June 14, 2023
Wegmans plans to close its Natick Mall store in Natick, MA this summer due to underperformance. The 134,000 square-foot supermarket opened in 2018 and is one of the largest operated by the chain. The location previously included a Mexican restaurant called Blue Dalia Restaurant and Tequila Bar, but it closed in 2018 after underperforming. The space was formerly occupied by J.C. Penney. Management indicated that it was unable to attract enough customers to the nontraditional location. Wegmans operates five stores in the greater Boston region and does not plan to close any other locations.
Walgreens debuted a newly designed store in Chicago, IL. The remodeled location only offers customers two aisles to look for items to purchase; the rest of the drugstore goods are stored in an onsite fulfillment center from which they can be bought via an in-store kiosk system along with items from the pharmacy. In addition, the Company said, customers can also place their orders online for pickup in the store. According to reports, this is a pilot program to test a “more convenient shopping experience for consumers” and is being spun as not positioned as an anti-theft measure, which it clearly is.
The Debtors in the Bed, Bath & Beyond Inc., DIP case announced that Overstock.com was selected as the stalking horse bidder to acquire the intellectual property of the Bed Bath & Beyond banner for $21.5 million in cash. The agreement makes no mention of stores, and excludes assets associated with the Harmon and buybuyBaby banners. Certain liabilities will be assumed, but they have not yet been identified. The agreement provides for a break-up fee equal to 2% of the purchase price.
For more information about Bed, Bath & Beyond's store closings, see the updated data below.
Dollarama’s 1Q24 comp growth reflected a 15.5% increase in the number of transactions and a 1.4% increase in average transaction size, attributable to strong demand across product categories, namely consumables, seasonal items, and general merchandise. The Company opened 21 net new stores during the quarter.
RH announced the opening of RH England, dubbed the Gallery at Historic Aynho Park. This is the Company’s first location outside the U.S. and includes three restaurants, a wine lounge and tea salon, and a juicery. It features home furnishing collections from RH Interiors, Contemporary, Modern, and Outdoor on 73 acres with over 60 rooms.
Floor & Décor’s subsidiary Spartan Surfaces acquired Salesmaster Flooring Solutions, a flooring and installation supplies and distributor servicing the Northeastern part of the U.S. Headquartered in Deer Park, NY, the Company will operate as a part of Spartan Surfaces. The transaction closed June 7 and is not expected to have a material impact on 2Q23 or FY23 results. Terms of the transaction were not disclosed.
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Entertainment concept Puttshack, a tech-driven mini-golf/dining brand similar to Topgolf, appointed Susan Burke as its first general counsel and chief risk officer. It also named Rocio DeJesus as head of people and talent. These two additions come as the Company continues to expand its U.S. footprint following a $150 million investment received from funds managed by BlackRock in September 2022, on top of $60 million provided by Promethean Investments in 2021.
This year, locations are slated to open in Natick, MA; Denver, CO; Houston, TX; Nashville, TN; Philadelphia and Pittsburgh, PA; Scottsdale, AZ; St. Louis, MO; and Atlanta, GA. Since its first opening in 2018, Puttshack has grown to eight U.S. locations; it also has four London, U.K. locations.
The International Brotherhood of Teamsters is formally opposing the merger of Kroger and Albertsons, which is currently under review at the FTC. The Teamsters represent more than 22,000 members across stores, distribution centers, and manufacturing plants nationwide.
For more information surrounding the potential merger of Kroger and Albertsons, click here.
According to reports, 99 Cents Only has completed another sale-leaseback deal, this time for its City of Commerce, CA-based distribution facility for around $205 million. In April, the Company closed on three sale-leaseback transactions for stores or properties, raising more than $17 million.
H-E-B plans to open two Joe V’s Smart Shop locations in Dallas, TX. The first will open in late summer 2024, and the second will open in spring 2025. Joe V’s Smart Shop debuted in 2010 as an “innovative price format” that offers a curated assortment of the “most relevant high-quality, fresh products H-E-B is known for, at even lower prices.” Stores average 55,000 square feet and carry tortillas and sushi made in-house, along with chef-inspired meals, fresh cut fruit, in-store cut meat, etc. There are currently nine Joe V’s Smart shop locations in Houston.
Meanwhile, H-E-B recently opened two new Wellness Primary Care Clinics in the Houston, TX area, with two more slated to open later this month. H-E-B already operates a clinic in the Bunker Hill neighborhood of Houston as well as locations in Austin and San Antonio. Each clinic offers full-service primary care to individuals age 12 and older as well as physical therapy and health and nutrition coaching
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Ollie’s 1Q23 results got off to a strong start with sales gaining almost 13% and comps improving 4.5%. Management is crediting the Company’s wider customer base, including both higher income and younger aged shoppers, for the improved top line. The Company opened nine new stores and closed one, ending with 476 units.
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Primark opened a 34,000 square-foot location at Walden Galleria in Buffalo, NY, bringing its store count to 17 stores in seven states. In addition, the Company plans to open a 36,000 square-foot store at Arundel Mills in Hanover, MD this summer as well as three other stores – Valley Stream, NY (June 22), Elizabeth, NJ (July 6), and Albany, NY (July 20). Owned by Associated British Foods, Primark has more than 400 stores globally and aims to reach 530 by the end of 2026.
GameStop’s 1Q23 sales decreased 10% due to declines from new gaming software releases, pre-owned software and hardware, and collectibles. Management did not provide comps, number of stores, or forward guidance; additionally, it canceled its conference call.
Tops Markets, owned by Northeast Grocery, is investing more than $6 million to refresh five stores in the Erie, PA area. The renovations cover over 225,000 square feet and will expand the stores’ selections of local and organic produce, enlarge bakery departments, and add more on-the-go options to deli and carry-out café sections. One of the stores will temporarily close later this month for the renovation.
T&T Supermarkets, a banner owned by Loblaw Companies that primarily sells Asian foods, will open its first U.S. store in summer 2024, at the Marketplace at Factoria in Bellevue, WA. The 76,000 square-foot location will be a flagship store for T&T and will offer more than 300 private label products. T&T is a Canadian supermarket chain with stores in Alberta, Ontario, Quebec, and British Columbia.
Chico’s 1Q23 comp decline was driven by a decrease in transaction count, slightly offset by higher average dollar sales. By banner, comps were up 4.9% at Chico’s, but fell 8% at White House Black Market and 2.5% at Soma. The Company closed seven locations, bringing its total store count to 1,262.
Camping World is set to acquire four RV dealerships, with deals set to close in 3Q23. The first, Hitch RV, operates three locations in Milford, DE, Boyertown, PA, and Berlin, NJ. The second, Roy Robinson RV Center, operates in Marysville, WA. The third, Halterman’s RV, operates in the greater Seattle market. The fourth, Funtime RV, operates three locations in Tualatin, Sandy, and Klamath Falls, OR.
For 1Q23, Kirkland’s 4.4% comp decrease included a 6.6% drop in e-commerce sales, driven by a decline in traffic, partially offset by an increase in average ticket. The Company closed three stores, ending with 343 locations.
Designer Brands’ 1Q23 U.S. retail sales were down 13%, and Canadian sales were down 4%. It now expects FY23 sales to decline in the mid-to-high single digits. 12 net locations have closed over the past year, including one net closure in 1Q.
Beacon acquired Silver State Building Materials, located in Gardnerville, NV. Silver State has served the South Lake Tahoe and Reno markets with residential roofing and complementary products for over 30 years. So far this year, Beacon has completed four acquisitions and opened five new locations.
Torrid’s 1Q23 sales decreased 12% and comps were down 14%. Management said it carefully managed expenses and inventory levels amidst challenging traffic trends. The Company opened five new stores and closed six underperforming locations, ending with 638 units.
The below retailers recently released their earnings reports. To request more information on these companies, or to discuss the financial performance with a retail industry expert, please click here.
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