Bentonville, Ark. — Walmart has reported that its third-quarter e-commerce sales grew 79 percent from the same period a year ago. Comparable sales, defined as those from stores that operated during the entire 12-month fiscal year, went up 6.4 percent. The Bentonville-based retailer’s revenue during its fiscal third quarter reached $134.7 billion, a 5.2 percent increase over the same time period a year ago. Walmart’s third quarter ended on Oct. 31.
Indianapolis and Bloomfield, Mich. — Simon Property Group and Taubman Centers Inc. have modified their merger agreement to include a new purchase price of $43 per share, enabling Simon to proceed with its acquisition of an 80 percent interest in Taubman. CNBC reports that the decline in the agreed-upon share price from $52.50 per share effectively reduces the price tag of the deal by $800 million. This announcement comes just as the two regional mall REITs were set to square off in Circuit Court for the Sixth Judicial District of Oakland …
Minneapolis — Target Corp. has reopened two stores in Minneapolis and in Atlanta’s Buckhead district that were destroyed in the spring due to civil unrest from the George Floyd tragedy in Minneapolis. The stores were completely rebuilt in five months, which the Minneapolis-based retailer says is the fastest the company has ever rebuilt locations. The Lake Street location in Minneapolis features an additional entrance, larger food and beverage section and a more accessible pharmacy. Locally based Noor Cos. was the general contractor for the project, which reopened Nov. 10. The …
New York City — B+E has hired Alexandra Aulisi as vice president of marketing. The New York City-based firm specializes in net lease real estate. Aulisi has led numerous award-winning ad campaigns, building and managing brands across a variety of industries, including at American Family Insurance and TDS Telecom. “Alexandra brings 30 years of marketing experience to B+E, including leadership positions at multiple Fortune 500 companies,” says B+E CEO Camille Renshaw. “We are very excited to add her to our team.” Aulisi is a graduate of the Art Institute of …
Newport Beach, Calif. — Chipotle Mexican Grill plans to launch a digital restaurant concept dubbed Chipotle Digital Kitchen. Customers will be required to order in advance via the Chipotle app, website or third-party delivery service; there will not be a dining area or line to order food. The Newport Beach-based restaurant chain says the footprint is designed for urban areas but will open its first location near West Point Academy in Highland Falls, New York, on Saturday, Nov. 14. The announcement of the restaurant opening comes on the heels of …
Chicago — McDonald’s Corp. has reported its third-quarter sales rose 4.6 percent year-over-year in the United States. The Chicago-based restaurant chain cited its utilization of delivery, digital orders and drive-thru to recover from its second-quarter sales dip. Globally, sales were still down on a year-over-year basis, dropping 2.2 percent in the third quarter, which ended Sept. 30. The chain’s total revenues were also down 2.2 percent from the third quarter of 2019. McDonald’s reported revenues reached $5.42 billion, which beat economists’ forecast of $5.4 billion. The revenues show a promising …
Woodsocket, R.I. — CVS Health Corp. (NYSE: CVS) reported $67.1 billion in revenue for the third quarter, a 3.5 percent increase from that period a year ago. The company cited the expansion of its healthcare services, particularly its doubling of its COVID-19 testing sites to more than 4,000 pharmacy locations nationwide, as a key driver of growth. According to CNBC, CVS surpassed analysts’ expectations of $66.6 billion in quarterly revenue, prompting the Woonsocket, Rhode Island-based chain to raise its 2020 earnings guidance. The stock price of CVS opened at $63.05 per share …
Tulsa, Okla. and Atlanta— Real estate brokerage and advisory firm Stan Johnson Co. has acquired Atlanta-based Shane Investment Property Group for an undisclosed price. This acquisition will support the Tulsa-based company’s multi-tenant retail investment sales growth and diversification strategy, as well as the opening of a second metro-Atlanta office in the northern suburb of Alpharetta. “Shane Investment Property Group is well-known in the Atlanta area and greater Southeast market for providing exceptional client service and their cultural identity complements ours very well,” says Stan Johnson, president and CEO of Stan …
Wayne, Pa. — Pet Valu Inc., a specialty retailer of pet food and supplies, has opted to wind down its U.S. operations. The retailer will close all 358 stores in the Midwest, Northeast and Mid-Atlantic, as well as its warehouses and its U.S. headquarters office in Wayne. No timeline for closures was disclosed, but Pet Valu is currently doing final liquidation sales for all its merchandise. Additionally, the retailer is marketing all of its store fixtures, furniture and equipment for sale. Pet Valu Inc. licenses its name from Pet Valu Canada, …
Wilbraham, Mass. — FIC Restaurants Inc., a restaurant company that operates the Friendly’s brand, has filed for Chapter 11 bankruptcy and entered in an agreement to sell all of its assets to Amici Partners Group LLC. Nearly all of Friendly’s 130 corporate-owned and franchised restaurant locations, known for burgers, sandwiches and ice cream, are expected to remain open subject to COVID-19 limitations. Friendly’s stated that it has sufficient cash on-hand to continue operations, meet its obligations to employees, franchisees and vendors. Upon the sale closing, Amici expects to retain most employees at …