INDUSTRY NEWS
NEWS, NOTES & TRENDS...
AroundtheIndustry RETAIL
Target Stores Building on the success of the small-format stores it has rolled out in city centers and on college campuses, Target plans to open about 30 such stores every year. One of the newest small-format sites is planned for Denver’s Lowry neighborhood, using a 30,000-square-foot location originally meant for a Lucky’s Market. Rite Aid Rite Aid debuted its “RxEvolution” brand refresh, which features a new logo and other steps designed to position it as a “whole health destination.” The extensive refresh includes a larger role for pharmacists, more emphasis on healthy product options, a revamped digital footprint and redesigned locations in some markets that Rite-Aid is calling its “Stores of the Future.” American Eagle/Aerie American Eagle Outfitters will focus on growing its Aerie brand of lingerie, activewear and swimwear, which the company says has the potential to hit $2 billion in revenue by 2023. The retailer will shutter up to 250 of its mostly mall-based namesake stores and grow Aerie from about 350 to as many as 600 stores over the next few years. Guitar Center Guitar Center filed for Chapter 11 bankruptcy reorganization with a plan to keep its stores up and running while cutting about $800 million in debt. The company is the largest US retailer of musical instruments, with about 300 namesake stores and upward of 200 Music & Arts locations. Pet Supplies Plus Pet Supplies Plus will acquire about 40 former Pet Valu stores across the Northeast, with the goal of keeping a pet retailer in some communities and saving retail jobs. Kohl’s/Sephora Sephora will open shops inside 850 Kohl’s stores over the next few years as the beauty retailer’s current partnership with JC Penney winds down. The 10-year partnership gives Kohl’s a high-profile partner in its plan to triple beauty sales, and the planned 2,500-square-foot in-store shops will give Sephora a greater presence outside of malls.
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COMMERCIAL CONSTRUCTION & RENOVATION — JANUARY 2021
Gap Gap will shutter 220 namesake and 130 Banana Republic stores over the next few years, while opening up to 40 new Old Navy stores and about 100 Athleta locations. Dollar General Dollar General will open a 6,000-square-foot urban concept store in downtown Minneapolis in 2021. The DGX Minneapolis location will feature the retailer’s more upscale format, with grab-and-go food selections, pet products, groceries and toiletries. Thom Browne Luxury fashion retailer Thom Browne plans to add 15 locations in 2021. The retailer also has been investing in digital retail this year and a collaboration with Farfetch gave online sales a boost.
RESTAURANTS
Charleys Philly Steaks GOSH Enterprises wants to add more than 100 units through the end of next year across its three brands: Charleys Philly Steaks, Lennys Grill & Subs and BIBIBOP Asian Grill. Much of the growth will come from Charleys, which already has 50 out-of-mall units and is looking to double that tally. Torchy’s Tacos Torchy’s Tacos has completed a new fundraise, bringing in several new investment firms to its ownership group to fuel a rapid expansion that could more than double its unit count by 2024. Freddy’s Frozen Custard & Steakburgers Freddy’s Frozen Custard & Steakburgers has signed a franchise agreement with shopping center developer RSolution Holdings to develop 50 new restaurants over the next several years across the Southeast. In-N-Out Burger In-N-Out Burger opened its first two restaurants in Colorado, creating a frenzy with fans waiting anywhere from nine to 12 hours to get their hands on the brand’s famous Double Double. Wingstop Wingstop is looking to grow from 200 to 3,000 international units as part of its bid to become a top 10 worldwide restaurant brand.
