stores. Q4 was the best quarter of 2023 for JCPenney, which may have been helped by holiday sales but could also be a sign of the changes made last year beginning to take effect. The company announced last summer that they would be investing $1 billion to upgrade their stores, tech, and customer experience. Their plan is long term as they continue to battle high costs and low sales. (Retail Dive 5/10) [Read]

Store Visits Rise in Q1 for Retailers Some of the nation’s biggest retailers saw increased foot traffic in the first quarter compared to the year-ago quarter. Large retailers such as Walmart, Target, and Costco saw foot traffic gains anywhere from 3-9% year-over-year. Other retailers such as Ross Dress for Less, Homesense, and Marshalls were up between 1-10%. Not all foot traffic trends were positive, however, as Home Depot and Lowe’s both saw decreases. (Chain Store Age 5/13) [Read]

Costco Sales Rise in April In-store and online sales momentum for Costco continued in April as the warehouse club retailer saw net sales gain 7.1% in April compared to the year-ago period. Costco has seen net sales rise 7.0% in the first 35 weeks of their fiscal year, with total comparable sales up 5.2% and e-commerce up 14.7%. (Chain Store Age 5/10) [Read]

Walmart Income Soars in Q1 The retail giant reported a strong first quarter with earnings, sales, and same-store sales beating expectations as the company continues to win over higher-income shoppers. Walmart’s net revenue increased 6%, with U.S. sales rising 4.6%. E-commerce sales rose significantly by 21% globally, fueled by store-fulfilled pickups and delivery. (Chain Store Age 5/16) [Read]

Walmart Tests Bigger Neighborhood Market Format Walmart committed to opening or converting more than 150 stores in the next five years which will greatly benefit the Neighborhood Market format. Two locations, one in Santa Rosa Beach, FL and one in Atlanta, GA, have been the first to open in this new initiative. These new locations are also roughly 17,000 square feet larger than the average Neighborhood Market. At 57,000 square feet, the larger space will allow more focus on value, speed, and convenience. (Chain Store Age 5/21) [Read]

The Container Store Faces NYSE Delisting The Container Store ended their fiscal year on a sour note where their Q4 net sales decreased 20.7%. The company was officially notified by the New York Stock Exchange that they are no longer in compliance as their common stock has been below $1.00 for a consecutive 30-day trading period. The Container Store says they intend to regain compliance within the allotted six-month period, and even have plans to open four new locations in their fiscal 2024. (Chain Store Age 5/14) [Read]

Sam Ash Files for Bankruptcy The musical instrument retailer filed for Chapter 11 bankruptcy protection amid post-Covid struggles in their brick-and-mortar locations. Sam Ash CEO, David Ash, stated that their online presence and sales have remained strong, but their physical locations have struggled. The company is exploring several options such as restructuring or a potential sale of the business or portions of the business. Sam Ash has 42 stores across 16 states that will close. (Chain Store Age 5/9) [Read]

Red Lobster Files for Bankruptcy Only a few weeks after closing roughly 90 locations, the casual-dining seafood chain has filed for Chapter 11 bankruptcy protection with plans to sell itself. Red Lobster is looking to simplify its business by reducing locations and selling some of its assets. The company currently is in an agreement with its existing lenders for them to buy the chain unless a higher bid is received. Red Lobster locations will remain open throughout the bankruptcy process. (Chain Store Age 5/20) [Read]

U.S. Economy Surges with Surprising Growth The economy in the U.S. outpaced expectations in May, showing strength despite concerns of slowing down. Activity in both the services and manufacturing sectors rose from April to May, unexpectedly increasing to its highest level since early 2022. This raises concerns for increasing demand pressures as the Fed continues to seek to control inflation. (Retail Wire 5/23) [Read]

Florida is the #2 State Americans Moved to in 2023 For the second year in a row, Florida takes the number 2 spot on the list of states where the most Americans move to. They have been in the top four nine years in a row, with Florida last being number 1 in 2019. Texas took the number 1 spot this year, while California saw the largest net loss of one-way movers. (CNBC 1/5) [Read]

U.S. Consumer Confidence Rises in May After three straight months of decline, consumer confidence finally saw an upward trend in May despite unease about inflation and interest rates. Taking current economic conditions and outlooks for the next six months into consideration, Americans have a more optimistic short-term view while still holding expectations of a recession in the future. Despite this, consumer expectation of a recession is still lower than it was last May. (The Associated Press 5/28) [Read]