Gatewood Retail News
Stein Mart files for bankruptcy with store closing plans By Marianne Wilson – 08/12/2020 Stein Mart is the latest retail victim of the COVID-19 pandemic. The Jacksonville, Fla.-based off-pricer filed for Chapter 11 bankruptcy protection and plans to permanently close most of, if not all, its 279 stores. Stein Mart said it already has launched a store closing and liquidation process and continues to operate its business in the “ordinary course” in the near term. The retailer also is considering the sale of its e-commerce operations and intellectual property. [Further reading: Stein Mart signals it might not survive pandemic] “The combined effects of a challenging retail environment coupled with the impact of the coronavirus pandemic have caused significant financial distress on our business,” Hunt Hawkins,…Read More >>
Bankruptcy court has emerged as a shopping mecca for Sparc Group, the 50-50 partnership between Simon Property Group and Authentic Brands. Simon AUTHOR Daphne Howland@daphnehowland PUBLISHED Aug. 17, 2020 Bankruptcy court has emerged as a shopping mecca of sorts for Sparc Group, which, after successfully bidding on a series of retailers in Chapter 11, is now the “operating partner” for Aeropostale, Forever 21, Lucky Brand and Brooks Brothers, and is a rumored suitor of J.C. Penney. The venture says it supports “over $2.7 billion in global retail sales annually.” “Sparc Group” isn’t a typical retail enterprise, but, rather, half mall developer Simon Property Group, half brand conglomerate Authentic Brands Group — an entity designed to, as Simon CEO David Simon told analysts earlier this month, capitalize “on various value-creating…Read More >>
Apple becomes US’ first $2T company Shares have gained 59% this year By Jonathan GarberFOXBusiness close Apple to split stock to lower price Apple Inc. became the first U.S. company with a $2 trillion market capitalization as its share price climbed above $467.77. The tech giant joins Saudi Aramco as the only companies to reach a $2 trillion market value. Armaco, Saudi Arabia’s state-owned oil company, briefly topped the level just days after its December 2019 initial public offering. The company currently is currently worth $1.82 trillion. Apple’s market capitalization has soared by 59%, or $695 billion this year. Shares have gained 22% since July 30, when the company reported blockbuster second-quarter earnings and announced a 4-for-1 stock split. Ticker Security Last Change Change %…Read More >>
Source: Nations Restaurant News| Nancy Luna @fastfoodmaven Cracker Barrel Old Country Store is joining the growing list of restaurant chains deleting menu items to simplify operations during the coronavirus pandemic. The Lebanon, Tenn.-based comapny, which reported a 41.7% decline in same-store sales in the second quarter, has streamlined its menu for both guests and employees by eliminating items while also adding a few new dishes. Related: Cracker Barrel’s post-pandemic strategy: testing beer and wine program, rolling out new menu “We delete menu items from time to time to make room for new signature, craveable menu items that our guests love,” Cammie Spillyards-Schaefer, vice president of Culinary and Menu Strategy, told Nation’s Restaurant News in a statement. Cracker Barrel representatives declined to name the items removed…Read More >>
National Retail Federation | Karen Kroll With the COVID-19 pandemic showing little sign of letting up, the need to social distance is likely to remain for a while. That creates challenges for many businesses, particularly restaurants. After all, part of the fun of eating out comes from soaking in the energy of the crowd and enjoying the ambiance. Restaurant-goers might want to keep their distance, but not feel like they’re the only ones in a room. And while plexiglass dividers can keep people separated, they can also look sterile. Rethinking the Space Visitors to Lena’s Wood Fired Pizza & Tap in Alexandria, Va., might be forgiven for wondering if they’ve accidentally wandered into an elegant party. To keep patrons safe…Read More >>
Source: CNBC | Lauren Thomas KEY POINTS With more people clicking “buy” online, demand for industrial real estate could reach an additional 1 billion square feet by 2025, according to commercial real estate services firm JLL. The boom for fulfillment centers comes as the traditional retail real estate industry is suffering with store closures piling up and rents plummeting, as companies look to negotiate new leases. With online sales proliferating during the coronavirus pandemic, the U.S. is going to need more warehouses to store hoards of boxes and handle those orders. Holed up at home, and with many bricks-and-mortar stores temporarily shut, shoppers have turned to their computers and smartphones to buy everything from fresh groceries to new home furnishings to pet…Read More >>
If you are looking for a WINNING restaurant concept that would be 1) first to market, 2) family-friendly yet very cool 3) will possess a great opportunity for expansion, I would like to speak with you! In my work as a commercial broker specializing in restaurant and retail concepts, I rarely see concepts that make me want to get involved at this level but this concept is fantastic. This is a franchise and the candidate must meet the following criteria: $1MM in net worth (can include an investment partner) $500,000 in liquid capital Ready to begin development in next 3-6 months Previous experience in the restaurant industry a plus but not required. CONTACT: Tracy Gatewood Broker / Biggest Fan Gatewood…Read More >>
Source: National Retail Federation Prior to the COVID-19 pandemic, NRF commissioned PwC to update our 2014 study on retail’s impact on the U.S. economy. The latest results are in — and they profoundly illustrate the retail sector’s importance. And though the economic impact of the coronavirus pandemic will drastically reduce the numbers overall, they do emphasize the enduring importance of retail to the economy and any successful plan to rebuild. Across each measurement — employment, labor income and GDP contribution — retail’s total impact on the U.S. economy has grown significantly since our last report. Over the six-year period between reports, retail has grown its employment impact by a staggering 10 million jobs. While an element of the growth is attributable to…Read More >>
Source: Restaurant Dive Emma Liem Beckett Ghost kitchens, or cooking facilities that produce food only for delivery with no dine-in or customer facing areas, could create a $1 trillion global opportunity by 2030, according to a Euromonitor virtual webinar presented by Euromonitor’s Global Food and Beverage Lead Michael Schaefer. The firm predicts cheaper, faster and more reliable delivery could help this segment capture 50% of drive-thru service ($75 billion), 50% of takeaway foodservice ($250 billion), 35% of ready meals ($40 billion), 30% of packaged cooking ingredients ($100 billion), 25% of dine-in foodservice ($450 billion), and 15% of packaged snacks ($125 billion). Diners are becoming more comfortable with food delivery. Restaurant closures, in the wake of the novel coronavirus pandemic, will drive…Read More >>
Source: Atlanta Business Journal Every weapon U.S. shopping malls have deployed in the war against e-commerce — movie theaters that serve dinner, hands-on beauty chains and cocktail bars inside department stores — could be rendered useless by the novel coronavirus pandemic. Malls have been on a long, slow downward spiral for the better part of 15 years as shoppers shifted more of their spending online, bankrupting the stalwarts of American retail and forcing mall owners to look beyond retailers to fill the storefronts in their hulking properties. But the pandemic is a multifaceted threat that has mall owners in free fall, and some experts believe it will be the final death blow to hundreds of shopping malls across the country.…Read More >>
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