Gallelli Gazette_August 23rd, 2023

THE GALLELLI GAZETTE Retail Roundup

QUOTE OF THE WEEK:

always avoid prophesying beforehand because it is much better to prophesy after the event has already taken place.”

RETAIL EMERGES AS THE CRE DARLING

I’ve been a commercial real estate analyst for about 25 years. While I am knowledgeable about office, industrial and multifamily, retail has been my specialty for a big chunk of my career. I have to say, I was somewhat weirded out reading all the business headlines yesterday. In fact, I think I can accurately say that I have never seen a day in which retail real estate got as much love from both the mainstream and trade media as yesterday, August 21, 2023.

That alone is a feat. Think back to the period of about 2015 through February 2020. There often was a massive disconnect about what was happening in our industry between the two groups. More mainstream media outlets tended to focus on the bleakest “Retail Apocalypse” storylines every time another apparel chain filed bankruptcy. The trades tended to be a little more nuanced in their approach, even if they may have overhyped the explosion of dollar stores and discounters.

But really think about it. What was happening then was very real challenges occurring within specific sectors of retail and that, in turn, was impacting the kinds of real estate they utilized. Simultaneously, we were also seeing skyrocketing growth from some very specific sectors of retail that was bolstering the kinds of real estate they utilized. The difference here was that the mall shopping center sector—which was on the receiving end of most of the bad news—have been ingrained within our culture as the definition of retail since the 1950s. This even though they account for less than 8% of all retail real estate today (throw in high street retail, lifestyle and outlet centers and it’s about 11%). And they accounted for less than 9% of all retail just a few years ago.

Of course, then the pandemic hit, and it finally did feel like a “Retail Apocalypse” had come to pass. Enough so that if anyone tells me that three years ago in the depths of that crisis they could envision yesterday’s headlines, I will have to call them a boldfaced liar.

Take, for example, this piece from the Wall Street Journal, “A Bright Spot in Commercial Real Estate: Retail Shops,” or this more effusive headline from The Real Deal, “Retail Sector is Commercial Real Estate’s Saving Grace.” The Real Deal laid on even more love with, “Retail Defies Commercial Real Estate’s Troubles.” And I knew something was up when even CNN was leading on its business page with, “The US Mall is Not Dying.”

Please don’t get me wrong. From everything I am seeing in the market, retail is in the strongest place I have seen in two decades. There are some glaring exceptions, however. Class B and C malls, ground floor amenity retail in office high-rises (though this varies by market and is slowly improving), select high streets (though some are booming, and Miami has suddenly reached elite status) and poor San Francisco—though I think it is nearing the bottom of its downcycle. But I agree with all these headlines, and they generally align with all the data I gather and see and most that I read from across the United States. So, why do these headlines make me somewhat uneasy, if I agree with them?

Part of it is I get worried when I don’t see nuance. And I get it, nobody is going to read a 2,000-word report on CNN that details all the strengths and weaknesses of the retail sector with detail and nuance. But for me, the real issue is simple.

Every single one of these reports mentions one report which set off this avalanche of media love for our specialty. A really, really solid one, by the way, from Deborah Weinswig and her crew over at Coresight Research, “The State of the American Mall: Competitive, Attractive and Here to Stay.” They do great work over there and this is one of the best and most comprehensive analyses of the mall space I have come across with virtually everything in it aligning with the expansion trends I track in this publication.

My beef is not with the report.

My beef is with the fact that we are still locked in the headspace that malls are the definition of American retail, even though they account for less than 8% (11% if you include high streets, outlet and lifestyle centers) of actual retail space in this country. Which means we still have a problem of too little attention to nuance and detail in the media.

In our last issue I complained about a report that claimed retail valuations were down by 60% when the data they were using wasn’t for all retail. It wasn’t even just malls, but a subset of malls (Class B and C). In this issue I am complaining that good news about retail is being trumpeted across the board, when in fact the data they are largely citing isn’t for all retail. And it isn’t just malls, but a subset of malls (Class A). That is why these headlines make me uneasy.

But I will enjoy it while I can.

--Garrick Brown, Gallelli Real Estate gbrown@gallellire.com

If this was shared with you and you would like to receive the Gallelli Gazette Retail Roundup weekly in your email, email me directly at gbrown@gallellire.com and get on my mailing list.

TOP TEN RETAIL STORIES OF THE WEEK

1 The US Mall is Not Dying CNN 8/21

2 Retail Defies Commercial Real Estate’s Troubles The Real Deal 8/21

3 Fed Can’t Celebrate Yet as Investors Expect Rates, Inflation to Remain Elevated Bloomberg 8/20

4 How Organized Shoplifting Became a Billion Dollar Industry Newsweek 8/20

5 US Consumers Near Day of Reckoning as Pandemic Cash Stash Shrinks Bloomberg 8/19

6

Aldi’s Purchase of Winn-Dixie & Harveys is “Massive Step” Chain Store Age 8/18

7 Superstores Are Keeping Their Pandemic-Era Gains Globe Street 8/17

8 New Owners of Buy Buy Baby & Harmon to Reopen 11 Stores and Expand Brands Retail Leader 8/16

9 Retail Openings Have Eclipsed Closings So Far This Year Globe Street 8/15

10

Louis Vuitton’s Owner May

“I

“It is often said that there are two types of forecasts… lucky or wrong!”

–Winston Churchill – Unknown

THE GALLELLI GAZETTE Retail Roundup

TOP ECONOMIC STORIES

Why It’s So Hard to Tame Inflation

Bloomberg 8/21

Fed Officials More Split Over Interest Rate Path Than They Used to Be Bloomberg 8/21

Goldman Sachs: A Government Shutdown Would be “Manageable” For the Economy CNN 8/21

Economists Lift US Growth Forecasts, See Fed Higher for Longer Bloomberg 8/18

Retailers prepare for Pullback in Consumer Spending

Fox 28 Savannah 8/18

Overall Retail Sales Rose for Fourth Straight Month

Retail Leader 8/16

US Retail Spending Picked Up Sharply in July

CNN 8/15

Is Inflation Beaten? Depends on Where you Look Business of Fashion 8/13

Wholesale Prices Rose 0.3% in July, Higher Than Expected CNBC 8/11

July CPI Report Shows Inflation Gauge Rose 3.2%, Less Than Expected CNBC 8/10

TOP RETAIL REAL ESTATE TREND NEWS

The Surprising Revival of malls is About More Than Intense Nostalgia Entrepreneur 8/21

Strip Malls Are One of Commercial Real Estate’s Hottest Items

Rogersville Review 8/19

Downtown Pedestrian Traffic Rose for Sixth Consecutive Month in June

Chain Store Age 8/17

Convenience Stores Driving Massive Traffic

Chain Store Age 8/17

Convenience Stores Are Beating Other Retailers at Their Own Game Globe Street 8/16

Retail Space Demand Rises for 10th Straight Quarter

Chain Store Age 8/15

Retail Property Sales Remain Sluggish Costar 8/14

Downtown Retail Revitalization: An Overview Retail Touchpoints 8/10

New QSR Concepts Challenge Net Lease Investor Expectations Globe Street 8/10

BUYERS AND SELLERS

Raleigh NC Developer Plans for Multiple Mixed-Use Developments Costar 8/21

URW Secures $925M Refi for Westfield Century City Globe Street 8/21

The Secrets of Running the Nation’s Largest Mall Emerge in Podcast Series Chain Store Age 8/18

ShopOne, Pantheon Buy Atlanta MSA Shopping Center Connect CRE 8/17

Watch List Calls Stonestown Galleria Loans Risky Globe Street 8/16

Mall Giant Signals Possibly Keeping US Presence, Including Crown Jewel LA Mall, Westfield Century City Costar 8/16

4th Dimension Properties Buys Blaine’s Northtown Mall for $31M Minneapolis/St. Paul Business Journal 8/15

BH Properties Buys Fisherman’s Wharf Shopping Center Anchorage Square Globe Street 8/10

Turnaround Bet on Chicago’s Magnificent Mile Could Signal This High Street’s Retail Outlook Costar 8/9

Macerich Defies Global Economic Challenges w/Record Leasing Streak Costar 8/9

RETAIL DEVELOPMENT HIGHLIGHTS

New Development Group to Bring Retail Edge to Mixed-Use Projects in Texas and US Costar 8/21

Local Raleigh, NC Developer Reveals Plans for Multiple Mixed-Use Developments Costar 8/21

Mall Makeovers: Developers See a New Opportunity Cincinnati Business Courier 8/18

Retailers Named for Debut at SF Giants Mission Rock Development Costar 8/17

Plano Residents Shown New Vision for Willow Bend Mall Connect CRE 8/16

NHL’s Hurricanes Sign Stadium Deal Including Sports and Entertainment District Costar 8/15

Morris Marketplace Opens w/Strong Roster of Tenants in North Jersey Costar 8/9

RETAIL AND CONSUMER TRENDS

The Christmas Creep: Santa Better Get a T-Shirt Because Summer Has Claimed Christmas CNN 8/21

The State of Luxury Resale Business of Fashion 8/21

Do Shoppers Still Care About Black Friday and Cyber Monday? Chain Store Age 8/18

The Most Resilient Category in Retail Business of Fashion 8/18

Capturing the Growing Spending Power of Genz and Alpha Retail Touchpoints 8/18

Luxury is Heading Toward a Post-Euphoria Phase WWD 8/17

Is There Room for Another Activewear Giant? Business of Fashion 8/17

Americans Keep Spending but Big Retailers Doubt It’ll Last Bloomberg 8/17

THE GALLELLI GAZETTE Retail Roundup

What Parade’s Sale Says About the State of DTC Brands Business of Fashion 8/16

SUPPLY CHAIN/ECOMMERCE/OMNICHANNEL/TECH

AI Will Shape Global Retail Over the Next 12 Months Zawya 8/22

Dollar General Opens First of its Kind Distribution Center Chain Store Ate 8/21

How AI Can Revolutionize Our Broken Supply Chain Entrepreneur 8/20

TikTok Continues Amazon-Like Push into Commerce w/Fulfillment Services in the UK Retail Touchpoints 8/18

Checkers and Rally’s Roll Out AI Spanish Drive Thru Voice Ordering QSRWeb 8/17

Believe the Hype. Everything You Need to Know About AI Business of Fashion 8/18

Wakefern Expands Use of AI, Robotic Inventory to More ShopRite Stores Retail Leader 8/18

How Retailers Can Ger Smart for the Holidays with AI Chain Store Age 8/18

Ralph Lauren CEO Louvet Targets Young Shoppers in the Metaverse Fashion Network 8/18

Fashion Execs Plan More Reductions in Sourcing from China Retail Dive 8/11

NORTH OF THE BORDER

Pizza Nova Expands Ontario Footprint

Pizza Marketplace 8/21

Return of Foot Traffic to Key Areas Buoys BC Retail Demand Western Investor 8/18

Ontario-based rooms + spaces Opens 10 Stores Across Western Canada Western Investor 8/17

Japanese-Style Listening Lounges: The Latest Trend to Hit Toronto Nightlife Streets of Toronto 8/17

T&T Supermarkets to Open a Second Quebec Store Supermarket News 8/15

50-Year-Old Canadian Lifestyle Brand Roots Plans for the Future WWD 8/14

One of Canada’s Most Valuable Malls Faces Redevelopment Targeted at International Retailers Costar 8/14

Daycare Boom Drives Alberta Space Race as Tenant Costs Rise Western Investor 8/11

La Canadienne Opens Store at Carrefour Laval in Quebec Footwear News 8/10

Global Cocoa Shortage Leads to Closing of 8-Unit Montreal Chain Juliette & Chocolat Costar 8/9

EXPERIENTIAL RETAIL REVIEW

Tiger Woods-Backed PopStroke Looks to Texas to Drive US Growth Costar 8/21

Chicken N Pickle Plans to Nearly Double in Size by 2025

FSR Magazine 8/21

Plans Progress to Open New Jersey’s Third TopGolf NJ.com 8/19

CAMP’s speakeasy-style immersive playground retail space to open in Old Town Chicago Chicago NBC 5 8/18

BrightColors & Kingsmen Xperience to Open 30,000 SF Crayola Attraction in Pigeon Forge, TN Shopping Center Business 8/18

Third Malibu Barbie Popup Café to Open at Mall of America Retail & Leisure International 8/16

Chopping Block Axe-Throwing Opens in Pottsville, Pennsylvania WNEP 8/16

Partea, An Arcade w/Bubble Tea and Fried Chicken, Arrives in Manhattan Eater 8/16

Retail Roundup

CULTURE CORNER: THE ROCK STAR WHO DIDN’T KNOW IT

In South Africa he sold more records than Elvis Presley… even though he only recorded two albums—and his music was largely banned for two decades. His songs, which included protests of the Vietnam War, racism, abuse of women, urban decay and abandonment became the favored soundtrack of a growing movement of young people in that nation opposed to the brutal and racist apartheid system. Much of his popularity there was word of mouth with his music traded underground. He was an enigma to his fans---all they knew was that he was a protest singer and songwriter from the United States.

When Apartheid fell, his music moved from the underground to the forefront as his now 20+ old work had a radio resurgence in South Africa. But the legends around him only grew. Why were there only two albums by this genius singer-songwriter? What had happened to him? The rumors grew among his fan base. He had died of a drug overdose. He was in prison for murdering his girlfriend. He’d shot himself in the head onstage in Moscow. No, he had doused himself in gasoline and burned himself alive onstage in Detroit.

In 1996 two long-time fans set out to find the truth of the man they knew as Rodriguez. They eventually found him, Sixto Rodriguez—the man a 2013 Associated Press story referred to him as “the greatest protest singer and songwriter that you never heard of.”

Sixto Rodriguez was born in Detroit, Michigan in 1942. His mother, who was Native American, died when he was just three. His father, an immigrant from Mexico that had come to the Midwest to find factory work, struggled to raise his six children by himself. Sixto grew up on the fringes of poverty on the hard streets of Detroit and taught himself to play guitar as a teenager.

He began writing and singing songs that often dealt with the lives of the working poor and homeless. He started to find an audience at Detroit’s bars and clubs and recorded his first single in 1968 for a local record label. The song got limited local radio airplay but only sold a few dozen copies. He would not get a chance to record in a studio again until 1970 with another record label. That album, “Cold Fact,” faced a similar fate—though some positive critical reviews citing him as a new “inner city Bob Dylan,” helped boost sales into just a few thousand units. His second outing, “Coming from Reality,” got even better critical reviews but even worse sales. His record label dropped him.

He had quit music by 1976 when he was just 32. He supported himself with odd jobs and by being a day laborer. Meanwhile, an American visiting South Africa apparently shared his recordings on a visit. The details are hazy on what happened next, or who was responsible. But he suddenly became a star in South Africa, millions were made on the sale of his work, and no one bothered to tell him— much less pay him.

When Rodriguez’ two South African fans finally tracked him down to Detroit and found him in 1996, he was supporting himself collecting scrap metal, junk and recycling and living in a ramshackle, once-abandoned home in a warzone neighborhood that he had bought for $50 at an auction. He had had no idea of his work ever having succeeded anywhere.

If you have not seen it, the remarkable story of the search for Rodriguez won an Oscar for best documentary in 2012 and was called, “Searching for Sugar Man.” You can watch a preview of it here. There was a happy ending to the story. Rodriguez picked up his guitar and by the early 2010s finally got some of the recognition that hadn’t just eluded him, but which he had been cheated out of. He recorded another album and went on a successful world tour. Sixto Rodriguez died on August 8, 2023, at the age of 81 in his hometown of Detroit, Michigan.

Here are some other really interesting links to check out if you want to know the story of the rock star who didn’t know he was a rock star…

Rolling Stone: 10 Things You Don’t Know About the ‘Searching for Sugar Man’ Star

The Citizen: Cold Fact—Sugar Man Sixto Rodriguez ‘Slipped Away’ Aged 81

NPR: Rodriguez—Forgotten in America, Exalted in Africa

Rodriguez: Cold Fact (full album)

THE GALLELLI GAZETTE Retail Roundup

Rock Hill Staple Kounter Opening High-End Cocktail Lounge, “Fun & Funky” Speakeasy Charlotte Post and Courier 8/14

LEVELS Arcade and Bar Opens in Morgantown, West Virginia WBOY 8/11

Blind Tiger to Open in New Space in Ybor City Featuring Rooftop Speakeasy

That’s So Tampa 8/9

HIGH STREET HAPPENINGS

Inside Ulla Johnson’s LA Store; Third Unit in US for the Luxury Brand Fashion Network 8/21

Vera Wang and Frato Take Over 30K SF at NYC’s 500 Park Avenue Connect CRE 8/21

Club Vintage Expands to West Coast w/New Store in Los Angeles

What Now Los Angeles 8/21

YETI Store Opens at Santana Row

Silicon Valley Notice 8/19

Multibrand Boutique Last Resort Opens in Santa Monica WWD 8/18

Espirit to Open Stores Across North America

Retail & Leisure International 8/17

Stine Goya US Expansion Plan

Retail & Leisure International 8/16

Canada’s Luxury Apparel Market Emerges as Global Contender Despite Challenges Apparel Resources 8/16

Lego Discovery Center Males US Debut

Retail & Leisure International 8/15

BRITTO Opens Two Miami Concept Stores

Haute Living 8/15

Online Retailer Babylist Opens 18,000 SF Flagship First Store in Beverly Hills

Retail & Leisure International 8/15

Luxury Retailer Elyse Walker Opens Napa Valley Store

WWD 8/11

Todd Snyder Opens 14th US Store at Miami’s Bal Harbour Shops WWD 8/11

Moncler Opens New Boutique in Miami

Retail & Leisure International 8/11

The RealReal’s Reset Aims for a Smaller but More Profitable Business Footwear News 8/10

RETAIL CHAIN STORE OPENINGS AND GROWTH

Stores Are Leaving San Francisco. IKEA is Opening There This Week

CNN 8/21

Banana Republic Opens Two LA Stores Including First One Dedicated to Homeware Fashion Network 8/21

French Soccer Team Paris Saint-Germain Opens Storefront in Las Vegas Fashion Network 8/21

Wawa to Open Two New Florida Stores

CStore Decisions 8/21

630-Unit Love’s Opens New 9,000 SF Nevada Travel Stop in Tonopah

CStore Decisions 8/18

Dick’s Sporting Goods Opens Nine House of Sport Stores w/More to Come Chain Store Age 8/18

Reclectic, a New 40K SF Shop in Philadelphia, Sells Discounted Items from URBN Brands Philly Voice 8/18

The Fantastic World of Portuguese Sardines to Open on Times Square Chain Store Age 8/18

Ross Plans to Add 100 New Stores This Year

Retail Leader 8/18

New Owners of BuyBuyBaby and Harmon Reopening 11 Stores This Fall Chain Store Age 8/18

Alo Yoga Signs Lease in Boston’s Back Bay Connect CRE 8/18

Radio Shack Set for a Major Comeback?

The Street 8/18

Game World Levels Up with Four New Stores

Spokane Journal of Business 8/17

Costco Gets Approval to Move Forward with Plans in Michigan Supermarket News 8/17

Barnes & Mobile Opening New Hillsborough County Store Florida Business Observer 8/16

Herschel Supply Continues Store Expansion

Chain Store Age 8/16

Sheetz Expands in Ohio

CStore Decisions 8/16

Radio Flyer to Open First Store (14K SF at Schaumburg’s Woodfield Mall) This Fall Retail Dive 8/14

Canadian Heated Vest Maker ewool Gearing Up for US Expansion Costar 8/14

Rally House in Expansion Mode

Chain Store Age 8/11

Buc-ee’s to Expand to Ohio CStore Decisions 8/11

THE GALLELLI GAZETTE Retail Roundup

Wawa Moving into Kentucky

CSP Daily News 8/10

Warby Parker on Track to Open 40 Stores This Year Chain Store Age 8/9

Hat Club to Open 9th Unit & Second Largest Location on Melrose in LA Chain Store Age 8/9

AMC Theater Eyes Expansion w/Onsite Bars & Dining Costar 8/9

THE GROCERY AISLE

Rouses Market in Houma, LA Has Chain’s First Drive Thru Chicken Window 973 The Dawg 8/22

H Mart Opens in Boston; Illinois Store Slated for Later This year

Winsight Grocery News 8/21

Cencosud Primes Fresh Market for Expansion

Winsight Grocery News 8/21

Sprouts Opens 50K SF Store at Phoenix’s Vineyard Towne Center Shopping Center Business 8/18

Does Aldi-Southeastern Deal Augur more Supermarket Consolidation? Winsight Grocery News 8/18

Publix Comes Under Pressure with Aldi Deal Grocery Dive 8/18

Independent Grocers Continue to Hold Their Own Winsight Grocery News 8/18

Pardon the Disruption: 5 Thoughts on Aldi’s Massive Acquisition Grocery Dive 8/17

Publix Opens 2 New Florida Stores as Southeast Battleground Heats Up Winsight Grocery News 8/17

Aldi Acquires Winn-Dixie and Harveys Supermarkets from Southeastern Grocers Retail Leader 8/16

Good Food Holdings Has Vision for Next Gen of High-End Grocery Stores Grocery Dive 8/15

Trader Joe’s Confirms its Stores Will NEVER Include Self-Checkout Grocery Dive 8/15

Grocery Outlet Eyes Maryland for Growth Winsight Grocery News 8/15

TOPS President: Urban Stores Are a Strength Rochester beacon 8/15

Chicago’s Independent Grocery Count is Growing Winsight Grocery News 8/11

FOOD HALL NEWS

Dunwoody’s First Food Hall Gets a Redo as Politan Row Moves In Atlanta 8/18

Famous Foods Street Eats in Las Vegas Captures the Best of Global Cuisines Las Vegas Magazine 8/18

The Story Behind a New Spokane-Area Food Hall Inlander 8/17

James Beard Platform at Pier 57 NYC: Behind the Dining Options Total Food Service 8/17

Food Hall for Eateries Eyed Downtown Chandler News 8/16

Seven of the Best Food Halls to Check Out Around the US Delish 8/14

Downtown Chandler AZ Food Hall Development Moves Forward, Here’s What to Expect ABC 15 Arizona 8/11

Eataly Food Hall to Open King of Prussia Location in 2025 Philly Voice 8/11

The Biggest Name in NYC Food Halls Has New Owners. Can They Turn Things Around? Eater 8/10

Checking Out the New Seven-Story Food Hall in Downtown Miami, Julia & Henry’s Only in Your State 8/8

FOOD & BEVERAGE

Eggs Up Grill Signs Multi-Unit Deal in Columbus OH FSR Magazine 8/21

Bubbakoo’s Burritos Opens in Avon OH

QSR Magazine 8/21

Café Zupas to Open Three New Phoenix Locations This Year Nation’s Restaurant News 8/21

How BurgerFi is Staging a Comeback Tasting Table 8/20

Brooklyn’s Iconic Peter Lugar’s Steakhouse to Open Restaurant at Caesars Palace in Vegas

The Street 8/19

Playa Bowls Opens 200th Unit

QSR Magazine 8/21

Raising Cane’s Expansion to Washington Marks New Chapter in Fast Food Scene

That Oregon Life 8/18

Taco Bamba to Open in Raleigh NC

QSR Magazine 8/17

Seven Brothers Burgers Debuts in Arizona w/Queen Creek Unit

QSR Magazine 8/17

Fiery Crab Opens 14th Restaurant

QSR Magazine 8/17

Starbucks Opens First Two Lane-Drive Thru in Arizona Costar 8/16

Artichoke Basille’s Pizza Opening Near Rutgers University

Pizza Marketplace 8/16

Sixty Vines to Open in Charlotte, NC

FSR Magazine 8/16

Crimson Coward to Expand in Maryland

QSR Magazine 8/16

CAVA Wants 15% Unit Growth in 2024 and 2025

QSR Magazine 8/16

Schlotzsky’s Opening in Bentonville, Arkansas

QSR Magazine 8/16

Ziggi’s Coffee Opens Three Locations in Colorado

QSR Magazine 8/15

Mexican Concept El Presidente to Open in Washington, DC

FSR Magazine 8/14

THE GALLELLI GAZETTE Retail Roundup

Wow Bao Significantly Beefs Up Retail Presence with Walmart Deal Nation’s Restaurant News 8/14

Barcelona Burger & Beer Garden Opens in Winston-Salem, NC

FSR Magazine 8/14

Smoothie Factory + Kitchen Opening First Location in Fall

QSR Magazine 8/14

Mexican Concept El Presidente to Open in Washington, DC

FSR Magazine 8/14

Razzo’s Cajun Café Opens in Old Town Burleson, TX

FSR Magazine 8/14

Big Whiskey’s Opening Poplar Bluff, MO Unit in the Fall

FSR Magazine 8/11

SoCal Legend NORMS Ready for Next Evolution

FSR Magazine 8/11

Del Taco Inks 57 Commitments in Q3

QSRWeb 8/11

Los Dos Potrillos: A Tale of Two Brothers Continuing Their Father’s American Dream

FSR Magazine 8/11

Soul Rebel to Open on Palm Beach University Campus Site

QSR Magazine 8/10

Incoming Dutch Bros CEO Wants to Drive the Company Towards 4,000 Units

Nation’s Restaurant News 8/10

Mambo Seafood to Open First San Antonio Restaurant

FSR Magazine 8/9

Rock N Roll Sushi Opening in Houston Suburb Stafford

FSR Magazine 8/9

Wing Zone Unveils Spinoff Concept, Wing Zone Hot Chicken and Wings Restaurant, in Vegas Restaurant Dive 8/9

Burger King Parent RBI Looks to Grow Traffic and Unit Counts Nation’s Restaurant News 8/9

Dillas Quesadillas Opens Fifth North Texas Location

QSR Magazine 8/9

LOCAL MARKET NEWS

Houston Retail Space in High Demand. Trouble is, There’s Not Much Available Houston Business Journal 8/21

Jacksonville Retail Rent Growth Led Nation in Q2 2023

Costar 8/18

Outdoor Dining is Set to Become a Permanent Fixture in NYC Costar 8/17

Chicago’s Recreational & Experiential Industries Record Three Years of Consecutive Spending Growth

Costar 8/16

Nashville Ranks Number One in Retail Rent Growth

Nashville Business Journal 8/16

Retail Reigns in Florida Shopping Center Business 8/16

San Francisco Fashion is Not Giving into the Doom Spiral WWD 8/15

Retail Vacancy Dips to Three-Year Lows in Baltimore

Costar 8/10

Greensboro NC Retail Market is Tightest on Record

Costar 8/10

How Retail Became Texas’ Strongest Commercial Real Estate Category RE Business Online 8/9

RETAIL CHAIN STORE CLOSINGS AND CONTRACTION

Christmas Tree Shops to Liquidate Under Chapter 7 Retail Dive 8/18

Unraveling the Past Few Weeks at Boston Market Nation’s Restaurant News 8/18

Studio Movie Grill Closes After 10-Year Run in Indianapolis

Indianapolis Business Journal 8/17

Iconic San Francisco Store Gump’s Warns It Could Close Chain Store Age 8/16

HomeGoods Owner Gets Boost from Bed Bath & Beyond Closures Costar 8/16

27 Boston Market Restaurants Ordered Closed by NJ For Wage Violations

Nation’s Restaurant News 8/16

Columbia Area Mall Losing its Last Two Tenants: Belk and Barnes & Noble

Columbia Regional Business Report 8/14

A Closer Look at Boston Market’s Slow Death

Nation’s Restaurant News 8/11

THE GALLELLI GAZETTE Retail Roundup

M&A MANIA

Subway Sandwich in Advanced Talks to Sell to Roark Capital

Bloomberg 8/21

Boxed.com Acquired

Chain Store Age 8/18

Regency Centers & Urstadt Biddle Seal $1.4B Merger and Target Suburbs

Costar 8/18

Aldi Adds 400 Stores w/Acquisition of Harveys Supermarket & Winn-Dixie

Retail Touchpoints 8/16

Fruit of the Loom Owner Buys DTC Intimates Brand Parade

Retail Touchpoints 8/15

Bain Capital to Buy Fogo de Chao

Costar 8/15

Casey’s to Acquire 63 Minit Mart and Certified Oil C-Stores from EG America

Retail Leader 8/15

Hands

CSP Daily News 8/14

Tapestry Agrees to Buy Rival Fashion House Capri for $8.5B

Retail Dive 8/10

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.

Gary Gallelli CEO - Partner gary@gallellire.com

Brandon Sessions Senior Vice President bsessions@gallellire.com

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Pat Ronan Vice President pat@gallellire.com

Kannon Kuhn Associate kkuhn@gallellire.com

Kevin Soares Executive Vice President | Partner ksoares@gallellire.com

Matt Goldstein Vice President mgoldstein@gallellire.com

Aman Bains Associate Vice President abains@gallellire.com

Kristopher Krise Capital Markets Advisor kkrise@gallellire.com

Bob Berndt Executive Vice President | Partner bberndt@gallellire.com

Kurt Conley Senior Associate kconley@gallellire.com

Adam Rainey Associate Vice President arainey@gallellire.com

Jeff Hagan Senior Vice President | Partner jhagan@gallellire.com

Robb Osborne Partner rosborne@gallellire.com