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Company NewsMassachusettsNortheastRetailTop Stories

Dunkin’ Commits to Hiring 25,000 Workers Nationwide As Reopening of Economy Accelerates

by Alex Tostado

CANTON, MASS. — Fast-food breakfast chain Dunkin’ (NASDAQ: DNKN) has announced plans to hire 25,000 new employees nationwide as the company looks to lead the charge out of nationwide coronavirus quarantines. Taco Bell recently made a similar declaration, vowing in late May to hire 30,000 workers this summer. With 55,000 planned hires between just two companies, quick-service restaurants could be an early sign of economic recovery during the COVID-19 pandemic. The reliance on drive-thru and pickup orders makes fast food a natural type of restaurant to rebound first. Last Friday, the U.S. Bureau of Labor Statistics reported the unemployment rate was 13.3 percent, down from 14.7 percent in April. Economists expected an increase in unemployment in May, but instead 2.5 million jobs were added during the month. Dunkin’ has more than 9,500 locations in the U.S. and a total of 13,100 locations in 41 countries. Canton-based Dunkin’ launched its first-ever national restaurant employee recruitment advertising campaign through a series of “Dunkin’ Runs on You” national TV broadcast and digital spots that will be aired in English and Spanish beginning today. Available jobs range from front-counter employees to managers. A timeline for the hirings was not disclosed. Taco Bell’s newly created …

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Company NewsRetailTexas

J.C. Penney Provides Update on Closings, to Shutter 154 Stores

by Taylor Williams

PLANO, TEXAS — J.C. Penney released an update on its store optimization strategy on Thursday, announcing plans to close 154 stores around the country as part of Phase I of the plan. The closings of those stores are scheduled to begin on Friday, June 12. The Plano-based retailer expects to announce additional closings after Phase I, which will feature store-closing sales at the shuttered locations that are expected to take 10 to 16 weeks to complete. A list of which stores are closing as part of Phase I can be found here.

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Company NewsFloridaRetailSoutheast

Regency Centers Collects 58 Percent of May Rent Checks, Down from 68 Percent in April

by Alex Tostado

JACKSONVILLE, FLA. — Regency Centers Corp. reported that it collected 58 percent of base rent from its tenants in May. The Jacksonville-based company released the data during its June 2020 presentation, which also reported that Regency collected 68 percent of base rent in April. The presentation broke its tenants down by category. Of the essential retailers, which includes grocers, drugstores, mass merchandisers, banks, pet stores, office supplies and medical tenants, 92 percent were able to pay May rent. Essential, quick-service restaurants paid rent at a 48 percent clip, while 31 percent of essential, full-service restaurants paid May rent. Additionally, other tenants in Regency’s portfolio, including soft goods, personal service providers and fitness centers, paid at a 28 percent rate. In April, every rent rate by category was higher than May. Regency said that as of May 31, approximately 75 percent of its tenants were open for business across the 408-property portfolio.

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ColoradoCompany NewsWestern

Baceline Investments Offers Resources, Individual Guidance for Small Business Tenants

by Amy Works

DENVER — As retailers continue to face uncertain times during the COVID-19 pandemic, Denver-based Baceline Investments has shifted its focus to providing support and creating tools, resources and personal guidance for the small businesses of its 73 neighborhood shopping centers under management nationwide. The boutique private equity real estate investment and management company’s national portfolio currently includes 900 small business tenants. “We’ve taken an all-hands-on-deck approach to supporting our small business partners,” says Todd Laurie, partner and executive vice president of fund services for Baceline. “We’ve mobilized our company into task-force teams and support teams, and we immediately reached out to every small business tenant to offer guidance and assistance with securing government assistance loans.” Through guides and an online resource center, the company is providing tools and resources that include information on state-by-state, stay-at-home orders, financial relief and loan resources, social distancing and sanitation measures, marketing templates and initiatives to support businesses as they reopen. Additionally, Baceline is offering information regarding protection against coronavirus phishing attempts, tenant stipends to assist in purchasing barrier and PPE supplies, including sources for exclusively discounted sneeze and cough shields, as well as five industry-specific reopening handbooks for fitness centers, salons and spas, retail, …

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Company NewsRetailTop Stories

Target, Other Retailers Temporarily Close Stores Across Nation in Response to Violent Protests

by Taylor Williams

MINNEAPOLIS — Minnesota-based discount retailer Target has temporarily closed six stores in four states in response to protests that turned violent over the weekend. The looting and destruction of commercial property took place in the days following the death of George Floyd, an unarmed black man who died May 25 following an encounter with Minneapolis police during which an officer kneeled on his neck for several minutes. On Sunday, several other retailers, including CVS, Apple and Walmart also announced temporary closures or adjusted hours in major cities where rioting had taken place. None of these retailers specified which stores would be closed and for how long, only saying that the measures had been taken to protect customers and employees. Other cities imposed weekend curfews, and the City of Philadelphia ordered all retailers to close entirely on Sunday. The National Retail Federation (NRF), a trade association representing the industry, issued a statement on Monday imploring Americans to cease defacing and plundering retail properties in the name of general welfare. “Of primary concern to our retailers is the safety of their teams, the communities they serve and the emotional and physical well-being of their African American colleagues and customers,” said Matthew Shay, …

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Company NewsHealthcareNorth CarolinaSouth CarolinaSoutheast

CVS Adds 70 COVID-19 Testing Sites in Carolinas

by Alex Tostado

WOONSOCKET, R.I. — CVS/pharmacy has added 55 COVID-19 testing sites in North Carolina and 15 sites in South Carolina. The tests are accessible through appointments only. Patients will be required to stay in their cars and will be directed to the pharmacy drive-thru window, where they will be provided with a test kit and given instructions. A CVS team member will observe the self-swab process to ensure it is done properly. Tests will be sent to an independent, third-party lab for processing and the results will be available in approximately three days. In North Carolina, the 55 new sites are located in 29 cities, including seven sites in Charlotte, five in Raleigh, four in Cary, four in Durham, three in Fayetteville and three in Winston-Salem. In South Carolina, the locations are in Anderson, Charleston, Clemson, Columbia, Greenville, Mount Pleasant, Myrtle Beach, North Charleston, North Augusta, Spartanburg and West Columbia. With the 70 locations, Woonsocket-based CVS has now opened 986 testing sites in the country. Click here to see a full list of the locations.

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Company NewsKentuckyRestaurantRetailSoutheast

Papa John’s Reports May as Best Sales Month in Restaurant History

by Alex Tostado

LOUISVILLE, KY. — Papa John’s International Inc. has reported its May sales were up 33.5 percent in the U.S. and Canada on a year-over-year basis, marking the second month in a row that the pizza chain recorded its highest sales on record, according to president and CEO Rob Lynch. The May sales period was recorded from April 27 to May 24, and the company said it will continue to provide monthly updates through the end of the second quarter. In April, the Louisville-based chain reported a 26.9 percent increase in sales. The introduction of contactless deliveries has helped spike sales, the company said in a press release. Additionally, Papa John’s reported a 7 percent increase in international sales during May. As of Sept. 29, 2019, Papa John’s had 3,296 locations in the U.S. and Canada and a total of 2,047 stores in 47 other countries.

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Company NewsRetailSoutheastTennessee

CBL Properties Collects 27 Percent of Rent Checks in April, Predicts Similar Revenue Stream for May

by Alex Tostado

CHATTANOOGA, TENN. — CBL Properties reports it collected 27 percent of billed cash rents in April as retail stores and restaurants closed due the COVID-19 outbreak. The Chattanooga-based mall owner said during its first quarter earnings report that a majority of its 68 properties closed in March due to the COVID-19 outbreak. As of May 25, 66 malls were reopened. CEO Stephen Lebovitz says he and his team anticipate collecting 25 to 30 percent of cash billed rents for the month of May. Lebovitz also said CBL granted rent abatements and deferrals to several tenants and expect to collect April and May rents later in 2020 and into 2021. CBL also reported that its same-center net operating income (NOI) declined 8.7 percent year-over-year in March. Additionally, in an effort to save cash, CBL delayed approximately $60 million to $80 million in expenditures and redevelopments for 2020. CBL owns 91 total properties in 26 states, including Mayfaire Town Centre in Wilmington, N.C.; Fayette Mall in Lexington, Ky.; Brookfield Square in Milwaukee; The Outlet Shops at Atlanta in Woodstock, Ga.; and CoolSprings Crossing in Franklin, Tenn.

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Company NewsTexas

Investment Advisory Firm Third Avenue Management Opens Austin Office

by Taylor Williams

AUSTIN, TEXAS — Third Avenue Management LLC, an investment advisory firm based in New York City, has entered the Texas market with the opening of a new office in Austin. The firm has maintained a satellite office suite in downtown Austin since 2017 and is expanding it into a regional office as it adds staff to support its expansion efforts in the state capital. Ryan Dobratz, who oversees the management of the firm’s real estate fund, will lead the new office, which has also undertaken a specific initiative to invest in select real estate and businesses that have been adversely impacted by COVID-19.

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Company NewsMississippiRetailSoutheast

Eldorado Resorts Reopens Three Casinos in Mississippi Today at Limited Capacity

by Alex Tostado

GREENVILLE, LULA AND VICKSBURG, MISS. — Eldorado Resorts Inc. has reopened Tropicana Greenville, Isle of Capri Lula and Lady Luck Vicksburg in Mississippi. Eldorado will limit the number of guests to no more than 50 percent of the property’s maximum occupancy, in accordance with Mississippi Gaming Commission regulations. The Reno, Nev.-based company temporarily closed the three casinos March 16 in accordance with the Commission’s orders to close casinos due to the COVID-19 outbreak. The properties reopened at 10 a.m. local time.

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