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Shopping Center
& Owner News
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Bee Ridge Square Sells for $14.4 Million Benderson has officially acquired the 128,399-square-foot shopping center in Sarasota from Burlington Coat Factory Warehouse Corp. for $14.4 million. Burlington still anchors the center after they downsized by nearly 60,000 square feet, while the rest of the center is home to 15 businesses and restaurants. The deal closed April 28.th (Business Observer 5/1) [Read]
St. Petersburg Central Plaza Sells for $13 Million One of St. Pete’s oldest shopping centers is expected to be reimagined as the buyers plan to redevelop the 3-acre site and partner with a local YMCA to build a “retail village” revolving around the fitness center. The residential component of the redevelopment will have the goal to be more attainable for locals than the luxury downtown apartments. Central Plaza currently houses CitiTrends, T-Mobile, Family Dollar, and Hibbett Sports. (Tampa Bay Times 3/24) [Read]
Market News
U.S. Adds 253,000 Jobs in April The U.S. added 253,000 nonfarm jobs in April, beating March’s total and outperforming Wall Streets estimate of 180,000. The unemployment rate fell to 3.4%, matching the lowest since 1969, while wages increased 4.4% in April from a year earlier. (RE Business Online 5/5) [Read]
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Ollie’s Aims to Grow to 1,000+ Locations After a strong Q4 in 2022, Ollie’s Bargain Outlet is setting its eyes on growing the company’s footprint to over 1,000 locations. Growing its store base, expanding their operating margins, and continuing to offer deals that resonate with customers is how Ollie’s will look ahead in their expansion process. The company opened 37 stores in 2022 and plans to open 45 this fiscal year. In the long term, Ollie’s intends to open 50 to 55 stores annually. (Retail Dive 3/23) [Read]
Dollar General to Open More than 1,000 Stores With big plans for fiscal 2023, Dollar General is set to execute 3,170 real estate projects to continue to grow its footprint. The company intends to open 1,050 new store locations, while also remodeling 2,000 locations and relocating 120 stores. Dollar General is expecting net sales growth of 5.5-6.0% for fiscal 2023 after seeing a 10.6% net sales increase for the full 2022 year. (Chain Store Age 3/16) [Read]
Aldi’s 2023 Growth Plans After a stellar 2022, Aldi is aiming to open 120 new stores by the end of 2023. This comes as a result of customers asking for more locations and the company gearing up for an overall omnichannel push to make grocery shopping more convenient. Aldi has already opened 35 locations this year and has the Southeast as a focal market. (Progressive Grocer 5/1) [Read]
Barnes & Noble to Open New Locations In a response to a “resurgence in sales” with new store construction and redesigned loyalty program Barnes & Noble plans to open over 30 new stores in 2023. That includes 4 stores that have opened already this year after opening 17 new stores in 2022. Barnes & Noble has seen increasing sales and support for this expansion (Chain Store Age 4/19) [Read]
Publix Opens in Sarasota Publix opened its newest location in Sarasota in a 51,000-square-foot space in The Landings shopping center with an adjacent Publix liquor store. This is the 847th Publix in Florida. (Grocery Business 3/23) [Read]
Foot Locker Plans for Brand Reset The company plans to pivot its business strategy away from in-mall stores as they intend to close more than 400 in-mall locations by 2026. Foot Locker plans to open 300+ new format stores featuring three different store concepts: “Community” stores for neighborhoods with a passion for sneakers, “House of Play” stores for a larger offering, and “Power” stores to feature a full family assortment of products. (CBS News 3/22) [Read]
Batteries Plus to Expand in 2023 The company is continuing their record-breaking 2022 momentum into 2023 as it plans to open 45 new stores by the end of 2023. Batteries Plus plans to open multiple locations in markets such as South Florida and Long Island, NY. The company has more than 700 locations and saw double-digit commercial sales growth to wrap up a strong 2022. (Chain Store Age 4/20) [Read]
Academy Sports Takes Momentum into 2023 The Texas-based retailer continued its profit momentum in Q4 despite sales falling amid uncertain economic conditions. The company remains committed to its store expansion goals as it intends to open 13 to 15 stores in fiscal 2023, while also updating existing stores. Academy sports currently operates 268 stores across 18 states. (Chain Store Age 3/17) [Read]
Menards Could be Coming to Florida The Midwestern home improvement chain paid $10.3 million for a 56,000 square foot warehouse in Myakka City in early April. With the company hiring several positions in the city, as well as filing plans with Manatee County for a roof truss manufacturing facility, it is likely that Menards will be opening locations in the future as it is unlikely to have a manufacturing facility in Florida without opening stores to the public. (Tampa Bay Business Journal 5/4) [Read]
Sprouts 2023 Q1 Results The company reported results for their quarter that ended April 2nd which included details of opening 8 new stores, closing 1, and acquiring 2 previously licensed stores. The company saw a 6% increase in net sales from the same period in 2022. Sprouts full year outlook includes adding 30 new locations in total for 2023. (Progressive Grocer 5/2) [Read]
Bed Bath & Beyond Files Bankruptcy After months of closing stores, cutting jobs, and raising emergency financing, Bed Bath & Beyond has filed Chapter 11 bankruptcy. While the company plans to wind down business and look for interest in sales of some or all of its assets, all 360 locations and 120 BuyBuy Baby stores will be closing soon. While Bed Bath & Beyond has said they may not have to close stores in the event of a purchase agreement it seems unlikely as they have been trying to sell itself since last year with no success. (Chain Store Age 4/24) [Read]
Retailers Taking Bed Bath & Beyond Vacancies With Bed Bath & Beyond continuing to struggle, other retailers are poised to take advantage of the large vacancies coming online. Since September 2022, the company has closed roughly 400 stores in the U.S. alone. Retailers such as TJ Maxx, Burlington, HomeGoods, Ross Dress for Less, Five Below, and Planet Fitness have stepped into the former Bed Bath & Beyond spaces. With these vacancies averaging 30,000 square feet, retailers are more than happy to take what Bed Bath & Beyond is leaving behind. (CNN 3/21) [Read]
David’s Bridal Files Bankruptcy For the 2nd time in 5 years, David’s Bridal has filed for Chapter 11 bankruptcy and will explore a sale of some, or all, of its assets. The retailer has over 300 locations across the U.S., Canada, United Kingdom, and franchise locations in Mexico. In their 1st bankruptcy restructuring in 2018 they did not close a significant number of stores, something that David’s Bridal is hoping to do again as they evaluate their physical footprint and restructure. (Chain Store Age 4/17) [Read]
Party City to Close 9 More Stores As part of its ongoing bankruptcy, Party City is continuing to shrink its footprint by closing 9 additional locations after failing to reach agreements with landlords. So far, the company has announced that 22 stores will close while trying to be released from another 28 store leases. Party City is seeking to go private as part of its post-bankruptcy plan (Retail Dive 4/24) [Read]
Life Time Fitness to Close International Plaza Location The high-end fitness company will be closing its 55,000 square foot location at the International Plaza in Tampa after nearly a decade of being in the space. The move comes as the company looks to renovate and move into the Harbour Island Athletic Club. Life Time gave no time frame for the closure or relocation. (Tampa Bay Business Journal 4/28) [Read]
Subway Closed 500+ Stores Before Sale A new report shows that Subway franchisees closed 571 locations in 2022 while the company looks to sell for $10 billion. Subway closed over 1,000 locations in 2020 and 2021 as well. There are still more than 20,500 Subway shops in the U.S. and roughly 37,000 globally which continues to draw interest from multiple private equity players. (Bisnow 5/1) [Read]
Jenny Craig Shutting Down The weight loss and nutrition business is closing its doors after 4 decades due to its inability to secure additional financing. The company was considering bankruptcy while searching for a buyer for its assets, but had no luck in finding one. A Jenny Craig spokesperson said that the company will shift away from the brick-and-mortar business to an e-commerce model, but the plans have not been finalized yet. (People 5/3) [Read]
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