ANN ARBOR, MICH. — Domino’s Pizza Inc. (NYSE: DPZ) reported that its U.S. same-store sales grew 17.5 percent in the third quarter compared with the same period last year. The Ann Arbor-based pizza chain says it was positively impacted by customers ordering more takeout during the COVID-19 pandemic. Global retail sales increased 14.4 percent in the third quarter to more than $3.7 billion. Revenues increased $146.9 million or 17.9 percent, while net income increased $12.8 million or 14.8 percent. As of Oct. 5, Domino’s estimates that fewer than 300 international stores are temporarily shuttered. There are more than 17,200 Domino’s stores in over 90 markets.
COLUMBUS, OHIO — True Food Kitchen has opened its first Ohio restaurant at Easton Town Center in Columbus. The restaurant brand was founded in 2008 by Sam Fox and Dr. Andrew Weil, creator of the anti-inflammatory diet, which involves selecting foods that help fight chronic inflammation. True Food Kitchen serves a variety of vegetarian, vegan and gluten-free options. As a result of COVID-19, the restaurant is currently offering family to-go meals and carryout cocktails. The dining room includes 27 tables that are spaced six feet apart. The restaurant also includes an outdoor patio. There are 34 True Food Kitchen locations in 15 states.
By Taylor Williams What a difference a year makes. Around this time in 2019, the Philadelphia retail market was experiencing something of a Renaissance. Driven by forward-thinking projects in chic neighborhoods, such as Fashion District Philadelphia, as well as the delivery of new phases of retail at destinations like Schuylkill Yards and the Philadelphia Navy Yard, the market was embracing new users, customers and spaces alike. The evolution of Philly’s retail market at this time inevitably bred winners and losers. Six months later, the onset of a global pandemic would give rise to political policies that crushed capacities and foot traffic for retailers and restaurants. Add in a healthy dose of elevated online shopping, and the result was a one-two punch that was simply too much for some retailers to survive. Such is the scene playing out today in the City of Brotherly Love. But real estate professionals are quick to point out that the demise of some retailers was unavoidable before COVID-19 came around, and that ultimately the city’s strong demographics will usher its retail market through the recession. “We shouldn’t lose sight of the fact that pre-COVID, several categories of retailers were not thriving or were irrelevant or …
MARYVILLE, TENN. — Ruby Tuesday Inc. has filed for Chapter 11 bankruptcy protection with plans to permanently close 185 restaurants that were shuttered during the COVID-19 pandemic. The company’s 236 open locations will remain operational throughout the reorganization process. The Maryville, Tennessee-based chain is the latest restaurant group to fall victim to the economic pressures caused by the coronavirus pandemic. California Pizza Kitchen filed for Chapter 11 protection in July citing similar struggles. “This announcement does not mean ‘Goodbye, Ruby Tuesday’ — this is ‘Hello, to a stronger Ruby Tuesday’,” said CEO Shawn Lederman in a statement Wednesday, playing off the lyrics to the popular Ruby Tuesday song recorded by The Rolling Stones, which was released prior to the company’s founding in 1972. In response to the pandemic, Ruby Tuesday implemented a number of new practices including an expansion of third-party delivery and off-premise services, the introduction of a virtual kitchen initiative and the launch of ‘Ruby’s Pantry,’ an option which allows customers to purchase uncooked food, groceries and other essentials for delivery through the company’s website. With in-store dining historically representing over 90 percent of the company’s total sales, these initiatives are expected to play a part in Ruby’s Tuesday’s …
SANTA ANA, CALIF. — Faris Lee Investments has brokered the $4.3 million sale of a retail property leased to Starbucks Coffee in Santa Ana. Starbucks recently signed a 10-year, corporate-guaranteed lease at the freestanding building, which is located at 2701 N. Grand Ave., 30 miles southeast of downtown Los Angeles. Shaun Riley and Nick Miller of Faris Lee represented the buyer, an Orange County, Calif.-based private family investor, in the transaction. The sale closed five days before the buyer’s deadline for completing a 1031 exchange. Patrick Wade and Alex Kozakov of CBRE represented the undisclosed seller.
CHICAGO — McDonald’s reported that its U.S. same-store sales rose 4.6 percent in its third quarter, which ended Sept. 30. President and CEO Chris Kempczinski cites the fast food chain’s drive-thru presence, delivery and digital capabilities as furthering its competitive advantage. The Chicago-based company says that more Americans turned to McDonald’s for dinner and promotional activity such as the Travis Scott meal drove sales. McDonald’s plans to release full third-quarter earnings before the market opens Nov. 9 and will also broadcast its investor earnings conference call that day.
NORTHBROOK, ILL. — Cannabis Facility Construction (CFC) has completed building a new recreational and medical cannabis dispensary for Greenhouse in Northbrook. Located at 755 Skokie Blvd., the 9,982-square-foot project serves as a flagship dispensary for the brand. The building features an open floor plan with high vaulted ceilings and abundant natural light. To accommodate social distancing, all points of sale are six feet apart. In addition to the retail space, the project features back-office space with a secure vault for inventory storage and an advanced security system.
DELAFIELD, WIS. — SRS Real Estate Partners has arranged the $2.8 million sale of a Chick-fil-A ground lease in Delafield, about 30 miles west of Milwaukee. The 5,012-square-foot, single-tenant building sits at 2980 Golf Court and opened in February of this year. Sheree Strome and Michael Berk of SRS represented the buyer, a Virginia-based private investor who completed a 1031 exchange. Jon Thoresen of Founders 3 Real Estate Services represented the seller, a Georgia-based developer. The cap rate was 3.96 percent.
DRACUT, MASS. — GreenStar Herbals has opened a 13,000-square-foot cannabis dispensary for recreational use in Dracut, located north of Boston near the Massachusetts-New Hampshire border. The store is GreenStar’s third and offers a variety of flower, edible, tincture and salve products. Vantage Builders Inc., a metro Boston-based design-build and construction management firm, handled the build-out of the space, which also includes a consultation area and a break room and locker area for employees.
Landlords, users and brokers throughout the Houston retail market are re-tooling their properties and operating practices to stay afloat amid the COVID-19 pandemic, introducing ways of doing business that may persist long after the public health crisis has subsided. A panel comprising retail leasing, development and investment sales professionals in Houston convened on Tuesday, Oct. 6 to discuss specific ideas and methodologies that have been put into practice as COVID-19 rocks the world of brick-and-mortar retail. Shopping Center Business and Texas Real Estate Business, two magazines published by Atlanta-based France Media Inc., hosted the event. Prior to the pandemic, social events that activated open public spaces helped landlords to promote their tenants’ businesses and to bring traffic to their centers. With public health protocols precluding many of these events from happening, owners and tenants alike have had to think outside the box. New Practices Sustain Business No retail category has seen this trend displayed more visibly than the restaurant sector. Emily Durham, partner and director of hospitality services at Waterman Steele Real Estate Advisors and a longtime tenant rep specialist for restaurant owners, identified several new practices that have helped restaurants stay above water. “The sit-down and fine dining restaurants have had the …