Andrew Petrozzi’s Post

ZARA SA will be moving into the former Debenhams unit at Silverburn, Glasgow’s flagship retail and leisure destination, as reported by Completely Retail, with repurposing works project managed by our #BuildingConsultancy team. Spanning 47,000 sq. ft over two floors, the new store – which has been taken on a 15-year lease – will be one of Zara’s largest in Scotland, and twice the size of the brand’s existing unit at Silverburn. Building works are already well underway, in preparation for Zara to begin their own works later this year to create their new store, which will feature the retailer’s latest store concept and integrate online services into its offer. An opening date will be confirmed in the coming months, but in the meantime, guests can continue to get their #Zara fix at the existing #Silverburn store, which will remain trading until the new store is ready to open. Occupancy at Silverburn is expected to increase to 92% by year-end, following other recent announcements, including the addition of retailers such as The White Company, TAG Heuer, AllSaints, Polestar and Rituals, with more to follow. Other new food and beverage and leisure additions at the centre include Kingpin , Bread Meets Bread, and The Real Greek. Under Workman LLP #PropertyManagement, Silverburn is owned by a joint venture between international private equity real estate firm Henderson Park Capital Partners, and Eurofund Group, a pan-European real estate investment and development company. Read more here: https://lnkd.in/gFwn4eZb #retailandleisure #commercialrealestate

Academy Sports + Outdoors plans to open 160 to 180 new stores in the next five years and thinks its long-term potential is to operate more than 800 stores nationwide, according to Steve Lawrence. Last year, the chain opened 14 new stores. The majority of the stores that Academy opened up over the past two years have been in new markets. Moving forward, roughly half the new stores will open in existing markets, and the other half in new or adjacent markets. Steve Lawrence, Academy’s CEO said Academy had strong results in smaller and mid-sized markets. “While these stores may have slightly lower volume potential, the favorable expense structure it takes to run these stores helps ensure profitable investments.” Academy’s typical store is roughly 70,000 square feet, which is larger than the typical 40,000 sq. ft. store for DICK'S Sporting Goods and 11,000 sq. ft. for Big 5 Sporting Goods.

May updates from #ChainStoreAge T&T Supermarket plans second U.S. store Canada's largest Asian grocery T&T Supermarket Inc. announced plans for its second location in Washington State. Located in Lynnwood, the store will pair with a yet-to-be-opened store in Bellevue, both serving different parts of the Greater Seattle area. Dollar Tree to acquire 170 leases from 99 Cents Only Dollar Tree has acquired designation rights for 170 leases of bankrupt 99 Cents Only Stores across Arizona, California, Nevada and Texas. As part of the deal, Dollar Tree also acquired the North American intellectual property of the retailer and select on-site furniture, fixtures and equipment. Sierra hits milestone store count Sierra, part of the TJX Companies family of brands, opened its 100th location in Sheboygan, Wis. on May 31. Located at the Deertrace Kohler shopping center, the store has a wide product assortment that includes apparel, shoes and outdoor gear such as kayaks, sleeping bags, sporting goods, ski and snow items and more. Walmart expands Neighborhood Market footprint The retail giant opened two new Neighborhood Market locations — a converted one in the Dune Lakes area of Santa Rosa Beach, Fla., and a newly constructed one in Atlanta’s Vine City neighborhood — as part of a larger expansion plan for the format. FAO Schwarz makes Paris debut The iconic toy brand unveiled a 7,000-sq.-ft. shop on the the fifth floor of Galeries Lafayette Paris Haussmann. The legendary Parisian department store welcomes 37 million tourists a year. Playa Bowls plans dozens of new stores The superfruit bowl quick-serve chain announced the signing of 14 multi-unit franchise commitments during the first quarter of 2024, which will 63 new shops in key markets. The also signed nine additional single unit franchises in the first quarter. Bared Footwear opens first U.S. store Located in Manhattan's SoHo neighborhood, the store is Bared Footwear's first outpost outside of its native Australia. The brand, founded by a podiatrist, has its sights set on Los Angeles for its next U.S. location. Dutch Bros to open 150+ stores The fast-growing drive-thru coffee chain opened a record 45 shops across 14 states during its first quarter — the 11th consecutive quarter of 30 or more new shop openings — of which 40 were company-operated. Dutch Bros remains on track to open a total of 150 to 165 new locations this year. 1/

Retailers and restaurants alike made headlines in May with store expansions and new formats.  Here are the major stories as reported by CSA, starting with the most recent. T&T Supermarket plans second U.S. store Canada's largest Asian grocery T&T Supermarket Inc. announced plans for its second location in Washington State. Located in Lynnwood, the store will pair with a yet-to-be-opened store in Bellevue, both serving different parts of the Greater Seattle area. Dollar Tree to acquire 170 leases from 99 Cents Only Dollar Tree has acquired designation rights for 170 leases of bankrupt 99 Cents Only Stores across Arizona, California, Nevada and Texas. As part of the deal, Dollar Tree also acquired the North American intellectual property of the retailer and select on-site furniture, fixtures and equipment. Sierra hits milestone store count Sierra, part of the TJX Companies family of brands, opened its 100th location in Sheboygan, Wis. on May 31. Located at the Deertrace Kohler shopping center, the store has a wide product assortment that includes apparel, shoes and outdoor gear such as kayaks, sleeping bags, sporting goods, ski and snow items and more. Walmart expands Neighborhood Market footprint The retail giant opened two new Neighborhood Market locations — a converted one in the Dune Lakes area of Santa Rosa Beach, Fla., and a newly constructed one in Atlanta’s Vine City neighborhood — as part of a larger expansion plan for the format.

“Instead of going after a department store, let’s do something that’s more fun and more interesting and that will drive a lot of traffic.” The quote pretty much sums up the state of the US #DepartmentStore sector (it’s not quite as bleak outside the US, where many department stores still have, well, “departments” beyond apparel, footwear, accessories, fragrance, beauty, and home). For those wanting a bit more (or for those who are paywalled), read on. The Wall Street Journal pulls no punches. “Department stores are bleeding customers, and landlords no longer view them as magnets for shoppers. Discounters are underpricing them. Specialty stores are outmaneuvering them. And luxury brands are sometimes bypassing department stores to open their own shops. The surviving operators are making big moves in hopes of turning things around. Saks Fifth Avenue’s parent company is buying rival Neiman Marcus. Nordstrom executives are exploring taking the company private. Macy’s new chief executive is closing stores while trying to improve the shopping experience at its leaner fleet. But department stores’ long-term decline will be difficult to reverse. Their sales peaked just before the turn of the century and have been on a downward trajectory ever since, according to U.S. census data. ‘Young customers aren’t shopping at malls and they aren’t shopping department stores in the same way they used to,’ said Stenn Parton, Prism’s chief executive. “ https://lnkd.in/grjfc33W

This has been an interesting week for malls, and we have only reached Hump Day.   Macy’s has announced they are going to close 150 stores over the next three years and Ikea announced that they are going to invest in USA malls.   Are these two retailers reading from the same sheet of music?   They are, but the same facts are leading to the same conclusion, but different strategies.   Both retailers feel they need to improve the shopper’s experience. Macy’s is going to do that by making their stores have a greater luxury feel, opening more Bloomingdales, and closing stores that do not have that type of shopper in their market. In our discussions with Macy’s, we also got the sense that they will be closing stores in urban areas that have had high levels of shoplifting with limited support from the local authorities.   Ikea plans to revitalize malls by converting them to co-working space, gyms, Nordic restaurants, playing grounds, and adding Ikea stores to these malls.   Both programs address the declining foot traffic at malls since 2019, but in different ways. We will see who has the right plan in a “few” years. https://lnkd.in/gfKgjY_e

Expansion beyond the capital! That's the latest ambition for Reserved as it eyes growth on our UK high streets. Since landing on Oxford Street in 2017, this brand has made a bold statement amidst the iconic shopping thoroughfare, and now, four stores in, London has become a strong foothold. For a brand with over a third of its range meeting sustainability criteria, the move is on-brand—and intrinsically smart. Securing a spot on the high street isn't just about more stores; it's adding vibrancy to retail landscapes that welcome fresh names with open arms. With a nearly 56% sales jump in the recent fiscal year, the numbers are speaking, loud and clear they are standing confident among the likes of Inditex and H&M. What cities are next in line to host? Manchester? Liverpool? Leeds? #UKFashion #HighStreetRevival #ReservedExpansion

Expansion beyond the capital! That's the latest ambition for Reserved as it eyes growth on our UK high streets. Since landing on Oxford Street in 2017, this brand has made a bold statement amidst the iconic shopping thoroughfare, and now, four stores in, London has become a strong foothold. For a brand with over a third of its range meeting sustainability criteria, the move is on-brand—and intrinsically smart. Securing a spot on the high street isn't just about more stores; it's adding vibrancy to retail landscapes that welcome fresh names with open arms. With a nearly 56% sales jump in the recent fiscal year, the numbers are speaking, loud and clear they are standing confident among the likes of Inditex and H&M. What cities are next in line to host? Manchester? Liverpool? Leeds? #UKFashion #HighStreetRevival #ReservedExpansion

Even for a seasoned retailer, Canada’s busiest mall can be a bit overwhelming. Navigating a high-traffic corridor at CF Toronto Eaton Centre often feels like a plunge “in the middle of a salmon river,” La Maison Simons chief executive officer Bernard Leblanc said, reported The Globe and Mail. "Mr. Leblanc is happy to swim against the current, opening new large-format stores at a time when other retailers are scaling back their footprint in Canada, or failing to make it work altogether. The Quebec City-based chain announced on Thursday that it is spending $75-million to open new stores in two of Canada’s highest-profile malls." "The two new stores will fill part of the space formerly occupied by U.S. department store chain Nordstrom Inc. – which exited the Canadian market last year – in Toronto’s Yorkdale Shopping Centre and Eaton Centre. The locations, scheduled to open in the fall or winter of 2025 will significantly expand the 184-year-old retailer’s presence in the Greater Toronto Area, and represent a significant bet on brick-and-mortar retail." https://lnkd.in/gDKtvKvz #canada #retail #departmentstores

Macy’s decision to close nearly a third of its stores will spark change in malls and communities across the U.S. The retailer said in late February that it plans to close about 150 of its namesake locations by early 2027. Macy’s has not yet revealed which stores it will shutter. When CEO Tony Spring announced the move, he said the stores that Macy’s will close account for 25% of the company’s gross square footage but less than 10% of its sales. The company plans to invest more in the approximately 350 namesake stores that will remain, and open new locations for its better-performing brands: higher-end department store Bloomingdale’s and beauty chain Bluemercury. Yet the closures will be the latest catalyst that pressures malls to evolve to changing consumer tastes.