Pittsburgh — Dick’s Sporting Goods reported a 23.2 percent increase in same-store sales for its fiscal third quarter that ended Oct. 31, the company’s best performance in that metric since going public nearly two decades ago. In addition, the Pittsburgh-based retailer saw its e-commerce sales rise by 95 percent relative to the third quarter of 2019, ending the period with roughly $1.1 billion in cash. Net income for the third quarter stood at approximately $177 million, a healthy 67 percent increase from the $57.5 million in net income reported in …
Richfield, Minn. — Best Buy Co. Inc. reported that its comparable-store sales grew 23 percent in the third quarter compared with the same period a year ago, a figure CEO Corie Barry called “remarkable.” The Richfield-based retailer’s third quarter ended Oct. 31. Barry cited the company’s supply chain expertise, flexible store operating model and ability to shift quickly to digital for the growth in sales. Best Buy’s domestic online sales grew 174 percent in the third quarter. Barry also explained that there is an elevated demand for products that help …
The Colony, Texas — Located in the rapidly growing suburbs of Northern Dallas, Grandscape is currently one of the largest mixed-use development projects in the U.S., occupying more than 400 acres in The Colony, Texas. At full build-out, Grandscape will boast over 3 million square feet of retail, entertainment, dining, residential, office and attractions. Phase one of the lifestyle center is open and includes such attractions as the country’s largest home furnishings store, Nebraska Furniture Mart; entertainment anchors, Andretti Indoor Karting & Games and Galaxy Theatres; and the all-sports store, …
Sherrills Ford, N.C. — Cushman & Wakefield has negotiated the $13.9 million sale of The Villages Shoppes at Sherrills Ford, a 60,298-square-foot, Publix-anchored shopping center in Sherrills Ford. The developer, Tampa, Fla.-based Wagner Property Group, sold the asset, which is located at the intersection of Slanting Bridge Road and Village Center North, 31 miles north of downtown Charlotte. Other tenants at the center include Hardee’s, Pizza Hut, Great Clips and Blue Sky Nails. Fain Hicks, Margaret Jones and Lane Breedlove of Cushman & Wakefield brokered the transaction. The buyer was …
Donna and Mission, Texas — Stan Johnson Co. has arranged the sale of two retail strip centers totaling 26,560 square feet in the Rio Grande Valley. Ruby Plaza is a 15,000-square-foot property in Donna, and Palmhurst Plaza is an 11,560-square-foot property in Mission. Evan Altemus of Stan Johnson represented the buyers, private investors, in both transactions.
Yuma, Ariz. — Marcus & Millichap has arranged the sale of a retail property located at 3080 S. Fourth Ave. in Yuma. A Southern California-based investor sold the asset to an undisclosed buyer for $2.1 million, or $538 per square foot, in an all-cash transaction. Built in 2019 on 1.2 acres, the 3,900-square-foot property was 62 percent occupied at the time of sale. Chipotle Drive-Thru occupies 2,400 square feet, with the remaining 1,500-square-foot suite vacant. Sanford Burstyn of Marcus & Millichap represented the seller, while JR Shah of Century 21 …
Minneapolis — Citing its multiple shopping channels and merchandising mix, Target Corp. reported Wednesday that its third-quarter comparable sales grew 20.7 percent compared with the same period a year ago. Digital comparable sales soared 155 percent, accounting for 10.9 percentage points of Target’s comparable sales growth. Same-day services such as order pickup grew 217 percent. “Our strong results in 2020 reflect the benefits of our multi-year effort to build a durable and flexible model, with a suite of fulfillment options,” said Brian Cornell, chairman and CEO, in a prepared statement. …
Wake Forest and Chapel Hill, N.C. — Wegmans will open two new grocery stores in 2021 in Wake Forest and Chapel Hill. The New York-based grocer plans to add 500 full-time jobs and nearly 900 total jobs at the two stores. The store in Wake Forest will span 104,000 square feet and will house 200 full-time employees. The property, located at 11051 Ligon Mill Road, is expected to open in May. The asset in Chapel Hill is expected to open in late February and will house 300 full-time jobs. The …
Since the onset of the COVID-19 pandemic, retail and restaurant space has been severely impacted by government-mandated shutdowns. While some stay-at-home orders have been lifted, the sector has struggled to return to its pre-pandemic norms. As a result, lenders have shied away from retail, whether it be construction, refinancing or acquisition loans, according to an expert panel assembled by France Media, Inc. Retail has “lost a lot of favor” with lenders, said Pierce Mayson, managing principal of SRS Real Estate Partners, during a webinar panel titled “Southeast Retail Investment Outlook: …
Shopping Center Business and Southeast Real Estate Business hosted “Southeast Retail Investment Outlook — Will Retail Investment Activity Bounce Back in 2021?” A panel of retail experts covered topics like the lending atmosphere, impacts of e-commerce and tenant types likely to expand or contract. Buyer pool shifts, seller considerations in regards to timing and the outlook for grocery-anchored spaces are all reviewed and considered. Plus, how might the presidential and congressional elections alter investment activity in 2021 for the Southeast’s top retail markets? Register and listen to learn from a panel of retail professionals …