Starbucks to Open 17,000 Locations by 2030 The coffee giant has lofty goals of expansion as they aim to grow to a total of 55,000 locations by 2030. Starbucks also aims to generate $3B in savings over three years by saving on cost of goods sold and making stores more efficient. Of the 17,000 new locations, 25% will be within the U.S. while the other 75% will be across the rest of the world. Starbucks is expected to reach 16,300 U.S. locations in 2024 and reach 20,000 by 2030. (Chain Store Age 11/3) [Read]

BuyBuy Baby to Open 100+ Stores The specialty baby products retailer opened 11 new stores this month throughout Maryland and Massachusetts, though the company plans to grow to over 100 stores in the next 3 years as they aim to reclaim the market share they once held before going through bankruptcy. They will try to fill locations between 20,000-30,000 square feet and integrate more digital experiences to link their digital and physical stores. (Chain Store Age 11/13) [Read]

Boot Barn to Open 52 Stores in 2024 Despite a soft Q2, the western-styled apparel and footwear retailer is staying committed to their expansion plans. They have opened 10 stores during their second quarter and have plans to open 52 more in 2024. They currently have 371 locations, but the company is aiming for roughly 900 locations in their long-term outlook. (Chain Store Age 11/6) [Read]

Dutch Bros Sees Expansion Potential After seeing solid growth in their third quarter, the fast-growing drive-thru coffee chain is remaining on track to open 150 new locations this year. Revenues for Dutch Bros grew 33.2% compared to the same period in 2022, which feeds into the confidence of the company to grow from their current 800 locations to over 4,000 in their long-term strategy. (Chain Store Age 11/8) [Read]

Amazon to Restart Grocery Expansion After taking a yearlong pause from expansion, Amazon is back into growth mode as they aim to grow their grocery footprint with their Amazon Fresh grocery brand. They struggled to get locations open and had to shutter store developments before even opening to the public as Amazon paused their expansion to reevaluate their strategy before moving forward. It seems that the company has figured something out as 2024 will welcome a wave of Amazon Fresh openings. (Bisnow 11/9) [Read]

Publix Profits Soar In the company’s latest earnings report, they reported net earnings increase of 111.4% in their third quarter compared to last year. Publix’s stock price has also risen from $14.75 per share to $15.10. Sales in the third quarter rose 7.2% compared to last year as well. (Herald-Tribune 11/2) [Read]

TJX Posts Strong Quarter TJX reported earnings, sales, and comps that beat estimates, resulting in the company raising its guidance for the third time this year. The company noted that consumer traffic was up across all divisions, and their fourth quarter is off to a “strong start” as they head into the holiday season. TJX increased its store count by 50 locations in the third quarter as well. (Chain Store Age 11/15) [Read]

Dick’s Lifts Outlook Amid Strong Q3 Dick’s reported better-than-expected third quarter earnings and sales, resulting in the company raising their full-year profit outlook. Sales rose 2.8% compared to last year after seeing a significant 23% drop in profit in Q2. Dick’s cited back-to-school shopping and the beginning of the holiday season as key factors in their strong quarter performance. (Chain Store Age 11/21) [Read]

Checker’s and Rally’s to Update Stores The fast-food chain is taking a page out of McDonald’s book and reimagining many of their 830+ locations. By updating the exteriors and adding new experiences and designs inside the restaurants Checker’s and Rally’s can recapture the attention of many customers. They are also planning a more aggressive course to boost revenue and increase margins. (Business Observer 11/14) [Read]

Chick-Fil-A Offers Drone Delivery at Florida Location Diners within a 1.2-mile radius of the Chick-Fil-A at E. Brandon and Valrico will have an option to have their food delivered via drone. This location partnered with DroneUp, a Virginia-based company that launched drone delivery with a Tampa Walmart last year. Chick-Fil-A says they hope to expand their delivery radius to 2 miles in the future. (New York Post 11/19) [Read]

Home Depot Tops Forecasts, Lowers Outlook The company posted better-than-expected third quarter earnings, but narrowed their full-year profit forecasts as consumers continue to reduce big ticket item spending. Same-store sales were down 3.1% from last year, and Home Depot expects to see earnings decline roughly 10% in the final quarter of their 2023 fiscal year. (MSN 11/15) [Read]

Kohl’s Sales, Earnings Fall Amid Turnaround Kohl’s beat third quarter profit expectations, but still saw net sales decrease 5.2% year over year. Inventory and expense management is driving much of their profit as a key part of their effort to reposition themselves for improved sales and earnings. Despite being in the early stages of their efforts, Kohl’s has optimism for future success in their strategy. (Chain Store Age 11/21) [Read]

Target Earnings Hit, Sales Fall The company reported Q3 earnings and sales that beat estimates as strength in beauty and “frequency” categories helped offset weak discretionary spending. Despite beating estimates, sales still decreased 4.3% as consumers deal with higher interest rates, resumption of student loans, and increased credit card debt which has reduced the amount of discretionary spending. Same-store sales are expected to decline again in the fourth quarter. (Chain Store Age 11/15) [Read]

Nordstrom Sales Fall Third quarter profits topped estimates, but sales declined in both Nordstrom and Nordstrom Rack banners. Despite the declines of 9.4% at Nordstrom and 1.8% at Rack, the department store retailer held its full-year revenue outlook citing lower markdowns and a reduction of inventory. Nordstrom continues to look to expand their Rack banner, opening 11 locations in Q3 and announcing plans for an additional 17 set to open in 2024. (Chain Store Age 11/22) [Read]

Best Buy Sales Fall The company reported profits beating estimates while sales softened in the third quarter. Despite the profits being greater than expected, total revenues fell 7.8%, as well as same-store sales falling 6.9%. Best Buy expects same-store sales to fall another 6.0-7.5% to end their 2023 fiscal year. (Chain Store Age 11/21) [Read]

Publix Buys Two Tampa-Area Centers for $62.9M The company acquired two Publix-anchored shopping centers, continuing their strategy of buying shopping centers where there is already a Publix tenant. Publix paid $38.0M for Lake Brandon Plaza shopping center and $24.9M for the Publix-anchored portion of North Pointe Plaza. Publix acquired both centers from Ohio-based Site Centers. (Connect CRE 11/7) [Read]

Black Friday Spending Record High American consumers spent $9.8B in person for Black Friday this year, a 7.5% jump from last year. Online spending rose 9% to $16.4B, setting a new Black Friday online spending record. Despite retailers launching deals earlier in the month, consumers are remaining strong in the tradition of splurge spending on Black Friday. (Axios 11/25) [Read]

Retail Sales Slip in October After summer splurges, consumers have pulled back on their spending, ending a six-month streak of gains. Retail sales fell 0.1% after jumping 0.9% in September, excluding gas and auto sales. The dip in sales reflect a slowdown from summer spending, but economists believe it will continue to slow as credit card debt rises and average savings fall. (The Associated Press 11/15) [Read]