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At Home Posts 42 Percent Sales Growth in Second Quarter, Eyes Store Expansions

by Alex Tostado

Plano, Texas — At Home, a home décor and furnishings retailer, posted net sales of $515 million in its fiscal second quarter, which ended July 25, and is reportedly looking to expand its footprint. That figure represents a 42 percent year-over-year increase in comparable store sales. At Home CEO Lee Bird told CNBC over the weekend that the company has been expanding its store count by about 20 percent per year over the last seven years, and that it could grow from its current 219 stores to as many as 600. …

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Starbucks Reports 96 Percent of Locations Open, 130 Net New Stores Despite Significant Sales Drop in Third Quarter

by Alex Tostado

Seattle — Seattle-based Starbucks Corp. (NASDAQ: SBUX) reported that the company’s U.S. comparable store sales declined 40 percent, with comparable transactions down 52 percent through its 13-week fiscal third quarter ending June 28. Additionally, the company reported a consolidated net revenue of $4.2 billion, representing a 38 percent decline from last year primarily due to lost sales related to the COVID-19 outbreak. Despite decreased sales and a decline in net revenue, Starbucks opened 130 net new stores in the third quarter, resulting in 5 percent year-over-year unit growth and ending …

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Dunkin’ Reports 20 Percent Revenue Decrease in Second Quarter, Will Close 350 Stores

by Alex Tostado

Canton, Mass. — Dunkin’ Brands Group (NASDAQ: DNKN) reported a total decrease in revenue of 20 percent during the second quarter and announced that it will close about 350 stores worldwide during the second half of the year. These closures follow the company’s announcement to shutter about 450 stores that are housed in Speedway gas stations and convenience marts. Canton-based Dunkin’, which also owns Baskin-Robbins, reported that approximately 90 percent of its international locations for both Dunkin’ and Baskin-Robbins were open as of July 25.

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Slate Retail REIT Reports Best Quarter of Leasing Activity Since 2014 Despite Pandemic

by Alex Tostado

Toronto — Slate Retail REIT has reported during its second quarter earnings call that it experienced the best quarter of leasing since its founding in 2014. The Toronto-based company, which owns and operates 70 grocery-anchored shopping centers in the United States, reports that it completed 464,326 square feet of lease renewals and 54,365 square feet of new leasing. The 518,691 square feet total is a 60 percent jump over second-quarter 2019. The REIT’s portfolio occupancy rate dropped 0.6 percent in the three months ending June 30 to 92.2 percent. Slate …

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McDonald’s Reports 30 Percent Drop in Second-Quarter Revenue

by Alex Tostado

Chicago — McDonald’s Corp. has reported a 30 percent decrease in its consolidated revenue for the second quarter that ended June 30. The global fast-food chain reported second-quarter net income of $483.8 million, compared with $1.5 billion for the same period a year ago. Chicago-based McDonald’s says it spent more than $200 million on marketing support to accelerate recovery from coronavirus losses. In the United States, 99 percent of McDonald’s restaurants were open as of June 30. About 2,000 dining rooms reopened with reduced seating capacity following temporary closures as …

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New Retail Owner’s Representative Firm Fathom Launches in Los Angeles

by Alex Tostado

Los Angeles — Fathom Development Services, a new owner’s representative firm focusing on retail, fitness, wellness and hospitality properties, has launched in Los Angeles. Fathom offers leasing, tenant coordination, permits and approvals, budgeting, construction-management and design management services to its customers. “Especially in today’s swiftly changing environment, there is a need among retailers for a nimble and efficient owners representative that can help create environments that fully express who they are,” says senior vice president of development services Anthony DiMaggio. “We know all aspects of real estate development, but we’re …

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Clothing Store Giant Ascena Retail Group Files for Bankruptcy, Plans to Close ‘Significant’ Number of Stores

by Alex Tostado

Mahwah, N.J. — Ascena Retail Group (NASDAQ: ASNA), the parent company of clothing brands Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey, has filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia. The Mahwah-based company has reopened 95 percent of its stores since the COVID-19 outbreak, though Ascena cited the pandemic as “severely” disrupting the company’s financial foundation. The exact number of store closings was not disclosed, but the company said it will close a “significant” number of …

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Parent Company of Men’s Wearhouse, Jos. A. Bank to Shutter Up to 500 Stores, Cut Staff by 20 Percent

by Alex Tostado

Fremont, Calif. — Tailored Brands, the parent company of professional menswear retailers Men’s Wearhouse and Jos. A. Bank, has announced a corporate restructuring that entails closing up to 500 stores. The Fremont-based firm says the “unprecedented and industry-wide” disruption caused by the COVID-19 outbreak was the catalyst behind the move. Tailored Brands has identified the 500 stores but did not disclose the retailers, locations or timing of those closures. Other brands in Tailored’s umbrella include K&G and Moores Clothing for Men. The company had 1,445 U.S. stores as of May …

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Younger Partners Launches New Division for Retail Acquisitions

by Alex Tostado

Dallas — Younger Partners, a Dallas-based full-service real estate firm, has launched a new division for the acquisition of retail properties throughout the metroplex. Micah Ashford, a 20-year industry veteran and former partner at retail investment and brokerage firm Dunhill Partners, will lead the new division. Younger Partners considers the creation of a retail acquisitions team to be a critical part of its long-term strategy and believes that opportunities to buy distressed assets and create value will present themselves in the aftermath of the COVID-19 pandemic.

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J.C. Penney Cuts 1,000 Jobs, Begins Talks With Potential Buyers

by Alex Tostado

Plano, Texas — J.C. Penney Co. announced on Wednesday that it would reduce its workforce by approximately 1,000 corporate, field management and international positions as part of its store optimization and restructuring plan. The Plano-based retailer, which employs about 90,000 people worldwide, filed for Chapter 11 bankruptcy in May and announced plans to close about 150 stores two weeks later. According to CNBC, J.C. Penney has reached an agreement with its creditors to extend submission of its new business plan and identify potential investors in the business. The network reports that mall developers Simon Property …

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