October 2, 2024
Costco recently reported financial results for fiscal 2024, with top-line growth supported by 29 new clubs in operation as well as strong comp growth. During the quarter, the Company opened 14 new clubs (10 in the U.S. and four International). Looking ahead, and maintaining its growth momentum, Costco estimates it will open 26 new clubs in FY25, the bulk of which will be in the U.S. (16). Costco operates 613 stores in the U.S. and 108 stores in Canada.
The adjacent Retail Openings & Closings map shows where Costco plans to expand.
As shown in the adjacent map, Amazon Fresh has opened three new stores recently, in Oxford Valley, PA and Fontana and Elk Grove, CA (marked in green). These new stores bring the chain's fleet to 52 stores in eight states (existing stores are in purple).
In addition to the recent openings, Amazon debuted five new stores in August. The Company has also renovated stores in California (5), Illinois (3), Virginia (1), and Maryland (1).
Publix recently announced plans tobuild a 50,000 square-foot store in the future SeaFlower Village Center in West Bradenton, FL, roughly two miles from the Publix at the Bradenton Commons shopping center. A Publix liquor store is also slated to be built. Opening dates have not yet been revealed.
The adjacent Retail Openings & Closings map shows Florida remains a significant focus of expansion for Publix, with 60+ locations in the pipeline for the state.
As shown in the adjacent map (in purple), PGA Tour Superstore will open in Greenville, SC on October 26, joining existing stores in Hilton Head, Myrtle Beach, and North Myrtle Beach. PGA Tour operates 84 stores across the U.S., of which nearly 30% are located in the Southeast (as shown in the map).
According to our Retail Openings & Closings tracker, the Company also plans to open a store in Franklin, TN in November. Other future openings include Miami, FL; Oklahoma City, OK, and Meadows Place, TX.
Hooters of America has reportedly engaged consultants to provide advice on how to turnaround its struggling restaurant operations and address its debt burden and liquidity. Like most other casual dining restaurant operators, Hooters has faced slowing customer traffic in recent periods that has pressured its top-line and margins. The Company closed approximately 40 underperforming locations in June, citing “pressure from current market conditions.”
The below Real Estate Intelligence chart shows the YOY % change in store visits at Hooters' 254 restaurants.
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