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Starbucks to Revamp Stores for More Drive-Thru, Pickup Orders After $3.2 Billion Quarterly Loss in Revenues

by Alex Tostado

Seattle — Starbucks Coffee plans to accelerate the transformation of its store portfolio across the United States amid the ongoing COVID-19 pandemic. Over the next 18 months, the coffee chain will increase convenience-led formats in company-operated locations with drive-thru and curbside pickup options, as well as Starbucks Pickup location. In a letter to shareholders, released through an SEC filing, Starbucks announced that it plans to close approximately 400 company-operated U.S. stores over the next 18 months as part of this new focus on drive-thru and pickup. In that same letter, …

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NewsRetailersWashington DC

US Retail Sales Surge 17.7 Percent in May, Says Commerce Department

by Alex Tostado

Washington, D.C. — The advance estimate for U.S. retail and food services sales, including e-commerce, in May is 17.7 percent higher than in April, the U.S. Commerce Department reported this morning. May is the first month since the COVID-19 outbreak halted the U.S. economy that has shown positive month-over-month growth. April was down 14.7 percent from March, and March decreased nearly 10 percent from February. Spending in May was at $485.5 billion, still lower than pre-pandemic levels. February’s total spending came in at $527.3 billion. “These sales numbers do not …

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Company newsIllinoisNewsRestaurants

McDonald’s: US Same-Store Sales Fall 5 Percent for Month of May

by Alex Tostado

Chicago — McDonald’s says that U.S. same-store sales have sequentially improved from late March through May. For the month of May, the Chicago-based fast food giant reported a decline in U.S. same-store sales of 5.1 percent, compared with 19.2 percent for the month of April. Globally, sales fell 29.8 percent quarter-to-date through May. McDonald’s says that 95 percent of its restaurants globally are now open. In the United States, more than 1,000 restaurant dining rooms have reopened with reduced seating capacity. “Our unique advantages, including a high percentage of drive-thru …

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Five Below Reopens 90 Percent of Stores, Reports 44.9 Percent Decline in Net Sales in Latest Quarter

by Alex Tostado

Philadelphia — Five Below (NASDAQ: FIVE), a discount retail chain headquartered in Philadelphia, has now reopened 90 percent of its stores across the United States. Due to the COVID-19 pandemic, the company temporarily closed all of its 920 stores across 36 states on March 20 and began reopening them in late April. Five Below reported a net sales decrease of 44.9 percent from $364.8 million to $200.9 million between the first quarters of 2019 and 2020. The first quarter of the company’s 2020 fiscal year ended May 2. In addition, …

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Company newsDelawareNewsRetailers

Lululemon Reopens 60 Percent of Stores, Reports 17 Percent Drop in Revenue in Latest Quarter

by Alex Tostado

Dover, Del. — Lululemon (Nasdaq: LULU), a provider of athletic apparel that is based in Vancouver, British Columbia, but incorporated in Delaware, has now reopened 295 of its 489 stores, or roughly 60 percent of its worldwide locations. The company reported net revenue of $652 million in its fiscal first quarter, which ended May 3, compared with $785 million during the same period a year ago, a 17 percent decline. Lululemon closed all of its stores in mainland China following the outbreak of COVID-19 and subsequently shuttered its Europe and …

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FloridaInvestment salesNewsRetailers

Current Capital Acquires Retail Property in South Florida for $12.6 Million

by Alex Tostado

Lauderhill, Fla. — Promenade Plaza LLC, an affiliate of Current Capital Real Estate Group, has acquired Promenade at Inverrary, a 143,460-square-foot retail property in Lauderhill, for $12.6 million. The asset is located at 4402-4678 N. University Drive, 11 miles west of downtown Fort Lauderdale. Todd Nepola, president of Current Capital, says the company will implement remodeling plans at Promenade over the next 12 months. Current Capital will also handle management and leasing efforts at the shopping center, which was built in 1986. The seller was not disclosed. CenterState Bank provided …

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Swire Properties to Welcome Five Retailers to Brickell City Centre in Miami

by Alex Tostado

Miami — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has announced that five retailers are joining the tenant lineup at Brickell City Centre in Miami. Marabu, which recently opened its doors, is a Cuban-inspired restaurant headed by Cuban-American chef Alberto Cabrera. Opening in July are Indochino, a digitally native menswear suit retailer, and Est.33 Craft Brewery & Kitchen. Los Chinos, a Latino-Chinese fusion restaurant, will open later this summer. The restaurant will feature an after-hours speakeasy and outdoor patio space. Lastly, Lucid Motors, …

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Company newsIndianaMallsNewsRetailers

Simon Property Group Terminates $3.6 Billion Taubman Centers Merger Agreement

by Alex Tostado

Indianapolis — Simon Property Group (NYSE: SPG) has terminated its Feb. 9 merger agreement with Taubman Centers Inc. (NYSE: TCO). Simon also filed an action today in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80 percent interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared …

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Company newsEntertainmentKansasNews

AMC Theatres Expects to be ‘Fully Open’ Globally in July

by Alex Tostado

Leawood, Kan. — AMC Entertainment Holdings Inc. (NYSE: AMC) plans to reopen almost all of its U.S. and U.K. theaters in July. The Leawood-based movie theater chain has already reopened 10 theaters in Norway, Germany, Spain and Portugal, and expects to be fully open globally in July ahead of the release of Christopher Nolan’s “Tenet” on July 17 and Disney’s “Mulan” on July 24. AMC is working closely with local, national and international officials to coordinate timing and requirements of reopening. It is consulting with the Harvard University School of …

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NewsWashington DC

Pandemic’s Impact on Retail Imports Easing, But Volume is Still Well Below Last Year, Says NRF

by Alex Tostado

Washington, D.C. — COVID-19’s impact on U.S. retail imports is easing, beating prior forecasts, says the National Retail Federation (NRF). The NRF and partner Hackett Associates released their Global Port Tracker on Monday, which showed that ports handled just over 1.6 million 20-foot equivalent units (TEUs), beating expectations from one month ago. “Imports are erratic, with one month up and the next down,” says Ben Hackett, founder of Hackett Associates. “Getting 40 million people back to work will take time, especially with many fearful of catching the virus and staying …

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