Openings, Closings, & Other Key Industry Highlights

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April 10, 2024


On April 8, 99 Cents Only Stores LLC, DIP filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware. The proceedings have been designated as case number 24-10721.

The Debtors stated:

  • they have a commitment for a $60.8 million DIP Facility.
  • assets and liabilities are both estimated at between $1 billion and $10 billion.
  • the filing is to facilitate the wind-down of business operations and pursue a value-maximizing sale of its real estate.


neiman marcus

Reports surfaced again that HBC L.P., parent of HBCx, and Saks OFF 5th e-commerce, is in talks to buy rival Neiman Marcus. The Company and its lenders are said to have had the Saks Fifth Avenue flagship store in Manhattan appraised so it could be used as collateral to raise debt to finance a transaction. The store was reportedly valued at $3.62 billion. This represents a significant increase from a 2019 appraisal of $1.60 billion and is closer to its 2014 value of $3.70 billion. The Company acquired Saks Fifth Avenue in 2013 for approximately $2.90 billion.

In January, Neiman Marcus’ CEO Geoffroy van Raemdonck said there is currently “no process to sell the company. In the future, they (shareholders) will sell, and that future is probably the next five years. Sell or go public or do something.”


Reports on April 2 stated that Express is holding talks with its lenders to gain access to DIP financing to help fund a potential Chapter 11 bankruptcy, which could occur "as soon as next week." However, the reports also state that preparations are not final and plans could change.


J.C. Penney opened a new store in Wayne, NJ, its first new store in eight years. The store is located in a former Lord & Taylor and is touted as a smaller, more efficient format at 65,000 square feet selling space (120,000 gross square feet) compared to the Company average of 100,000 square feet. The new store reflects many of the changes the Company is rolling out to the rest of the 660 store chain, as part of its $1 billion refresh program. So far 120 stores have been refreshed, including nearly 70 completed in FY23. The Company plans to refresh the entire chain. The Company said it is weeding out weaker brands and adding new private labels, which are expected to represent about 50% of the mix. The Company also completed the rollout of JCP Beauty departments to all 660 stores following Sephora’s departure to Kohl’s.

Grocery Outlet

Grocery Outlet announced the closing of its previously announced acquisition of United Grocery Outlet from affiliates of Gen Cap America and current and former UGO management. With 40 stores and a distribution center, the acquisition of UGO expands Grocery Outlet's presence into Tennessee, North Carolina, Georgia, Alabama, Kentucky, and Virginia. 


H-E-B began construction on a 132,000 square-foot store in Prosper, TX, a city north of Dallas, which is slated to open in Fall 2025. The location is expected to include a restaurant and a full-service pharmacy with a drive-thru. H-E-B previously announced plans to open locations in Frisco and Mansfield later this year, and a Rockwall store in 2025. Tomorrow (April 10) H-E-B is opening its first store in Fort Worth. 

Mi Rancho Supermarket

Mi Rancho Supermarket, which operates five Hispanic grocery stores in the San Francisco, CA area, is planning to open a 14,000 square-foot store in San Francisco in the coming months. The new store will fill a long-vacant space in a food desert in the Bayview neighborhood. Mi Rancho stores typically include an in-store bakery called Mi Panaderia and a prepared foods department called Mi Cocina. The Company's five existing stores are located in Redwood City (2), San Jose (2), and San Leandro. 


Uniqlo plans to open 11 new stores across Texas and California in 2024 as part of its goal to open 20+ stores across North America during the year. This includes the chain's first stores in Texas, in Houston and Dallas, and its first in San Diego and Sacramento, CA. Uniqlo has ambitious growth plans to reach 200 stores in North America by 2027, focusing on regions with existing brand presence and new markets across the country. Currently there are 74 locations across North America. 

Build A Bear

Build-A-Bear Workshop plans to open at least 50 new stores globally this year, focusing on tourist destinations and malls. In addition, the Company is refreshing its e-commerce site and in-store retail signage. It will continue promoting itself across gaming platforms including Roblox, and it will debut its first TV commercial in years. It plans to continue developing its own entertainment content, following the two films released last year. 

Rite Aid

In the Rite Aid, DIP case, the Debtors identified 36 stores for closure, bringing the total of announced closures to 484.


Amazon is closing one of its Amazon Fresh stores in the Capitol Hill area of Seattle, WA in an effort to focus on larger locations for the concept. The location has originally operated as an Amazon Go before being it was converted to Amazon Fresh. Meanwhile, a second New Jersey location for the Amazon fresh banner is reportedly under development in Eatontown. 

saks fifth avenue

Saks Fifth Avenue will close its store at The Fashion Mall at Keystone in Indianapolis, IN later this year as part of a plan to redevelop the mall. No specific new stores or restaurants have been announced for the to-be redeveloped mall. 

PGA Tour Superstore

On April 6, PGA Tour Superstore opened a new store at Lady Lake Commons in Lady Lake, FL. The building was originally occupied by EarthFare, which closed in 2022. 


Indigo Books & Music entered into an agreement with Trilogy Investments L.P. (TILP) and Trilogy Retail Holdings Inc. (Trilogy) whereby TILP will acquire all the issued and outstanding common shares of the Company that Trilogy, its affiliates and joint actors do not currently own (Minority Shares) for $2.50 in cash per share. The transaction is subject to approval by the holders of Minority Shares and other customary closing conditions. Trilogy, together with its affiliates, currently owns 17 million common shares of the Company, representing 60.6% of the issued and outstanding common shares. TILP and TRHI are controlled by Gerald W. Schwartz, a member of the board of directors of the Company.

The purchase price of $2.50 per share reflects a 69% premium to Indigo's closing price of $1.48 per share on the Toronto Stock Exchange on February 1, 2024, the last trading day prior to the public announcement of the initial proposal, a 56% premium to the 20 business day volume weighted average price for Indigo's common shares and an 11% increase in the consideration as compared to the initial proposal of $2.25 per share.


Walmart Health expanded its footprint in Texas with the opening of its first location in the Houston area on April 8. It plans to roll out more locations throughout the summer and fall. In total, Walmart will open 22 new Health Centers in 2024, including 18 in Texas (eight in Houston and 10 in Dallas/Fort Worth) and four in the Kansas City market, its first locations in Missouri. The Company said it is committed to having 75+ total locations open by early 2025, up from 48 locations in five states at the beginning of 2024.

FAT Brands

Fazoli's will open 25 locations in Canada over the next 10 years through a franchise agreement with Briwin Restaurants. The first units are expected to open in 2025 in the province of Alberta. Founded in Lexington, KY, Fazoli's operates 220 restaurants in 27 U.S. states; last year it announced a development agreement to bring five locations to Puerto Rico over a six-year period. Fazoli's is owned by FAT Brands, which owns and franchises more than 2,300 units worldwide. 


On April 4, McDonald’s Corporation announced that it will acquire Alonyal Limited, which owns and operates 225 McDonald’s locations in Israel. The Company will continue to operate the stores and will retain all employees. Details were not disclosed, but the Company expects to close the deal in the coming months. 

General Interest

March Job Gains... The U.S. job market added 303,000 jobs in March, despite an expected slowdown in job growth, according to the Bureau of Labor Statistics. The unemployment rate dropped from 3.9% to 3.8%, showcasing the resilience of the labor market amidst inflation pressures and elevated interest rates. Annual wage gains slightly decelerated to 4.1% from 4.3%. Industries such as healthcare, government, leisure, hospitality, and construction were the primary drivers of job growth. This marks the 39th consecutive month of job additions and the fifth longest period of recorded job growth. 


The information contained in this newsletter is compiled from sources which RetailStat, LLC (“RetailStat”), does not control and unless indicated is not verified. Its contents are not to be divulged. RetailStat, its principals, and writers do not guarantee the accuracy, completeness or timeliness of the information provided nor do they assume responsibility for failure to report any matter omitted or withheld because of their negligence.