Retail Roundup
QUOTE OF THE WEEK:
The first weeks of January, April, July and October are hectic times for commercial real estate analysts. It’s end of quarter time, which usually means you are at the end of a twoto-three-week campaign of scrubbing data, verifying and reverifying the shifts that have occurred in the past three months—updating building or shopping center vacancy and availability levels, confirming new leases and sales and then synthesizing all that data, making sense of it, writing in-depth analyses and publishing it all. And, not surprisingly, the preliminary local and national data I am tracking still has the retail sector outperforming both office and multifamily in terms of leasing fundamentals (industrial leasing remains strong, but still hampered by a lack of available product in large swaths of the US market). But hands down, retail is the most active sector in terms of CRE investment activity. That said, it is not that there has been a surge in activity so much as there has been less of a slowdown in retail than there has been for every property type.
From 2017 through 2020, retail was at the bottom of most institutional investor wish lists, especially if it wasn’t Class A grocery-anchored product. Office now has that dubious distinction, though there are plenty of opportunistic funds waiting to pounce once it becomes clear that the market has hit bottom—which most of the market participants I speak to believe it will be over the next six months with timelines varying depending upon the locality. Meanwhile, the former darlings of institutional investment—industrial and multifamily—have developed their own issues. Both experienced aggressive rent growth from 2017 through 2020, but at rates that would not be sustainable in the long run. Immense demand for these assets simultaneously drove cap rates to record lows. While both asset types remain relatively safe long-term bets in terms of their underlying fundamentals, this combination already meant that investors seeking yields would have to look elsewhere. Retail, with its rapidly improving fundamentals and cap rates that had not experienced the level of compression experienced by
industrial or multifamily, was already emerging as that space before the Fed began their rate hike campaign.
The rising cost of money has slowed CRE investment activity across the board to levels not seen since the aftermath of the GFC. It has also driven up retail cap rates by roughly 50 – 75 basis points, which though substantial, is still roughly half the rate increases observed in other asset types. But increased cap rates have come with decreased pricing to the tune of roughly 10% on the transactions that we have observed in 2023. Not surprisingly, sales velocity has suffered.
According to Costar Group, 140 shopping centers had transacted in the US through Q3 2023. Assuming the same pace continues, the market should close the year with somewhere between 180 and 190 transactions. This would be roughly 50% of the sales volume of 2022, when 360 centers traded and down nearly 60% from 2021 when 440 transactions were recorded. But sales velocity in those years was already depressed because of the limited supply of performing assets. Between 2014 and 2019, the US averaged roughly 1,000 shopping center transactions annually. Lack of quality availability remains a challenge, but while retail transactional volume is on course to be half that of last year, transactions are on pace to be down roughly 60% for industrial, 65% for multifamily and 70% for office.
I recently interviewed a wide range of retail market participants for a publication I am working on and here is what the manager of one institutional investment fund told me, “We still love the grocery anchored space, but everyone is chasing the same thing and there are fewer owners willing to part with these assets right now at prices that make sense for us. The higher cost of money means you’re likely going to have to lower your price to attract buyers. Who wants to do that when your overall fundamentals are improving? If you don’t need to, you’re not going to sell in this environment unless you’re selling distress,”
Even the net lease market has slowed, even though it is primarily driven by cash buyers with long-term investment horizons for whom rising interest rates have far less impact. “The problem is supply,” one net lease broker told me. “We are seeing about a third of the sales volume we did last year. There remains a lot of demand for single-tenant grocery and good fast-food sites, but not a lot of buyers wanting to part with those now. Drug store deals have slowed as well with a lot of buyers nervous about consolidation from the big three national chains.”
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TOP TEN RETAIL STORIES OF THE WEEK
1 Fed Overkill? Outlook Index Plunges to Record Low in IBD/TIPP Poll Investors Business Daily 10/3
2 11 Retailers at Risk of Bankruptcy Retail Dive 10/2
3
Target Claims Closures Are Due to Theft—Here are the Facts on National Retail Crime Retail Brew 9/28
4 Mastercard: Holiday Spending to Increase 3.7% Retail Dive 9/27
5 NRF: Retail Crime Balloons to Over $112B in Industry Losses Footwear News 9/26
6 Target Says Will Close 9 Stores Citing Violence and Theft CNBC 9/26
7 Report: Rite Aid Could Close 400 to 500 Stores Chain Store Age 9/25
8
‘While We Squabble About Shrink,’ Theft and Violence Get Worse National Retail Federation 9/22
9 Kim Kardashian’s Skims Chooses Sunset Strip in LA for First Store Costar 9/21
10
Transforming Shopping Malls into 21st Century Neighborhoods BDC Network 9/19
“It’s not what you look at that matters, it’s what you see.”
–Henry David Thoreau
RETAIL INVESTMENT ACTIVITY HAS SLOWED, BUT NOT AS MUCH AS OTHER ASSET TYPES
THE GALLELLI GAZETTE Retail Roundup
TOP ECONOMIC STORIES
US Job Openings Top All Forecasts as White Collar Positions Jump
Bloomberg 10/3
Severe Crash Coming for US Office Market, Investors Say Yahoo! Finance 10/2
Construction Spending Rises, Latinos’ Economic Output Grows, Manufacturing Activity Slows
Costar 10/2
Is US Luxury Spending Headed for a Brief or Lengthy Downturn
Retail Wire 9/29
Some Fashion Retailers May be Hard Pressed to Lower Prices to Bring Back Consumers
Retail Brew 9/28
New PPI Concerns Put Retail on Notice
Globe Street 9/25
NRF: Halloween Spending to Reach $12.2B
Retail Dive 9/21
Amazon to Hire 250K Seasonal Employees
Retail Dive 9/20
Target to Hire 100K Seasonal Employees
Chain Store Age 9/19
How Much Should Department Stores Worry About Rising Credit Card Delinquencies
Retail Brew 9/19
TOP RETAIL REAL ESTATE TREND NEWS
Yellen Says Higher for Longer Scenario is “By No Means a Given”
Bloomberg 10/3
This Developer Shares How to Create the Perfect Space for the Return of Brick-and-Mortar
Forbes 10/3
Retail Resilience Taking Over Despite Headwinds
Globe Street 9/29
US Shopping Malls Teeter Between Success & Failure While Asian American Malls Thrive
Retail Wire 9/29
Girls (and Guys) Just Wanna Have Fun: Survey Highlights Retail Experiences this Holiday Season
Connect CRE 9/28
C-Stores Gain Traction with Convenience and Expansion
Globe Street 9/26
Dimon Warns the Fed Could Stil Raise Interest Rates Sharply From Here
CNBC 9/29
The Stunning Disconnect Between Retail Space Demand and New Supply
Globe Street 9/20
Crunchtime: 96% of Restaurants Planning Expansion, Need Help w/Operational Challenges
Fast Casual 9/19
Retailers Have Little Appetite to Shrink
Globe Street 9/19
BUYERS AND SELLERS
Empire State Realty Buys Williamsburg Brooklyn Retail & Residential
Costar 10/3
Beverly Hills Shopping Center Sells for Second Time This Year
Costar 10/2
Wells Fargo Buys 400K Former Neiman Marcus Space at NYC’s Hudson Yards for $550M Globe Street 9/29
TopGolf Property Sells for $38M in Fort Myers, FL RE Business Online 9/28
Goldman Sachs Buys Staten Island Outlet Mall at Auction for $10M
Globe Street 9/28
Tourmaline Buys Pleasanton, CA Retail Center for $48M
Real Deal 9/26
Regency Snags Chicago Area Shopping Center Old Town Square for $27.5M
Real Deal 9/25
Miami Retail Center, Greenery Mall, Sells for $58M Connect CRE 9/20
Centennial and Pacific Retail Capital Spending Big on Plans to Bring Dead Malls Back to The Messenger 9/20
RETAIL DEVELOPMENT HIGHLIGHTS
Former Galleria Mall in Westchester to be Converted to Mixed-Use Retail/Residential Site Daily Voice 9/30
A Model for Mall Reuse in Portland CNU Public Square 9/29
Partnership Planning $1B Miami Mixed-Use Project Connect CRE 9/27
Echo Street West Project Unveils First Slate of Retailers
Urbanize Atlanta 9/27
Brookfield’s Seven Storefront Story on Bleecker Street
Footwear News 9/25
Harridge to Add Apartment Campus, Grocery to South LA Mall Globe Street 9/22
Lloyd Center Owners Reveal Plan to Redevelop Downtown Portland Mall
The Oregonian 9/21
Austin’s Brodie Oaks Shopping Center Will Get a $1 Billion Makeover
KVUE ABC Austin 9/21
Demolition Begins on Cleveland Area’s Richmond Town Square Mall to Make Way for Mixed-Use News Herald 9/18
RETAIL AND CONSUMER TRENDS
The Fate of This Consumer Watchdog is in the Hands of the Supreme Court CNN 10/3
How North America’s Few Female Sneaker Storeowners are Changing the Game for Women Footwear News 10/2
US Luxury Retailer Neiman Marcus Advocates Making Fast Fashion as Taboo as Smoking Apparel Resources 9/30
Once Rivals, Peloton and Lululemon to Collaborate on Connected Fitness and Apparel
Retail Economic Times India 9/29
Restaurants, Movie Theaters Expected to See Uptick This Holiday Season
Costar 9/28
Retail Theft Isn’t Actually Increasing Much, Major Industry Study Finds
CNBC 9/26
What Happy Hour Teaches Us About the Power of Dynamic Pricing
QSR Magazine 9/25
THE GALLELLI GAZETTE Retail Roundup
Consumers Still Spending on Nice Things, if They’re On Trend
CNN 9/25
94% of Americans Consumers Still Worried About Cost of Food Supermarket News 9/21
Americans Spend $14,640 on Shoes Throughout Their Lives Footwear News 9/20
SUPPLY CHAIN/ECOMMERCE/OMNICHANNEL/TECH
How Retailers Can Create a Successful TikTok Shopping Experience Retail Customer Experience 10/2
As Target Closes Stores, H&M Looks to Tech to Stop Retail Theft PYMNTS 10/2
Amazon Plans AI Chatbot for Search
The Information 10/2
Survey: Retailers Not Prepared for Ransomware Attacks Chain Store Age 10/2
The FTC is Suing Amazon. What You Need to Know & How Sellers are Responding Inc. 9/30
Little Caesars Knows What You’re Going to Order Before You Do. With AI, Soon More Restaurants Will Retail Wire 9/29
“Some of These Stores Have Facial Recognition,” Lawyer’s PSA Goes Viral on TikTok Buzzfeed 9/29
Consumer Responses to Supply Chain Disruption Are… Chain Store Age 9/29
Will Holiday Shoppers Go Online?
Chain Store Age 9/29
Almost All Shoppers Abandon an Online Purchase for This Reason
Chain Store Age 9/27
NORTH OF THE BORDER
Toronto Police Seeing Rise in Organized Crime
CP24 10/3
RioCan, Allied Unveil Retail Tenant List for Toronto’s The Well Real Estate News Exchange 10/1
Uniqlo to Open 19th Canadian Store in Edmonton This Month Vancouver Sun 9/29
Ralph Lauren Expands to Canada w/First Luxury Store Opening and Digital Commerce Site Footwear News 9/27
Calgary Saddledome is Opening a Futuristic Convenience Store Curiocity 9/26
Canadian Retail Sales Fell 0.3% in August Baystreet 9/25
Major Redevelopment of Toronto Mall (CF Fairview Mall) One Step Closer to Reality Blog TO 9/21
Kith Announces Entry to Canada with a Toronto Flagship Footwear News 9/19
Challenges Abound, but Retail REITS, Owners Drive Business Forward Real Estate News Exchange 9/18
Perfumehead Launches in Canada
Vancouver Sun 9/18
EXPERIENTIAL RETAIL REVIEW
Experiential Toy Store Concept Camp to Open 10th Unit at Tysons Corner Retail & Leisure International 10/2
Timberjaxe Axe Throwing Lounge Opening in Chicago Suburb Patch.com 10/2
SoDo Project Serves Up Pickleball, Social Club Concept in Orlando Orlando Business Journal 9/29
Chicken N Pickle Keeps Lead; Will Triple in Size to at Least 15 Units by 2025 FSR Magazine 9/28
MakeInspires Opens First STEM Makerspace for Kids in Upper East Side Connect CRE 9/26
Eataly Names North American CEO: Wants to Open 20 Units Over Next Five Years Grocery Dive 9/25
Retail Roundup
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RETAIL INVESTMENT ACTIVITY HAS SLOWED, BUT NOT AS MUCH AS OTHER ASSET TYPES
There has been one exception to the trading slowdown, however. In Q2 2023, according to Trepp, office properties overtook malls as the most distressed CRE property type. While this is primarily due to deteriorating office fundamentals, we have also seen mall transactions ramping up, particularly distress or value-add deals. Since 2022, there have been over 90 transactions including malls (or portions), nearly all of which were value-add deals to players looking to redevelop or reimagine them. Centennial and Pacific Retail Capital have been major players on this front and there is a great article in this week’s Gazette detailing some of their most recent activity.
Looking ahead, it’s likely that investment activity across the board will remain subdued for at least the next six months. The thoughts of an in-house analyst at a major retail REIT I spoke to about a month ago I thought really nailed the challenge commercial real estate investment is facing at the moment, “Ironically, the fastest path to investment activity roaring back would probably be if the US did end up having an “official” recession in the next few months so long as it was shallow and brief, which is what most economists are predicting in that scenario. It would provide a sense of bottom, which would help reduce the divide between buyers and sellers in terms of bid-ask. If it necessitated the Fed reversing interest rates, it would spark a lot of movement. We suspect a soft-landing scenario will be a lot murkier in terms of the investment market and would mean a longer path back to transactional normalcy.”
Wishing for a recession may sound a bit draconian, but the reality is that commercial real estate has been in a recession for at least the last year with retail as one of the few bright spots.
Issue
THE GALLELLI GAZETTE Retail Roundup
14-Unit Pinstripes Debuts in Two-Level Space at Westfield Topanga
Connect CRE 9/25
Camden Social Now Open in Minneapolis
Minneapolis Star Tribune 9/22
Punch Bowl Social Founder Raises $200M to Fuel Concepts; Camp Pickle, Jaguar Boleta
FSR Magazine 9/22
Toymaker Melissa & Doug Opens First Store at The Westchester Mall in White Plains NY Retail Leader 9/19
Bad Axes Expanding to Houston Houston Chronicle 9/18
HIGH STREET HAPPENINGS
Ten Global Brands with US Expansion Plans
Chain Store Age 10/2
Chanel Planning Fragrance & Beauty Boutique at St. Johns Town Center
Jacksonville Daily Record 10/2
First Jenny Kayne Store in Carolinas Set to Open in Charlotte
Yahoo! News 9/30
Argentinian Designer Gustavo Cadile Launches First Store at Miami’s Aventura Mall
Retail & Leisure International 9/29
Jay-Z’s Paper Planes to Open First Brick-and-Mortar Store In SoHo
Fashion Network 9/29
Luxury Watch Brands Panerai, Hubot, Breitling, Patek Philippe and IWC Schaffhausen to Open in Boston
Connect CRE 9/29
20+ Luxury Chains Opening at King of Prussia Mall Include Oliver Peoples, Robert Graham & More
Retail & Leisure International 9/28
Brilliant Earth Debuts in 3 Malls; Roosevelt Field, King of Prussia & Roseville Galleria
Retail & Leisure International 9/27
Kurt Geiger Opens Largest Street on UK’s Oxford Street; US Rollout Set for 2024
Footwear News 9/26
Streetwear Retailer SNIPES Inks Deal at Boston’s Downtown Crossings
Connect CRE 9/26
Fjallraven Opens in Bozeman MT
Retail & Leisure International 9/26
Ecoalf Expands Into the US with LA Store; Want 8 Stores w/in 5 Years
Fashion Network 9/21
Fred Segal Opens 5th Store in Marin, and 6th in Santa Monica
Fashion Network 9/19
Trendy Luggage Retailer Away Opens 15th Unit in Georgetown—More on the Way WTOP News 9/19
American Streetwear Brand Undefeated to Open its First Store in NYC
Retail & Leisure International 9/18
RETAIL CHAIN STORE OPENINGS AND GROWTH
Tecovas Boots Up Growth with Physical Store Expansion
Austin Business Journal 10/2
Nordstrom Rack Still Growing in 2024
Retail & Leisure International 10/2
Bloomie’s Sets Opening Date for Seattle
Chain Store Age 10/2
Macy’s Opening New Store Format in Las Vegas Las Vegas Review-Journal 9/30
Toys R Us to Open 24 Stores Next Year; Mostly at Airports or on Cruise Ships
WSB-TV 9/29
Williams Sonoma Banner 11-Unit Rejuvenation Opens New 7,500 SF Store in San Diego Business Wire 9/29
Rally House Opening in Evansville, IN
Yahoo! Finance 9/29
Wawa to Open 120 Stores—60 in IN, 60 in OH—Starting in 2025 (in Addition to KY Growth)
Chain Store Age 9/28
Ollie’s Bargain Outlet Opens 500th Store in Iowa; Longterm Plan is 1,050 Stores
Winsight Grocery Business 9/28
Buc-ee’s to Develop 75K SF Store in Mt. Crawford, VA
RE Business Online 9/28
3-Unit Mojave Flea Trading Post Concept Expands to LA
Fashion Network 9/28
LEGO Store Opens New Location in Utah
Fox 13 Now 9/28
Big Blue Swim Schools to Open First Austin Unit; Has 9 More in Development Pipeline for Next Few Months
Costar 9/28
Wawa to Open up to 40 Locations in Kentucky the next few Years
Retail & Leisure International 9/28
Seattle Suburbs Get New Amazon Go Store
Retail & Leisure International 9/26
Austin’s Planned Nebraska Furniture Mart Could Be Among Nation’s Largest Furniture Stores
Austin Business Journal 9/26
Crunch Fitness Opens in Charlotte, NC
Retail & Leisure International 9/22
Furniture Concept Joybird Opens its 9th, 10th and 11th Stores in Seattle, Philadelphia and Denver
Furniture Today 9/22
Life Time Opens First Health Club in CT
Retail & Leisure International 9/22
THE GALLELLI GAZETTE Retail Roundup
1,100+ Unit Massage Envy Rolls Out New Store Concept
Retail & Leisure International 9/22
Bass Pro Opens New Tucson Megastore
Retail & Leisure International 9/21
Psycho Bubby Opens at Roseville Galleria
Sacramento Bee 9/21
Women’s Apparel Retailer Johnny Was to Open 78th Store at Roseville’s The Fountains
Sacramento Business Journal 9/20
70+ Unit Lightbridge Academy to Open First Location in Maryland
Connect CRE 9/20
MODLOCK Leases Pasadena Space for 1,700 SF Showroom
Connect CRE 9/19
New C-Store Banner Kudos Launches First Site in Texas; Chain Wants 250 Stores in 3 to 5 Years
CSP Daily News 9/19
THE GROCERY AISLE
Brookshire Grocery Co. to Buy 3 Diamond Food Markets in TX; Will Rebrand as Spring Market
Winsight Grocery Business 10/2
Rouses Celebrates History, Heritage w/New Houma, LA Store
Shelby Report 9/29
More to Come From Amazon in Grocery Retailing
Winsight Grocery Business 9/29
Coborn’s to Reopen Tadych’s Marketplace in Marquette, MI
Shelby Report 9/28
Shipping Container Grocery Store Chain, Nourish + Bloom, Headed for Atlanta
Urbanize Atlanta 9/27
H-E-B to Open 3 More Dallas Area Stores
Retail & Leisure International 9/26
New Seasons Market Opening in Vancouver, WA—Another Unit to Follow in Milwaukee, WA (2025)
Shelby Report 9/25
Total Wine Opens 256th Store in Minneapolis Suburb, St. Louis Park
Hometown Source 9/25
Sprouts Readies New Stores in Nevada and California
Winsight Grocery Business 9/22
Former Mariano’s Exec to Open 3rd Upscale Grocery Store Dom’s Kitchen & Market in Chicagoland
Connect CRE 9/22
New Seasons Opens 20th Store in Downtown Vancouver WA—Opening 2 More in Next 2 Years
The Columbian 9/21
450+ Unit Grocery Outlet to Open New Store in Tigard, OR Winsight Grocery Business 9/21
Academy Sports Opens 2 Texas Stores; Wants 30 – 40 New Stores Annually Thru 2027. Connect CRE 9/20
New Concept FreshTake Grocery About to Open in Augusta, GA Shelby Report 9/18
FOOD HALL NEWS
Downtown Orlando Tower Moving Forward w/New Developer and Shoma Bazaar Food Hall Bungalower 10/3
Soul Taco Co-Owner Planning Food Hall in Petersburg, VA Richmond Times-Dispatch 9/29
New Orleans-inspired Food Hall Coming to Dunedin, Florida Catalyst 9/29
Planned Richmond, VA Food Hall Leads to Legal Spat Between Owner & Contractor News 6 Richmond 9/29
Colorado Springs Food Hall Opening Gazette 9/29
An Eataly is Opening in SoHo: Here’s What We Know Time Out 9/26
9-Vendor Water Park Outdoor Dining Opens in National Landing, VA Connect CRE 9/26
New Food Hall Coming to Winthrop Center in Downtown Boston NBC Boston 9/22
New Food Hall Called The Bread Factory Coming to Jersey City Jersey Digs 9/20
Open Air Food Hall, Railyard FVL, Planned for Downtown Fayetteville Greater Fayetteville Business Journal 9/19
FOOD & BEVERAGE
How Acai Franchise OAKBERRY Added 600 Stores in 6 Years
QSR Magazine 10/2
Dirty Soda Chain, Swig, Plans New Location in Kansas City metro Kansas City Business Journal 10/2
50+ Unit Guthrie’s Expands in MS; Will Open “’Dozens” of New Units in 2024
QSR Magazine 10/2
PJ Whelihan’s Opens 23rd Location
FSR Magazine 9/29
Why Pepper Lunch is Bullish on US Growth; Wants to Open 50 a Year Next 7 Years
FSR Magazine 9/29
Huey Magoo’s Opens 50th Unit
Fast Casual 9/29
Toastique Opens in Newport Beach; to Open 5 More Units by YE and Enter At Least 10 New Markets Next
QSR Magazine 9/28
Lucky Cat Poke Launches as Virtual Brand w/20 Locations
QSR Magazine 9/28
Agave & Rye Headed to Hamilton, OH Next Year
FSR Magazine 9/27
Portillo’s to Enter Georgia Market
What Now Atlanta 9/27
Fajita Pete’s Expands in Austin TX
Fast Casual 9/27
13-Unit Birdcall Opens in Phoenix
Fast Casual 9/26
Bagels & Co. to Open 20 New Units in PA and FL
Retail & Leisure International 9/26
Walk-On’s to Open Second Kansas Location
FSR Magazine 9/26
Twin Peaks to Open First Louisville Restaurant
FSR Magazine 9/26
THE GALLELLI GAZETTE Retail Roundup
Crazy Pita Expanding in Houston
QSR Magazine 9/26
Iron Hill Brewery to Open in Lehigh Valley; Will Open at Least 2 Annually Next Few Years
FSR Magazine 9/25
77-Unit Portillo’s Plans to Open 920 Locations Over Next 20 Years
Connect CRE 9/25
Benihana Opens in Temecula, CA (Will Open at Least 2 More & 1 RA Sushi in Next few Months)
FSR Magazine 9/22
40+ Unit Ellianos Coffee Expanding in Florida; Has Over 150 Units in Some Stage of Development
Fast Casual 9/21
Pannikin Coffee & Tea Expands in San Diego’s North County Connect CRE 9/22
Wing It On! Expands in Florida
QSR Magazine 9/20
Fogo de Chao Inks Deal to Open in Richmond
FSR Magazine 9/20
Cameron Mitchell Restaurant’s Ocean Prime to Open at Nashville Yards
FSR Magazine 9/19
Rush Bowls Making NYC Debut Fast Casual 9/19
LOCAL MARKET NEWS
Recent NYC Retail Leasing Scene Fuels Skepticism Despite Luxury Retail Leasing Boom
New York Post 10/1
Portland Retail Leasing Gains Steam: Gyms and Big Box Deals Push Volume Costar 9/29
Phoenix Wants More Restaurants and Retail in These Four Areas. See What the City Has Planned
AZ Central 9/29
Retail Availability in Omaha Remains Near Record Low Costar 9/29
Charlotte Among Top Five Markets for Retail Demand Costar 9/27
Denver’s Food Hall Craze May be Waning Axios Denver 9/22
Oakland Coliseum Site Could be Transformed with $5B Megaproject Retail & Leisure International 9/21
Legoland to Downtown San Francisco’s Rescue? Architect Has Bold Plan to Fil Vacant Mall San Francisco Standard 9/19
LA Malls Exceed National Average w/$800 PSF in Sales
The Real Deal 9/18
OC Retail Vacancy Falls to 4$ as Homes Replace Shopping Centers
The Real Deal 9/17
RETAIL CHAIN STORE CLOSINGS AND CONTRACTION
Kraften Food Hall in Knightdale, NC to Close Down with Traditional Restaurant Taking the Space Triangle Business Journal 9/29
Fatz Cafe Abruptly Closes All 18 Locations
Costar 9/29
Bankrupt Burger King Franchisee Sels 70 Restaurants
QSR Magazine 9/28
Showfields Closes Manhattan Store Months After Miami Closure; Has 2 Left Retail Dive 9/28
Target to Close Nine Stores Across Four States Amid Rising Retail Crime
Yahoo! News 9/26
Dick’s Sporting Goods Closing 11 Moosejaw Stores Months After Acquisition
Footwear News 9/25
Latest in the Boston Market Financial Saga
Nation’s Restaurant News 9/20
Beef Jerky Experience Files Chapter 7; Has 85 Stores will Liquidate
The US Sun 9/19
Austin-based Louis Shanks Furniture Goes Out of Business After 78 Year Run
Furniture Today 9/19
Fields Foods Closes Final 2 St. Louis Area Stores
Riverfront Times 9/19
M&A MANIA
Birkenstock Shoots for $9.2B Valuation in IPO
Footwear News 10/2
Blue Apron Acquired by Virtual Food Hall Chain Wonder for $103M
Winsight Grocery Business 9/29
Alimentation Couche-Tard Puts 68 Circle K Stores Up for Sale
SCP Daily News 9/29
Sycamore to Take Chico’s FAS Private for Nearly $1B
Reuters 9/28
Balance Point Buying 39 Atlanta Area Taco Bell Units
Cision PR Newswire 9/28
Is Panera Brands Finally Prepared for its IPO?
FSR Magazine 9/27
FAT Brands Acquires Smokey Bones Barbecue for $30M
FSR Magazine 9/25
Panera’s Parent Company Makes Senior Appointments Ahead of Planned IPO
St. Louis Business Journal 9/25
‘Devastating Experience:” Some Grocery Workers Brace for Worst as Kroger Sells 400 Stores Salon 9/25
Garrick H. Brown
Gallelli Real Estate gbrown@gallellire.com
(916) 789-3324
ABOUT THE WRITER
Garrick Brown is one of the leading real estate analysts in the United States; he is a 25-year industry veteran analyst and thought leader in the space, as well as an experienced manager of large, national teams of researchers. He has a strong background in all the commercial real estate product types, though for the last 15 years he has primarily been known for his work in the retail space.
Garrick is regularly quoted on real estate, retail and economic matters by the Wall Street Journal, the CBS Evening News, NBC News, CNBC, National Public Radio, Women’s Wear Daily and dozens of Business Journals and other industry publications.
Mr. Brown is a major business influencer; he has over 21,000 followers on LinkedIn, where he regularly posts economic and commercial real estate commentary to an audience consisting primarily of brokers, retailers, developers, site selection professionals, appraisers, lenders, investors, private equity, economic development professionals and business media.
Garrick also produces a regular podcast, The Retail Grind, with Bill Yanek, the CEO of ConnexFM (North America’s largest facilities management trade group), where he explores the latest economic, retail and real estate news.
Mr. Brown is frequently asked to contribute to major industry publications. He authored the retail real estate portion of the 2023 edition of the Urban Land Institute and PriceWaterhouseCoopers’ trademark industry publication, Emerging Trends in Real Estate.
Garrick is a renown public speaker on economic, real estate and retail matters. He is known for his dynamic and entertaining speaking style and for his ability to tell the stories behind the data, synthesizing trends and connecting dots beyond the obvious. He regularly speaks to private and academic groups (Baruch College, Florida State University, Harvard Graduate School of Design, UCLA Ziman Center for Real Estate, etc.), and all the major, national commercial real estate-focused trade groups (BOMA, California Bankers Association, CCIM, ConnexFM, CREW, ICSC, NAIOP, Urban Land Institute, etc.).
Mr. Brown currently works as a freelance writer and consultant for a number of private clients. In addition to his public speaking engagements, Garrick frequently advises corporate real estate teams regarding economic conditions, market forecasting, business and brokerage strategies.
His previous experience includes managing Cushman & Wakefield’s retail research for the Americas, as well as managing commercial real estate research functions (all property types) for the Western United States for Cassidy Turley and Newmark. He began his career as a research associate with Grubb & Ellis in Kansas City, Missouri and later managed research operations for Colliers International for the Indianapolis, Indiana and Sacramento, California markets.