Company News

Chicago’s Navy Pier to Implement Temporary Closure Starting Sept. 8 to Slow Financial Burden Amid COVID-19 Pandemic

by Amy Works August 20, 2020

CHICAGO — Navy Pier, a mixed-use destination on Chicago’s lakefront, will start a temporary pier-wide closure on Tuesday, Sept. 8, in an effort to limit the financial burden and impact of the continued coronavirus pandemic on the organization. The closure will stop all operations, including those of Navy Pier’s more than 70 small businesses. Access to the pier’s outdoor space, including Polk Bros Park and North and South Docks, will also be limited or prohibited during the closure. “While this was a very difficult decision for the organization, it was a necessary one to proactively ensure the long-term success of one of Chicago’s most treasured and important civic institutions and the communities it serves,” says Marilynn Gardner, president and CEO of Navy Pier. Per state and city orders, Navy Pier originally closed to the public from March 16 to June 10 and then began a phased reopening with appropriate safety and security measures. Through the reopening, Navy Pier was able to resume partial operations and welcome guests to the pier. However, the destination experienced less than 20 percent of its typical summer attendance. To date, the Centennial Wheel, Chicago Children’s Museum, Chicago Shakespeare Theater and additional Pier Park attractions have …

August 20, 2020

Company News North Carolina Retail Southeast

Lowe’s Home Improvement Reports 30 Percent Increase in Same Store Sales During Second Quarter

by Alex Tostado August 19, 2020

MOORESVILLE, N.C. — Lowe’s Home Improvement posted a 30 percent increase in same store sales during its second quarter, which ended July 31. The total sales reached $27.3 billion, compared with $21 billion in the second quarter of 2019. Lowe’s also invested $460 million during the quarter to support frontline hourly associates. In 2020, the company thus far has invested $560 million in COVID-19-related financial support for its associates and community pandemic relief, with a focus on minority and rural small businesses and healthcare workers. Mooresville-based Lowe’s is an essential retailer, meaning it has remained open throughout the COVID-19 pandemic. As of July 31, Lowe’s operates 1,968 home improvement and hardware stores in the United States and Canada.

August 19, 2020

Company News Midwest Minnesota Retail

Target Reports Record Sales Increase of 24.3 Percent in Second Quarter, Cites E-Commerce Growth

by Taylor Williams August 19, 2020

MINNEAPOLIS — Target (NYSE: TGT) reported a 24.3 percent increase in total digital and in-store sales during the second quarter compared with the same period a year ago, the highest quarterly growth in the Minneapolis-based discount retailer’s history. Same-store sales grew by 10.9 percent during the quarter, while digital sales experienced a whopping 195 percent growth year over year. CNBC reports that during a call with reporters, Target CEO Brian Cornell stated that the volume of sales fulfilled by the company’s curbside pickup program grew by more than 70 percent, and that the company’s digital customer base expanded by some 10 million shoppers. Target’s stock price opened at $148.50 per share on Wednesday, Aug. 19, up 12 percent from the previous day and up 72 percent from $86.23 per share a year ago.

August 19, 2020

Company News NAI New York Northeast

NAI Global Opens Bridgeway Commercial Office in Syracuse

by Taylor Williams August 19, 2020

SYRACUSE, N.Y. — NAI Global has opened a new office at 6391 Thompson Road in Syracuse that will operate under the name NAI Bridgeway Commercial and which will serve the Central and Upstate New York areas. The new commercial real estate services firm will offer a range of services, including brokerage and leasing, property and facilities management, investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. Tom Lischak, who founded Bridgeway Commercial Realty in 2014 prior to its acquisition by NAI, will lead the new office.

August 19, 2020

Arkansas Company News Retail Southeast

E-Commerce Sales for Walmart Grow 97 Percent in Second Quarter, Same Store Sales Up 9.3 Percent

by Alex Tostado August 18, 2020

BENTONVILLE, ARK. — Walmart’s e-commerce sales jumped 97 percent in the second quarter, which ended July 31. The Bentonville-based retailer increased its e-commerce capabilities, including increasing same-day delivery and curbside pick-up options as well as hiring at least 200,000 people during the pandemic. Walmart includes a grocery section, deeming the retailer essential and allowing it to remain open through the crisis. Additionally, the U.S. government passed the CARES Act, which included stimulus checks for millions of Americans. As a result of increased spending, Walmart’s same-store sales increased 9.3 percent in the second quarter. Total revenues rose 5.6 percent to $137.74 billion from $130.38 billion a year earlier. The company incurred $1.5 billion of COVID-related costs during the second quarter, including benefit payments and inventory purchases. Sales at Sam’s Club locations were up 8.8 percent in the second the quarter. E-commerce sales increased 39 percent.

August 18, 2020

Company News Georgia Retail Southeast

The Home Depot’s Sales Increase 23.4 Percent in Second Quarter

by Alex Tostado August 18, 2020

ATLANTA — The Home Depot released its second-quarter results, which revealed the home improvement retailer saw a 23.4 percent increase in sales on a year-over-year basis. Sales totaled $38.1 billion in the second quarter, which ended Aug. 3. Because of the coronavirus outbreak and The Home Depot’s status as an essential retailer, meaning the stores have remained open through the pandemic, the company invested approximately $480 million in benefits for its associates, including weekly bonuses for hourly associates in stores and distribution centers.

August 18, 2020

Company News Development Office Washington Western

Amazon to Create 3,500 New Jobs by Expanding Six US Tech Hubs

by Amy Works August 18, 2020

SEATTLE — Amazon (NASDAQ: AMZN) plans to create 3,500 new tech and corporate jobs across six cities with the expansion of its Tech Hubs in Dallas, Detroit, Denver, New York, Phoenix and San Diego. The Seattle-based e-commerce company will invest more than $1.4 billion in the new offices, which will host teams supporting businesses across the company. The Tech Hub and corporate office expansions include: Adding more than 100,000 square feet of space and 600 tech and corporate roles at the company’s existing Dallas Tech Hub in North Dallas. The acquisition of more than 25,000 square feet of office space in Detroit and the addition of 100 jobs. An expansion of 20,000 square feet of office space and 100 jobs at the Denver Tech Hub. The opening of a 630,000-square-foot office, creating 2,000 new jobs, in New York City at the former Lord & Taylor Fifth Avenue building. A 90,000-square-foot expansion at the Phoenix Tech Hub allowing for more than 500 new jobs. The addition of more than 40,000 square feet of office space at the San Diego Tech Hub for the creation of 200 new jobs. Teams in these cities will support various businesses across Amazon, including AWS, Alexa, …

August 18, 2020

Company News Hospitality Midwest Minnesota

Magid HTL Forecast Tracker Predicts $75B in Projected Hotel Revenue Losses This Year

by Amy Works August 18, 2020

MINNEAPOLIS — Minneapolis-based Magid HTL Forecast Tracker has released its predictions for the upcoming 12 months for the hotel industry. The forecast suggests the impact of the COVID-19 pandemic will lead to a 29 percent decline in annual hotel occupancy. The results will be a projected approximately $75 billion revenue loss for the industry. The estimate is according to the Magid HTL Forecast Tracker and Horwath HTL, a global hotel, tourism and leisure consulting brand. The forecasted decline is driven by the disappearance of business and leisure travel coupled with a projected 22 percent decline in consumer sentiment for attending meetings or conferences over the next 12 months. “The forecast shows the continuing significant impact COVID is having on hotel occupancy,” says Rich Garlick, vice president and strategy consultant for Magid. “Currently, the forecast suggests a 39 percent decline in occupancy for the next month. If the average occupancy at this time of the year (summer) is 70 percent, this would put current occupancy around 43 percent.” The most recent wave of research, conducted July 29 to August 2, shows that 71 percent of consumers expect to next stay in a hotel 24 months from now — a result that …

August 18, 2020

Company News Market Reports New Jersey Northeast Northeast Market Reports Retail

Jersey Mike’s Sandwich Chain Invests in Delivery, Pick-Up

by Taylor Williams August 18, 2020

By Alex Patton During the business lull caused by the outbreak of COVID-19, fast casual sandwich chain Jersey Mike’s made news by rolling out a $150 million nationwide retrofit project for its stores. The project will include aesthetic and comfortability upgrades for 1,700 franchise stores, as well as expanded functionality for delivery and pick-up services — all paid for by the company. “Paying for the retrofits ourselves is a tactical move on our part,” says Peter Cancro, CEO of Jersey Mike’s. “Whenever you put money in your business, it always comes back. It’s an investment into our people — every dollar we put into the project we’ll get back in loyalty and trust from our franchise owners and our customers.” The Manasquan, New Jersey-based company operates approximately 1,750 stores across 48 states and plans to expand to 2,000 by the end of 2021. Though the company is growing its store count quickly, it is still a relatively small player in the national sandwich game. By comparison, Jersey Mike’s two closest competitors, Subway and Jimmy John’s, operate 24,000 and 2,800 stores in the United States, respectively. Amid state-mandated temporary closures of retail stores and restaurants, Jersey Mike’s was able to continue …

August 18, 2020

Company News New York Northeast Retail

Rent the Runway to Close All Stores, Focus on Digital Platform, Say Media Reports

by Taylor Williams August 17, 2020

NEW YORK CITY — Rent the Runway, a New York City-based online service that provides rentals of designer clothes and accessories, will close its stores around the country in order to focus on building its digital platform, according to reports from CNBC and The Wall Street Journal. The New York City-based company will close its stores in Los Angeles, Chicago, San Francisco and Washington, D.C., while its flagship store in New York City will be converted into a permanent drop-off site for product distribution. CNBC reports that the company intends to grow its network of drop-off locations, and has partnered with apparel retailers Nordstrom and West Elm as part of that initiative.

August 17, 2020

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