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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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DevelopmentIllinoisIndustrialMidwest

Meridian Design Build Completes Construction of 673,920 SF Speculative Industrial Building in Metro St. Louis

by Kristin Harlow

EDWARDSVILLE, ILL. — Meridian Design Build has completed the construction of a 673,920-square-foot speculative industrial building in Edwardsville within metro St. Louis. Exeter Property Group was the developer. The new facility is located on a 135-acre parcel within Gateway Commerce Center. The building features a clear height of 36 feet, 132 loading docks, four drive-in doors, 398 auto parking stalls and 171 exterior trailer stalls. JRA Architecture and Stock & Associates Consulting Engineers Inc. made up the project team.

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MassachusettsNortheastOffice

Franklin Street Properties Reports 95 Percent Office Rent Collection in April, No Property Damage from Protests

by Alex Patton

WAKEFIELD, MASS. — Franklin Street Properties Corp. (NYSE: FSP), a Wakefield, Mass.-based REIT, has reported that it collected 95 percent of rent payments due for May at its office properties despite revenue concerns amid the COVID-19 outbreak. When the outbreak began in the United States, office users across the country were forced to lay off employees while others were restricted to working from home. Even as states begin to reopen and some employees are returning to their offices, many companies are reconsidering lease signings and expansions. In addition, Franklin reported that none of its properties has sustained significant damage as a result of the ongoing nationwide protests. Franklin owns and operates 35 office properties totaling approximately 9.5 million square feet, primarily located in infill and central business districts in 10 Southeastern and Midwestern states. Some tenants have requested rent relief in the form of deferrals for varying lengths of time, which Franklin has granted in particular instances while seeking extended lease terms. The REIT’s stock price closed at $5.15 per share on June 2, down from $7.52 per share at the same time last year.

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KansasMidwestRetail

AMC Theatres: ‘Substantial Doubt’ Exists Regarding Ability to Stay in Business

by Kristin Harlow

LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) says it has “substantial doubt” for its ability to remain in business after shutdowns due to the coronavirus. If the movie theater chain is not able to recommence operations within its estimated timeline, it will require additional capital. The Leawood, Kan.-based company temporarily suspended operations at all of its theaters through June and is generating no revenue. Even if governmental operating restrictions are lifted in certain jurisdictions, AMC says distributors may delay the release of new films until operating restrictions are eased more broadly both domestically and internationally. AMC today released preliminary results from its first quarter that ended March 31. Total revenues for the three months amounted to $941.5 million, compared with $1.2 billion the same time period last year. Net loss for the first quarter is projected between $2.1 billion and $2.4 billion. Net loss for the same time period in 2019 was $130.2 million. As of April 30, AMC had a cash balance of $718.3 million. Second-quarter results are projected to be worse. AMC operates 1,000 theaters and 11,000 screens across the globe. It closed all 630 U.S. locations in mid-March. AMC’s stock price closed at $5.65 per …

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whole-foods
Market ReportsNortheastNortheast Market ReportsRetail

Retailers, Landlords Adjust to Pandemic

by Alex Patton

The impact of COVID-19 has forced retailers, restaurants and service providers in the Northeast to improve their digital channels and adapt social distancing policies to continue serving customers. With retailers struggling to pay rent, landlords could find mutual benefit in reaching a compromise with existing tenants before temporary closures become permanent. Unfortunately, for many small businesses the virus has activated a Darwinian battle of the fittest among retailers with primarily physical channels. Meanwhile, e-commerce giants like Amazon are thriving in market conditions tailored to their already digital-focused business plans. Grocery stores and pharmacies have also found themselves to be arguably the most essential of services during the outbreak, as many have struggled to keep fresh food, toilet paper and other supplies on their shelves. But even after medical professionals and politicians give the “all clear” to reopen the economy completely, it is still unclear when consumers will feel comfortable returning to their favorite stores and restaurants. Northeast Real Estate Business recently caught up with three real estate professionals to gain their insights into how the virus has impacted their local markets. Below are edited responses from Ronald Dickerman, president and founder of Madison International Realty, which provides equity capital to …

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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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IllinoisMidwestMultifamilySeniors Housing

Ventas Cuts C-Suite Salaries, 25 Percent of Corporate Jobs to Soften Blow of COVID-19

by Kristin Harlow

CHICAGO — Ventas Inc. (NYSE: VTR), a Chicago-based REIT and one of the largest owners of seniors housing in the United States, has adjusted its corporate cost structure in response to the COVID-19 pandemic’s impact on the company. In mid-June, Ventas plans to eliminate roles representing over 25 percent of its corporate positions, excluding onsite field personnel, according to a May 27 SEC filing. In addition, for the second half of 2020, the company will reduce the base salary of CEO Deb Cafaro by 20 percent, while reducing the salaries of other executive officers by 10 percent. As a result of these actions, Ventas predicts third-quarter selling, general and administrative (SG&A) expenses will be $25 million to $30 million lower than during the same period in 2019. The move is a continuation of Ventas’ initiatives to conserve capital as the pandemic drives expenses up and revenues down. Though the company reported $3.2 billion in cash on hand during its first-quarter report issued in May, Ventas plans reduce capital expenditures this year by between $300 million and $500 million. The company has paused construction, offered rent deferrals to struggling communities and issuing free COVID-19 tests to its operators. Like most companies …

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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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RetailTexasTop Stories

Tuesday Morning Files for Chapter 11 Bankruptcy, Plans to Close 230 Stores

by Kristin Harlow

DALLAS — Tuesday Morning Corp. (NASDAQ: TUES) has filed for Chapter 11 bankruptcy protection. The Dallas-based retailer says the actions are in response to “the immense strain the COVID-19 pandemic and related store closures have put on the business.” Tuesday Morning is a discount home furnishings chain. The company opened its first store in 1974 and currently operates 687 stores in 39 states. The retailer expects to permanently close approximately 230 stores to focus on high-performing locations. The phased store closures will take place this summer. After closing all stores and furloughing most of its 9,000 employees on March 25 as a result of COVID-19, Tuesday Morning has reopened more than 80 percent of its existing store footprint and expects to continue store reopenings and bringing associates back to work over the coming weeks. With no e-commerce platform, the closure of all physical stores was particularly devastating for Tuesday Morning compared with some other retailers, according to Business Insider. Tuesday Morning says that comparable store sales for the reopened stores have been approximately 10 percent higher than sales during the same period in 2019. The retailer began reopening stores April 24. “Prior to the pandemic, we were gaining momentum in …

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macys
New YorkNortheastRetail

Macy’s Forecasts $1.1B Operating Income Loss in First Quarter

by Alex Patton

NEW YORK CITY — Macy’s Inc. (NYSE: M) has forecasted an approximately $1.1 billion loss in operating income in the first quarter, which ended in early May, a result of both temporary and permanent store closings as well as significantly decreased patronage amid the COVID-19 outbreak, the company said on Thursday. As of this week, the company has reopened approximately 190 of its Macy’s and Bloomingdale’s shops and plans to reopen 80 more for the Memorial Day holiday weekend. At the close of 2019, Macy’s Inc. owned and operated a total of nearly 840 stores across its flagship and Bloomingdale’s brands. Prior to the health and economic crisis, Macy’s had announced plans to close 125 of its least productive stores over the next three years, beginning in February. As part of the plan, the retailer closed its offices in San Francisco, downtown Cincinnati and Lorain, Ohio, leaving the New York City office as its sole corporate headquarters. Macy’s stock price closed at $5.05 per share on May 20, compared with $21 per share at the same time last year. Macy’s Inc. will release its first quarter earning results on July 1.

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