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Shopping Center
& Owner News
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The Stables in Boynton Beach Sells for $41 Million ($524 PSF) Stiles Corp. sold the 78,282 square-foot center to Yevgeniy Yermakov for $41 million. The price equated to $524 per square foot. The center is anchored by a 47,000 square-foot Publix grocery store. (The Real Deal 2/27) [Read]
Parkway Village at St. Johns Sells for $24.1 Million ($463 PSF) A joint venture between Stiles Corp. and Cantrell & Morgan sold the 52,070 square-foot center to a private buyer for $24 million. The price equated to $463 per square foot. The center is anchored by Publix and was 100% leased at the time of the sale. JLL was the broker on the deal. (REBusiness Online 1/30) [Read]
Lockwood Village in Oviedo Sells for $6.4 Million ($111 PSF) The Stafford Cos. sold the 58,000 square-foot center to FrostPoint Capital LLC for $6.4 million. The price equated to $111 per square foot. The center is anchored by a Winn Dixie grocery store. (Business Journals 2/23) [Read]
Koniver Stern Group Splits One of Miami’s most successful retail brokerages is closing as founding partners go their separate ways. Lyle Stern and Bruce Koniver founded the company in 1992 and were responsible for inking hospitality, national chain, and marquee restaurant deals such as Carbone and Whole Foods. The two founding partners saw different visions for the future of the company and elected to go their own way. (Commercial Observer 2/9) [Read]
Market News
Store Openings Beat Closings in 2022 Major US retailers opened more stores than they closed in 2022, opening 5,103 stores and closing 2,603 locations. Dollar General (1,024 store openings), Family Dollar and Dollar Tree (393 and 206 store openings), and Five Below (134 store openings) led the charge in store openings for 2022, accounting for over 30% of total openings. (Retail Dive 2/13) [Read]
February Retail Sales Drop Slightly After a Big Jump in January Spending America’s consumers trimmed their spending in February after a buying burst in January, retail sales slipped 0.4% after following a 3.2% jump in January. Excluding gas and autos, retail sales were unchanged from January. Consumer spending is getting much of its boost from a strong job market, employers added a solid 311,000 jobs in February. (PBS 3/15) [Read]
Over 300,000 Jobs Added to US Economy in February Nonfarm payrolls rose by 311,000 in February, above the 225,000 Dow Jones estimate and a sign that the employment market is still hot. The unemployment rate rose to 3.6%, above the expectation for 3.4%, amid a tick higher in the labor force participation rate to 62.5%, its highest level since March 2020. (CNBC 3/10) [Read]
U.S. Producer Prices Fall in February U.S. producer prices unexpectedly fell in February and the rise in prices in January was not as large as initially thought, offering some hopeful signs in the fight against inflation. The producer price index for final demand slipped 0.1% last month, and data for January was revised down to show the PPI increasing 0.3% instead of 0.7% as previously reported. (Reuters 3/15) [Read]
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Discount Chains Plan Expansion, Over 300 Stores Ross, T.J. Maxx, and Burlington have plans to greatly increase their physical footprints in 2023. Ross plans to open more than 100 new locations, while T.J. Maxx wants to open 150 stores, and Burlington is to open as many as 80 locations. (MSN 3/8) [Read]
Dollar Tree Ramping Up Store Growth as Momentum Continues The company’s fiscal 2023 outlook is calling for 600 to 650 new store openings after a strong 2022 in which Dollar Tree opened 464 new locations, remodeled 120 stores, closed 205 locations, and renovated 796 Family Dollar locations. Dollar Tree operates 16,340 stores across 48 states and 5 Canadian provinces. (Chain Store Age 3/1) [Read]
Target to Open 20 Stores in 2023 Target plans to open 20 stores in 2023, invest in 175 of its existing stores from remodeling to adding in-shop experiences, and spend $100 million to expand its packing-sorting network. (Chain Store Age 2/28) [Read]
Floor & Decor Opening New Locations After opening 32 warehouse stores in 2022, Floor and Decor remains on track to open 32 to 35 new locations by the end of 2023. The company ended 2022 with 191 warehouse stores and 6 design studios across 36 states. (Chain Store Age 2/24) [Read]
Jack in the Box to Open 14 Locations One of the country’s top quick serve restaurant chains has signed on to 14 new locations in Florida and Arkansas. This is the first time they have entered the Arkansas market and the first time being in Florida in over 30 years. Jack in the Box operates and franchises over 2,180 locations in 21 states. (Retail & Restaurant Facility Business 3/2) [Read]
The Learning Experience to Open Five New Centers The Learning Experience, a chain of early-childhood care centers, will open four locations in Palm Beach County and one in Broward County. The first scheduled to open will be at a former LA Fitness site at 3500 N. University Drive in Sunrise, followed by a center at Belvedere Road and Sansburys Way, slated to open mid-2024. The other three locations are slated to open before the end of 2024 in Plantation, Boca Raton, and Delray Beach. (Business Journals 2/20) [Read]
Aldi to Join St. Petersburg Center Aldi is planning to take over the shuttered Hitchcock’s Green Market space in northwest St. Petersburg. The 28,605-square-foot space at 6765 22nd Avenue North is part of the Tyrone Square Mall complex, and is accompanied by PetSmart, Dick’s Sporting Goods, and Five Below. Aldi has over 2,000 locations across 36 states. (St. Pete Catalyst 2/28) [Read]
BJ’s Wholesale Opens in Davenport The membership warehouse club retailer opened its 36th Florida location on February 17th. New locations will be offering digital shopping options such as curbside pickup, same-day delivery, and in-club pickup. (Chain Store Age 2/14) [Read]
Club Studio to Open in Coconut Grove Project Club Studio, a new boutique fitness concept by Fitness International, has reserved 38,400 square-feet in the mixed-use project Grove Central that's still being built in Miami's Coconut Grove. Club Studio plans to open next year. (Profile Miami RE 3/14) [Read]
Detwiler’s Farmer Market to Open 6th Store The family-owned grocery store chain signed a lease for a 50,000 square feet space at the Market Place West shopping center in Bradenton. This will be the chain’s first Bradenton store, with 3 locations already in Sarasota, and one in both Venice and Palmetto. Detwiler’s plans to open to the public in the fall. (Business Observer 2/7) [Read]
Detroit Wing Co. Opens in Tampa One of Michigan’s highest rated chicken wing restaurant chains, Detroit Wing Co., has opened its 1st Florida location in Tampa. The new location at 5006 E. Fowler St. in Tampa is the company’s 30th location, with 28 in Michigan and 1 in Ohio. (Business Observer 2/20) [Read]
Costco Q2 Sales up 6.5% Costco’s net income totaled $1.466 billion, or $3.30 per share, for the quarter ended Feb. 12, compared with $1.299 billion, or $2.92 a share, in the year-ago quarter. Total sales rose 6.5%, to $54.24 billion for the quarter, from $50.94 billion last year. Traffic or shopping frequency increased 5% worldwide and 3.7% in the United States (Chain Store Age 3/3) [Read]
Sprouts Changing Focus Sprouts Market plans to close 11 stores this year but will offset those by opening at least 30 new locations that are focusing on a new, smaller concept. The closing stores are larger and in “wrong” locations, according to Sprout’s CEO. The new concept will be smaller, around 23,000 square feet, 30% smaller than the 11 locations set to close this year. (Retail Leader 3/6) [Read]
Best Buy Shrinking Footprint Best Buy plans to close 20 to 30 larger format stores while opening 10 smaller format outlet stores and remodeling 8 locations. Best Buy also intends to reduce their selling space in order to create more backroom space that allows for more fulfillment of in-store pickups of online orders. (Chain Store Age 3/2) [Read]
Pinellas Park’s Walmart Neighborhood Market to Close Walmart’s smaller-format store in Pinellas Park will be closing due to the location not meeting the company’s financial expectations. The location is one of 5 Neighborhood Markets and 7 Supercenters that Walmart has in Pinellas Park. (Tampa Bay Times 2/8) [Read]
Old Time Pottery Closes in Bonita Springs Old Time Pottery will be forced to leave the Center of Bonita Springs this May as it lost its lease because of the company’s 2020 Chapter 11 bankruptcy. Old Time Pottery’s “significantly below-market rent” was advertised as a value-add opportunity to test the market for a replacement in anticipation of their closing. The store will remain open until its expected closing date, May 9th. (Gulfshore Business 3/2) [Read]
Party City faces Bankruptcy Closures After filing for Chapter 11 bankruptcy in January, Party City plans to close 22 stores, with more to possibly come. Party City wants to shrink its retail footprint and back out of leases as part of its bankruptcy restructuring efforts. 12 of the 22 locations to close are already up for auction and range from 9,000 to 28,000 square feet. (Retail Dive 2/17) [Read]
Tuesday Morning Files Bankruptcy The off-price home goods retailer filed for bankruptcy only 6 weeks after announcing it would voluntarily delist its stock from the Nasdaq. The company, which has 487 stores across 40 states, will move forward by closing low-traffic locations in order to allocate proper resources to higher-traffic locations, as well as focusing on cutting costs in its distribution channels. (Chain Store Age 2/14) [Read]
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