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Disney to Close 60 Stores in North America, Shift Focus to E-Commerce

by Katie Sloan March 4, 2021

BURBANK, CALIF. — Once a shopping mall mainstay, The Walt Disney Co. (NYSE: DIS) has announced plans to close at least 60 of its brick-and-mortar locations — or 30 percent — in the U.S. and Canada in a bid to shift its focus to e-commerce. These closures are being described as the “beginning” of the company’s downsizing efforts, according to The New York Times, with a significant number of overseas stores also expected to close in 2021. The specific stores to be closed were not disclosed. Changing consumer behavior was cited as a catalyst for the announced closures, according to CNBC. The Walt Disney Co. owns and operates 200 Disney Stores in North America, 60 in Europe, 45 in Japan and two in China, according to the company’s annual report for fiscal year 2020. These closures mark the company’s latest effort in revamping the Disney Store shopping experience. The Walt Disney Co. redesigned a number of stores in 2017 in an attempt to boost business, according to The New York Times, incorporating live video feeds from the company’s theme parks and skewing merchandise away from toys and towards fashion for young adults. Disney also expanded its merchandising relationship with Target during 2019, announcing …

March 4, 2021

Acquisitions Hospitality Nevada Top Stories Western

Sands Corp. to Sell Off All Las Vegas Assets for $6.2B

by Kristin Harlow March 3, 2021

LAS VEGAS — Las Vegas Sands Corp. (NYSE: LVS) has agreed to sell its Las Vegas properties and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center, for an aggregate purchase price of approximately $6.2 billion. Under the terms of the agreement, VICI Properties Inc. (NYSE: VICI) will acquire all of the land and real estate assets associated with the Venetian for $4 billion in cash, representing a capitalization rate of 6.2 percent. Affiliates of Apollo Global Management Inc. (NYSE: APO) will acquire the operating company of the Venetian for $2.2 billion, of which $1.2 billion is in the form of a secured term loan, and the remainder is payable in cash. The closing of the transactions is subject to customary closing conditions, including regulatory approvals. It is expected to be completed by the end of the year. Regarding the sale, Sands says it plans to focus on reinvestment in Asia and pursue new growth prospects. “Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities,” says Robert Goldstein, chairman and …

March 3, 2021

Midwest Minnesota Retail

Target’s Comparable Sales Grew 20.5 Percent in Fourth Quarter, Aided by Spike in Digital Sales

by Kristin Harlow March 2, 2021

MINNEAPOLIS — Riding on the strength of digital sales, Target Corp. (NYSE: TGT) reported that its fourth-quarter sales grew 20.5 percent compared with the same period a year ago. The Minneapolis-based retailer’s quarter ended Jan. 30. Comparable store sales increased 6.9 percent while digital sales grew 118 percent, accounting for two-thirds of the company’s overall growth. Same-day services such as order pickup grew 212 percent, led by more than 500 percent growth in drive-up services. CNBC reported that Target’s earnings topped Wall Street’s estimates, as its sales got a lift from a strong holiday season and stimulus checks. For the year, Target’s 2020 sales growth of more than $15 billion was greater than the company’s total sales growth over the prior 11 years. “Following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020, as our guests turned to Target to safely provide for their families throughout the pandemic,” said Brian Cornell, chairman and CEO, in a news release. Target’s stock price opened at $190.27 per share Tuesday, March 2, up from $109.06 per share one year ago.

March 2, 2021

Acquisitions Arkansas Leasing Activity Retail Southeast

CBRE Arranges $30.1M Sale-Leaseback of Grocery Store Portfolio Across Arkansas, Missouri

by Julia Sanders March 2, 2021

SPRINGDALE, ARK. — CBRE has arranged a $30.1 million sale-leaseback of 13 freestanding grocery stores leased to Harps Foods Stores Inc. totaling 459,525 square feet in Arkansas and Missouri. Harps sold the portfolio to New Jersey-based Essential Properties Realty Trust Inc. Will Lightfoot, Jason Little, David Erstine and Hunter Groce of CBRE represented the seller in the transaction. Since 2015, CBRE assisted Harps in sale-leaseback transactions totaling $110 million. All 13 properties were sold subject to new, long-term net leases with Harps and will continue to operate under Harps-operated brands, including Harps Food Stores and 10Box. The sale will not affect store operations in any way. Harp’s Food Stores Inc., based in Springdale, is a chain of 113 supermarkets located across Arkansas, Oklahoma, Missouri and Kansas. In 2001, the company did a leveraged buy-out with the Employee Stock Ownership Plan (ESOP) purchasing outstanding stock from the family and management. Harps is the largest employee-owned company headquartered in Arkansas and the 20th largest in the United States.

March 2, 2021

District of Columbia Features Southeast Southeast Feature Archive

NRF: US Retail Sales to Grow Between 6.5 and 8.2 Percent in 2021

by Julia Sanders March 1, 2021

WASHINGTON, D.C. — The National Retail Federation (NRF) predicts that U.S. retail sales will grow anywhere from 6.5 percent to 8.2 percent this year, with a total of more than $4.3 trillion in sales. The NRF attributes the expected growth in retail sales to the effectiveness of the COVID-19 vaccines over the course of the year, which will lead to stores to be frequented en masse. Many Americans were homebound in 2020 and so in turn they shifted to a more e-commerce focus. Online sales grew by 21.9 percent last year to total $969.4 billion in sales. The NRF reported that overall retail sales grew 6.7 percent to $4.1 trillion last year. (The numbers exclude automobile dealers, gasoline stations and restaurants.) E-commerce is anticipated to grow even more in 2021, with the NRF predicting a 18 to 23 percent growth rate and for online sales to hover around $1.14 trillion to $1.19 trillion. Additionally, the Washington, D.C.-based trade group expects the economy to gain from 220,000 to 300,000 jobs each month this year. Overall, the NRF predicts GDP annualized growth of 4.5 to 5 percent, up from the 4.1 percent annualized growth in fourth-quarter 2020. NRF’s chief economist Jack Kleinhenz …

March 1, 2021

Company News Kentucky Southeast

Papa John’s Sales Up 12.5 Percent in Fourth-Quarter 2020

by Julia Sanders February 26, 2021

LOUISVILLE, KY. — Louisville-based Papa John’s International Inc. (NASDAQ: PZZA) reported that net sales for the company’s fiscal fourth-quarter 2020 totaled $469.8 million, a 12.5 percent increase from its fourth-quarter 2019 revenue and better than what Wall Street experts predicted, according to CNBC. Total revenue in fiscal 2020 exceeded $1.8 billion, a 12 percent improvement from 2019 amid what president and CEO Rob Lynch dubbed “one of the most challenging years in history.” (Papa John’s fiscal 2020 ended on Dec. 27.) CNBC reports that the pizza chain’s quarterly earnings fell short of expectations based on a survey conducted by Refinitiv, a subsidiary of the London Stock Exchange Group. Papa John’s may have missed the mark for the quarterly estimates due to higher food production costs, a new corporate office and employee bonuses, according to the news outlet. Papa John’s opened a new Atlanta office in the fourth quarter, and also gave $2.7 million to its front-line team members as an end-of-the-year bonus. Refinitiv survey takers predicted Papa John’s should have made 46 cents per share instead of the actual 40 cents it earned in the fourth quarter. Worldwide, Papa John’s comparable store sales increased 15.5 percent in the fourth quarter. …

February 26, 2021

Michigan Midwest Restaurant Retail

Global Retail Sales for Domino’s Increased 12 Percent in Fourth Quarter

by Kristin Harlow February 25, 2021

ANN ARBOR, MICH. — Domino’s Pizza Inc. (NYSE: DPZ) reported that its global retail sales increased 12 percent in the fourth quarter and 10.4 percent in fiscal 2020. U.S. same-store sales grew 11.2 percent during the quarter and 11.5 percent for the year. However, the Ann Arbor-based pizza chain missed Wall Street’s estimates for its fourth-quarter earnings and revenue, according to CNBC. Pandemic costs weighed on profits and U.S. same-store sales growth slowed compared with prior quarters. Domino’s stock price closed at $364.59 per share on Wednesday, Feb. 24, down slightly from $368.66 per share one year ago. There are more than 17,600 stores in 90 markets worldwide. It is the largest pizza company in the world based on retail stores, according to the company.

February 25, 2021

Midwest Minnesota Retail

Best Buy’s Comparable Online Sales Grew Nearly 90 Percent in Fourth Quarter

by Kristin Harlow February 25, 2021

RICHFIELD, MINN. — Domestic online sales for Best Buy Co. Inc. (NYSE: BBY) increased 89.3 percent in the fourth quarter on a year-over-year basis, according to the company. The Richfield-based retailer’s fourth quarter ended Jan. 30. “Online sales grew to a record $6.7 billion and made up 43 percent of our total domestic sales,” said CEO Corie Barry said in a news release. “Our stores played a pivotal role in the fulfillment of these sales, as almost two-thirds of our online revenue was either picked up in store or curbside, shipped from a store or delivered by a store employee.” Barry also announced that Best Buy would pay its employees a cash bonus in recognition of their efforts despite the pandemic. In the next few weeks, all hourly U.S. employees will receive $500 if they are full-time workers and $200 if part-time. The retailer is also encouraging its employees to get COVID vaccinations and will offer paid time off to do so. Best Buy’s fourth-quarter net income rose to $816 million, up from $745 million the year prior. Best Buy’s stock price closed at $113.24 per share on Wednesday, Feb. 24, up from $81.89 per share one year ago. There …

February 25, 2021

Retail Top Stories

Target to Open Mini Apple Stores in 17 Locations, Expand Online Offerings

by Katie Sloan February 25, 2021

MINNEAPOLIS — Target (NYSE: TGT) has announced plans to open small-scale Apple (NASDAQ: AAPL) shops inside 17 of its stores this month, with additional locations scheduled to open this fall. The company will also expand its online Apple product offerings over the coming weeks. The new Apple in-store experience will offer a mix of products and accessories in a dedicated space designed for guests to see new products and view demonstrations by Target Tech Consultants, who will receive specialized training from Apple. Each shop will feature new lighting fixtures and displays for iPhone, iPad, Apple Watch, AirPods, HomePod, Apple TV and other Apple accessories. “Apple products are popular with Target’s guests and this new dedicated shopping experience offers enhanced service and expanded offerings, building on our strength as a go-to destination for electronics,” says Christina Hennington, executive vice president and chief growth officer of Minneapolis-based Target. “This new model was created with Target’s guests in mind and we’ll continue to learn and enhance the experience through future rollouts later this year.” Apple shops are set to open this month at Target locations in Monticello, Minn.; San Jose, Calif.; Oklahoma City; Allen, Hurst, Austin, Irving and San Antonio, Texas; Gainesville, Orlando, …

February 25, 2021

Acquisitions California Industrial Western

RPG, CenterSquare Acquire 203,000 SF Value-Add Industrial Property Near San Diego

by Amy Works February 24, 2021

VISTA, CALIF. — A joint venture between RPG and CenterSquare has purchased an industrial property located at 1 Viper Way in Vista. San Francisco-based Stockbridge sold the asset for an undisclosed price. The buyers plan to implement a comprehensive repositioning plan to modernize the 203,000-square-foot property to appeal to industrial tenants throughout the region. Planned improvements include the addition of nine dock-high doors and five grade-level doors, as well as a reduction of office and mezzanine space, to appeal to last-mile industrial users. The property features 28-foot clear heights, heavy power and dock loading options. At the time of purchase, the property was vacant, having previously served as headquarters for an automotive technology company for 20 years. Aric Starck and Bill Cavanagh of Cushman & Wakefield represented the seller in the transaction.

February 24, 2021

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