Two of the nation’s most well-known retailers are going on a massive hiring spree to meet an increase in demand for essential products, due to worries over the coronavirus pandemic. Walmart, the largest private employer in the United States, has announced it will hire 150,000 workers (2,400 associates in New Jersey) from now until the end… Read more »
Convenience store chain 7-Eleven announced Friday it was adding up to 20,000 jobs at its stores to keep up with increased demand and keep the stores clean in response to the coronavirus outbreak. President and Chief Executive Officer Joe DePinto said, “7-Eleven is a neighborhood store and it’s our priority to serve the communities in… Read more »
Target Corp. on Tuesday detailed several new initiatives for 2020, including robust expansion of its smaller-sized format, the scaling of a robotics solution and the addition of alcoholic beverages and fresh groceries to its pickup services. The retailer revealed its plans at an investors meeting following the release of its fourth-quarter earnings. Target’s net income… Read more »
The retailer plans to build 40 such flatbed distribution centers, catering to its Pro customers. In its latest move to cater to professional customers that comprise almost half its sales, The Home Depot announced Tuesday that is has opened its first drive-through distribution center. Called a flatbed distribution center, or FDC, the company’s first such… Read more »
Amazon already has conquered the online shopping world, and soon it will have a brick-and-mortar presence in New Jersey. The e-commerce giant is opening Amazon 4-Star stores at the Willowbrook Mall in Wayne and at the American Dream Mall in East Rutherford. Opening dates have not yet been announced, but Amazon’s website says the shops are… Read more »
7-Eleven has passed a major milestone as it readies to enter a new global market. The convenience store giant has topped the 70,000th store mark, with locations in 17 countries and regions around the world, including 11,800 in North America. 7-Eleven will enter a new market this year when it opens its first store in… Read more »
Ikea’s $5.8 billion initiative to open smaller format “city centre” stores to get closer to shoppers in dense urban areas is landing in London. Ingka Centres, Ikea’s retail real estate arm, has purchased Kings Mall Shopping Centre in the Hammersmith neighborhood of West London for $220 million and will install its new concept there along… Read more »
The nation’s largest grocer is not taking a back seat in the race to streamline in-store fulfillment of online grocery orders. Walmart has been piloting a new technology called Alphabot that is designed to enable quicker, more efficient picking of online grocery orders at the store level. The retail giant has been testing the technology… Read more »
More Deals in Negotiation Could Put New Jersey Complex at Nearly Full Occupancy American Dream, the $5 billion entertainment-shopping complex with a retail component that isn’t scheduled to open until March, has already lined up tenants for 89% of its space. That puts it on the verge of passing an important retail test. In a leasing-status… Read more »
Dollar General Corp. on Thursday reported its best quarterly same-store sales rise in nearly five years along with increases on both its top and bottom lines. The discount giant also announced that it plans to open 1,000 stores in 2020, up from 975 in 2019. It also will undertake 1,500 mature store remodels and 80… Read more »
Cyber Monday is on its way to keeping its title as the biggest online shopping day of the year. Cyber Monday online sales are on track to hit $9.4 billion, up 18.9% over last year, according to preliminary data from Adobe Analytics, which tracks transactions at 80 of the top 100 U.S. online stores. In… Read more »
Despite the fact that real estate deals with restaurants are complex, risky, and require expensive buildouts, the revenue and traffic they churn is so remarkable that landlords continue to seek out more of them for their centers, according to CBRE’s research department. In the latest installment of its U.S. Food in Demand series of reports, the… Read more »
Nike will stop selling merchandise directly to Amazon, as part of its push to sell more directly to consumers, the company confirmed to CNBC. The abrupt halt will end a pilot test that Nike and Amazon launched together in 2017, At the time, Nike agreed to sell a limited product assortment to Amazon, in exchange… Read more »
Starbucks is opening a pickup-only coffee shop in New York City’s Penn Plaza, marking the first U.S. location based on a similar concept the coffee chain has pioneered in China. The site, which will open on Tuesday, is indeed small enough to imply a “to go” atmosphere, with just 300-square-feet of space for customers to… Read more »
Starbucks Corp. drove to a strong finish in its fourth quarter, fueled by sales gains in its two most important markets. The coffee giant reported net income of $802.9 million, or 67 cents a share, for the quarter ended Sept. 29, compared with $755.8 million, or 56 cents a share, in the year-ago period. Adjusted earnings… Read more »
Washington (CNN Business)The Federal Reserve cut interest rates for the third time this year as the US economy continued slowing amid ongoing trade disputes and weak global growth. The federal funds rate, which affects the cost of mortgages, credit cards and other borrowing, will now hover between 1.5% and 1.75%. Federal Reserve Chairman Jerome Powell… Read more »
Customers making digital purchases from the revamped Toys “R” Us will receive their products courtesy of Target. Through a partnership with Tru Kids Brands, the new parent company of Toys “R” Us, Target’s toy assortment, digital capabilities and fulfillment services will support new omnichannel Toys “R” Us shopping experiences in the U.S. Consumers browsing and… Read more »
What are urgent care clinics? Urgent care centers are convenient, on-demand care outlets similar to walk-in retail clinics, but rather than treating low-acuity conditions such as bronchitis and minor infections, urgent care clinics are equipped to treat more serious ailments, including fractures, sprains, and wounds. They also offer services like blood tests, stitching, and X-rays…. Read more »
Wawa will be expanding across Northern Virginia in a big way. The privately owned convenience store chain plans to open 40 locations in Northern Virginia during the next 15 years. The first, in the town of Vienna, is set to open in April 2020. It will be approximately 6,290 sq. ft. with seating areas. It… Read more »
NEW YORK (AP) — Walmart’s Sam’s Club is teaming up with several health care companies to offer discounts on routine care that customers might delay or skip because of the cost. Starting next month, Sam’s Club members in Michigan, Pennsylvania and North Carolina will be able to buy bundles of health care services that include… Read more »
WASHINGTON — The Federal Reserve lowered interest rates by a quarter of a percentage point on Wednesday, its second cut since late July, and suggested it was prepared to move aggressively if the United States economy showed additional signs of weakening. For now, a growing number of Fed officials expect one more cut this year,… Read more »
Walmart has moved deeper into health care with the opening of its first-ever standalone facility devoted to health and wellness. Located in Dallas, Georgia, directly adjacent to a remodeled Walmart supercenter, the new “Walmart Health” held its grand opening on Friday, Sept. 13. The 10,000-sq.-ft. facility offers an array of services — primary care, laboratory… Read more »
Blaze Pizza increased visits by 30% last year in part by shunning ingredients like artificial colors, preservatives, and additives. Most patrons of Duck Donuts say they favor the Southern chain for its customizable menu. These and other rapidly expanding quick-service restaurant chains including Kung Fu Tea and Mod Pizza are riding a millennial-fueled trend that… Read more »
Changing consumer habits have emptied malls, sent department stores into bankruptcy and transformed grocery stores. Now it’s the drugstore’s turn. On Tuesday, Walgreens disclosed it will close 200 U.S. stores. On Wednesday, CVS Health said it will slow the pace at which it opens new locations. For pharmacies, which also facepressures related to reimbursements for… Read more »
Simon Property Group CEO Tells Analysts It Has the Cash to Help Troubled Chains Stay in Business Simon Property Group, one of the nation’s largest owners of retail property ranging from shopping centers to outlets and malls, said it’s ready to come to the rescue of more distressed retail tenants to maintain its properties. So… Read more »
Online Retailer Leads Change That Kills Malls, Buys the Corpses for Last-Mile Delivery. Online retailer Amazon has spent the past two decades luring shoppers out of stores and onto the internet, leading a retail transformation that has left dead malls in its wake. Now the Seattle-based company is buying more of those empty shopping centers,… Read more »
Amazon wasn’t the only retailer that saw big gains on Prime Day. Large retailers (defined as those with $1 billion-plus in annual revenue) experienced a 72% increase in online sales the second day of Prime Day compared to an average Tuesday and a 64% increase on the first day, according to Adobe Insights. The retailers… Read more »
Consumer spending accelerated in June as retail sales rose in nearly all sectors. Retail sales were up 0.6% in June seasonally adjusted from May and up 2.3% year-over-year, according to the National Retail Federation. The numbers exclude automobile dealers, gasoline stations and restaurants. NRF’s numbers are based on data from the U.S. Census Bureau, which… Read more »
Franchise Pumps $100 Million Into Remodeling Locations Subway has been taking it on the chin in the fight to capture consumers with a hankering for a sandwich. Jersey Mike’s Subs, Jimmy John’s Gourmet Sandwiches, Firehouse Subs and a host of others have knocked the onetime king of franchises far off its perch. To regain its… Read more »
Amazon is launching its own version of buy-online-pickup-in stores. The online giant is partnering with Rite Aid to launch “Counter,” dedicated counters in Rite Aid stores where Amazon customers can pick up their purchases. The service, which is free to all Amazon customers,… Read more »
Craving a Slurpee but lacking the motivation to get off a park bench? No worries. 7-Eleven launched a delivery service Monday that will send a Slurpee or almost anything else carried by the chain to public places ranging from parks to beaches. The company told The Associated Press that more than 2,000 7-Eleven “hot spots”… Read more »
Growing Distribution Webs Boost Retailers’ Competitive Advantages Consumption underpinned by elevated consumer optimism. Retail sales remained steady in May, increasing 3.2 percent over the past year. Though this is slightly lower than the previous two months, spending appears to have further stabilized following heightened levels of consumption… Read more »
Retailers that have made omni-channel experiences a priority are being rewarded. Stock prices are up. Walmart’s stock has increased 16% this year and Lululemon stock is up more than 42% since January. The integration of Apps, faster shipping, and curbside pickup are boosting e-commerce sales while thoughtful expansion into targeted bricks and mortar locations is… Read more »
The hedge fund is acquiring the bookstore for $476 million plus assuming its debt. NEW YORK CITY—Elliott Advisors (UK) is acquiring Barnes & Noble, paying $476 million in an all-cash transaction. The sale is valued at $683 million as it includes the assumption of the company’s debt. On Friday, the deal valued Barnes & Noble’s… Read more »
The Michaels Companies Inc. met its own guidance and analyst projections with its first-quarter sales and EPS results, and has store expansion plans. During the first quarter of fiscal 2019, Michaels reported net sales of $1.09 billion, down 5% from $1.15 billion in the first quarter of fiscal 2018 and within the company’s previously released… Read more »
CVS Health is going full steam ahead with its new, health-focused store concept. CVS debuted the format, called HealthHub, in February, at three revamped CVS Pharmacy locations in Houston. On Tuesday, the company said it will open additional HealthHubs in Houston, Atlanta, Philadelphia/Southern New Jersey and Tampa this year. Long-term, it plans to have a… Read more »
Shares of discount retail chain Dollar General jump after the company reports quarterly earnings that surpass analysts’ expectations. Dollar General gained in early trading Thursday after the discount retail chain reported quarterly earnings that surpassed analysts’ expectations. The Goodlettsville, Tenn.-based company posted net income of $385 million, or $1.48 a share, in its fiscal first quarter ended May 3, compared with… Read more »
MAHWAH, NJ—Women’s fashion retailer Dressbarn has announced it will be closing all of its approximately 650 store locations nationwide. Dressbarn is part of the Mahwah, NJ-based Ascena Retail Group, Inc., a leading national specialty retailer that also owns Ann Taylor, LOFT, Lou & Grey, Lane Bryant, Catherines, Cacique and Justice brands. Ascena operates approximately 3,500… Read more »
Growth in CRE prices was modest in March, with some market observers expecting a pick-up in sales volumes. Annual growth in U.S. property prices slowed in March to the most modest rate since 2011, according to research firm Real Capital Analytics (RCA). But industry experts say commercial real estate pricing—and transaction volumes—could gain steam, or… Read more »
Retail Powerhouses Maintain Dominance Despite Tempered Consumption Retail spending slows amid economic concerns. A moderating economy became more evident in February as core retail sales advanced 2.9 percent annually, following a revised gain of 4.3 percent one month earlier. Unresolved trade tensions as well as a weakening international economy continue to weigh on domestic growth,… Read more »
As department stores like Sears and specialty retailers like Toys ‘R’ Us wind down operations, U.S. grocers are adding outlets and space while some chains launch new concepts. Grocery store openings paced by Publix and Aldi jumped 29.4% last year, adding more than 17 million square feet of space in stores across the country, according… Read more »
Will it really work? That’s the question some people are asking as the Hudson Yards development comes to life in New York this week. The retail and restaurant portion of the 18-million-square-foot project opens on Friday, including shops ranging from Louis Vuitton and Neiman Marcus to Lululemon and H&M. Online brands like men’s activewear retailer Rhone… Read more »
SEATTLE—The Wall Street Journal has reported that Amazon plans to launch dozens of grocery stores in several major US cities, citing sources familiar with the strategy. The first store will open in Los Angeles, possibly by the end of this year, according to the WSJ. The company has also signed leases for two other locations with plans… Read more »
ST. LOUIS, MI—Payless ShoeSource filed for voluntary Chapter 11 bankruptcy protection on Monday and stated that it plans to close all of its North American stores in the US and Canada by the end of May. The company also reported it intends to file for protection for some of its Canadian subsidiaries under the Companies’… Read more »
Despite efforts from New York Gov. Andrew Cuomo, New York City Mayor Bill de Blasio and others, Amazon has decided to not move forward with previously announced plans to build a portion of its second corporate headquarters in Long Island City, Queens. The e-commerce giant in a statement released today, while praising Cuomo and de… Read more »
U.S. retail sales are expected to rise between 3.8 percent and 4.4 percent to more than $3.8 trillion in 2019, the National Retail Federation (NRF) said on Tuesday, citing high consumer confidence, low unemployment and rising wages. Preliminary estimates show retail sales grew 4.6 percent in 2018 to $3.68 trillion, exceeding the retail industry group’s… Read more »
The tech-infused, convenience-oriented future of U.S. retail is only half the story — the upper-income half. As U.S. income and net worth inequality widens, retailers who sell to lower-income Americans, particularly dollar stores, are also going to continue to flourish. For upscale demographics, there are retail initiatives such as Amazon Go and its cashierless shopping, tech-oriented… Read more »
Rite Aid is at risk of being delisted from the New York Stock Exchange and considering a reverse stock split to prop its share price above $1 to comply with the exchange’s trading rules, the company said Friday. Shares of the drugstore chain have fallen 64 percent over the past year, down to 75… Read more »
The Home Depot racked up another quarter of solid sales and earnings gains fueled by continued strong demand in the home improvement market. The world’s largest home improvement retailer reported sales of $26.3 billion for the quarter ended Oct. 28, up 5.1% from the year-ago period. Net earnings for the third quarter of fiscal 2018 were… Read more »
Adaptive changes necessary in today’s retail climate Like several other high-profile retailers in recent years, Sears Holding Corp. failed to evolve with the changing retail landscape and took on an unsustainable level of debt. Consequently, it filed for Chapter 11 bankruptcy, announcing the closure of 142 locations in the process. The company’s minimal reinvestment into… Read more »
Tight job market a key driver of consumption With unemployment at its lowest level in nearly 50 years, a larger employment base has helped increase the amount of money circulating through the economy. This has kept consumer spending elevated as core retail sales posted a 5.0 percent year-over-year gain in September. Though this figure is… Read more »
U.S. retail sales rose solidly in June as households boosted purchases of automobiles and a range of other goods, cementing expectations for robust economic growth in the second quarter. Signs of a strengthening economy, together with a tightening labor market and firming inflation, likely will keep the Federal Reserve on track to continue raising interest… Read more »
Home Depot is getting pretty. Just months after buying high-end linen e-tailer The Company Store, The Home Depot is making its big push into the home decor category. In an email sent out to customers on Monday and reinforced on its website, Home Depot is making it perfectly clear that it intends to be a… Read more »
Amazon.com Inc. is buying its way into the heart of the U.S. health-care system, instantly shaking up a prescription-drug industry already in the midst of a broader transformation. Insurance companies and drug-benefit managers have struck a series of deals in recent months designed in part to thwart a potential big splash in the health world from… Read more »
Stout retail sales growth a product of strong economic metrics. The confluence of several factors contributed to another month of steady spending. Core retail sales increased 4 percent year over year in April, the third straight month of at least 4 percent annual growth. Near record-high levels of consumer confidence have aided retail sales in… Read more »
Rising take-home pay fosters retail momentum. Increased discretionary income stemming from tax cuts and a tight labor market are starting to materialize. Inflation-adjusted core retail sales recorded a 2.5 percent year-over-year increase for the fourth straight month, following an average of 2 percent expansion the previous 18 months. E-commerce sales continue to propel retail activity,… Read more »
Strengthening economy invigorating consumption. Retail sales will continue to grow this year as discretionary income ascends. Bolstered spending can be linked to advancing wages from a competitive employment market, along with increased take home pay from the revised tax plan. In 2017, retail sales posted a 4.3 percent increase, with home furnishings playing a primary… Read more »
Details are still unfolding on some of the finer points of the recently passed Tax Cuts & Jobs Act. The country is still waiting for guidance from the IRS and the Treasury Department on exactly how the new rules will be applied in a variety of situations. “There are still a lot of pieces that… Read more »
Amazon Establishes a Brick-and-Mortar Presence with the Acquisition of Whole Foods Amazon Enters Grocery Business Amazon has decided to purchase Whole Foods for $13.7 billion dollars, after testing a variety of concepts to enter the grocery store segment. This transaction, allows Amazon to have direct access to the grocery store segment which accounts for consumer… Read more »
Walgreens and Rite Aid announced Thursday, June 29th 2017 that they are no longer merging. Instead Walgreens will purchase 2,186 Rite Aid stores for $5.2 billion. This transaction will cut Rite Aid stores in half, with 2,350 stores remaining after the deal is done. The stores purchased by Walgreens will be rebranded into new Walgreen’s… Read more »
Confident Consumers Boost Positive Economic Momentum The economy maintained momentum to perform admirably in 2016 following a slow start to the year. This trend will carry into 2017 as consistent job creation across a wide array of employment sectors provides momentum for the economy while compressing the unemployment rate. Also, tight labor markets are translating… Read more »
Investors Dial Back Transactions Amid Murky Policy Outlook Investors scale back activity as the market recalibrates to higher interest rates and awaits clarity on government policy. The November election sparked a rapid rise in interest rates and introduced a wide range of prospective reform initiatives. Proposed changes to tax, fiscal, and regulatory policies raise… Read more »
Rising Confidence in Expansion is a Key Factor Federal Reserve raises its benchmark rate by 25 basis points due to a positive economic outlook. The Fed’s confidence has improved significantly over the past year given the steady retail sales growth and tightened labor market. Rising Fed Funds do not necessarily align with Treasury rate movement,… Read more »
Investors Attracted to Drug Stores due to Income Security, Long Lease Terms, and Strong Drug Store Sales from Aging Population Drug Sales Increase from New Pharmaceutical Treatments and Increase of Insured Americans: Due to a greater number of people with medical insurance and pharmaceutical innovation that offers new treatments for a range of maladies, prescription… Read more »
Holiday Sales Reveal Promising Outlook Retail sales from November through December 2016 increased with a 4% gain on a year-over-year basis. This gain outpaced the 10-year average of 2.5% growth, allowing consumer confidence to reach the highest level since August 2007. Department Store Sales Struggling This past year department stores battled to gain traction, with… Read more »
The Employment Market Has Progressively Expanded, Tightening the Labor Market The employment market has steadily grown last year despite various unanticipated events that could have affected job expansion. In 2016, 2.2 million jobs were created allowing the unemployment levels to drop to its lowest level since 2007. The economy has generated 75 straight months of… Read more »
The Federal Reserve Raises Interest Rate The Federal Reserve increased its overnight rate by 25 basis points to a range from .50 percent to .75 percent. This decision reiterates the positive economic outlook for 2017 that could accelerate monetary policy this upcoming year. Rising rates will remain a significant factor in the commercial real estate… Read more »
Hiring Positive but Restrained by Tight Labor Market Wage Pressure Emerging Hiring in September reaffirmed that job creation is moderating from the elevated levels of the past two years. The downshift to a more tempered pace likely reflects a shortage of qualified workers as unemployment hovers near 5.0 percent. Accelerated wage gains offer some evidence… Read more »
Walgreens Boots Alliance Provides Update on its Pending Acquisition of Rite Aid DEERFIELD, Ill. –(BUSINESS WIRE)– Walgreens Boots Alliance, Inc. (Nasdaq:WBA) today provided the following update on its pending acquisition of Rite Aid Corporation ( NYSE : RAD). Walgreens Boots Alliance and Rite Aid remain actively engaged with the Federal Trade Commission (FTC) regarding its… Read more »
Labor Market Trend of Payroll & Wage Growth Exceptional payroll growth in July and upward revisions to job gains in the preceding two months underline the persistent strength of the U.S. economy, which is now in its seventh year of expansion. Secondary indicators of labor market activity, including unemployment claims, the unemployment rate and wage… Read more »
Internet Shopping becomes a Destination Hub The rise of Internet shopping as a destination hub is reshaping the economy, steering spending toward new sellers and platforms as product selection, delivery times and convenience improve. The ascent of this trend is spawning the creation of Internet-based businesses and pressuring traditional retailers to adapt as mobile commerce and… Read more »
Contrary to polls and predictions, citizens of the United Kingdom voted to leave the European Union, creating uncertainty that induced a sharp decline in global equity markets. The British currency fell dramatically, boosting the value of the U.S. dollar, and the quick re-deployment of capital to safer assets pushed U.S. Treasury rates to their lowest… Read more »
A recent survey by the Washington-based Association of Foreign Investors in Real Estate, or AFIRE, revealed that a large percentage of foreign investors are expected to invest more in US real estate in 2016 than they did in 2015. It may be noted that the members of AFIRE hold around $2 trillion of the global… Read more »
Chipotle Mexican Grill Inc. may be diversifying its business and launching a new burger restaurant chain. The company has stated that it has applied for ‘Better Burger’ as a trademark which has been confirmed by the official website of the U.S. Patent and Trademark Office. Chipotle has already diversified into 2 smaller restaurant chains featuring… Read more »
Dollar General Corporation is a value for money shopping destination that has been in business for 75 years. It offers a wide variety of products at affordable prices in convenient neighborhood locations. As of January 2016, Dollar General had 12,483 stores spread across 43 states. 2015: A banner year for Dollar General and the future… Read more »
Sports Authority is said to be seeking the protection of Chapter 11 Bankruptcy after failing to make a $20 million interest payment to its creditors on a $343 million loan in January 2016. Since the acquisition of Sports Authority in 2006 by Leonard Green & Partners LP, the company has seen a notable decline from… Read more »
After analyzing, discussing, and generally fretting over the FED’s every move, the long awaited interest rate hike came with virtually no response from, well, anyone. The 0.25% hike was absorbed without any noticeable impact on the cre market. With the conflicting forces of the instability in China and around the globe and the strengthening US… Read more »