September 25, 2024
Big Lots selected 20 successful bidders and backup bidders at the conclusion of an auction of 144 unexpired store leases. A hearing to approve the sale, assumption and assignment, termination, or other disposition of the leases is set for September 30.
In other news, the Debtors filed a list of 49 additional locations at which they intend to conduct store closing sales. This brings the total number of stores the Debtors plan to close to 393. The map below shows the previously announced closures in green and the latest announced closures in purple.
Whole Foods unveiled a 9,000 squqare-foot retail concept, called Whole Foods Market Daily Shop, located in the Lenox Hill neighborhood of Manhattan's Upper East Side. The smaller store is designed to allow Whole Foods to expand into dense metro areas. Another two locations are in development, one in Manhattan's East Village and the other in Hell's Kitchen.
Whole Foods introduced the new concept earlier this year as a "quick-shop" concept, ranging from 7,000 to 14,000 square feet, or about one quarter to one half of the average 40,000 square-foot store size. The adjacent map shows some of Whole Foods' planned openings across the Northeast.
Macy’s sold a store in Boynton Beach, FL (in blue below) to an affiliate of Columbus, OH-based Washington Prime Group for $15 million. Washington Prime paid $67 per square-foot for the 224,000 square-foot building. Macy's lease reportedly runs through the end of the year, but the Company did not specify if this is one of the 150 locations closing this year.
Also this month, Macy's sold a 50,000 square-foot furniture and mattress store in Pembroke Pines (in purple below) to an affiliate of Asian grocery store chain Lotte Plaza Market, for $13 million, or $259 per square-foot. Macy's is leasing the store from Lotte, according to records.
In February 2024, Macy's sold a furniture store in Boca Raton, FL (in green below) to Christ Fellowship Church for $23.5 million, and is temporarily leasing the property from the church until it finds a new building.
The following chart compares monthly visits and visitors for all three Macy's locations, compared to the mall or town center where they are located.
Bass Pro Shops plans to open a new 125,000 square-foot location in Spring, TX on October 2, marking its 16th store in Texas and fourth serving the greater Houston market.
As the Retail Openings & Closings map on the left shows, Bass Pro has a number of store openings in the pipeline.
Weis Markets announced the acquisition of Sunnyway Foods, a two-unit, family-owned supermarket in Pennsylvania. The deal is expected to close during 4Q24. Terms of the transaction were not disclosed.
As shown in the adjacent map, stores are located in Greencastle and Chambersburg (marked in black). Both stores will be converted to Weis Markets.
Weis currently operates 196 stores in Pennsylvania, Maryland, New Jersey, New York, and West Virginia (shown in the map in red).
Wawa will open its first travel center in North Carolina by mid-2025. The 8,400 square-foot store is significantly larger than a typical Wawa, which ranges from 5,500 to 6,000 square feet. It will feature indoor and outdoor seating and a large open design for a fresh food and beverage area. The chain's first travel center is the latest concept the retailer is testing; it eventually plans to open 90 locations. Wawa opened its first North Carolina store in Kill Devil Hills last May. The chain broke ground on its first West Virginia store in August.
In other news, Wawa opened its first store in central Pennsylvania on September 19, in Middletown. As shown in the adjacent Retail Openings & Closings map, the Company plans to open more central PA stores in Middletown, York, Dover, Hanover, and Enola by year end. Over the next five years, it aims to have up to 40 stores in the market, opening about five to seven locations annually.
The information contained in this newsletter is compiled from sources which RetailStat, LLC (“RetailStat”), does not control and unless indicated is not verified. Its contents are not to be divulged. RetailStat, its principals, and writers do not guarantee the accuracy, completeness or timeliness of the information provided nor do they assume responsibility for failure to report any matter omitted or withheld because of their negligence.
