Openings, Closings, & Other Key Industry Highlights

Retail News

Powered by

Premier Source For Location Data

May 12, 2021


Dick’s Sporting Goods is introducing its latest new format, a new off-price concept called Going, Going, Gone!, with new stores opening on May 28 in Avon, IN and Monroeville, PA. The new banner will offer “surprising deals on unique finds in footwear and apparel from the brands customers have enjoyed shopping for at Dick’s Sporting Goods for years.”

Also this month, the Company will roll out experiential “soccer shops” inside six existing Dick’s stores (featuring in-store soccer experts), debut six redesigned Golf Galaxy locations (featuring hitting bays, custom fittings, golf lessons, and apparel and equipment from top golf brands), and expand technology offerings in eight additional Golf Galaxy stores. See the chart below for locations and opening dates. Furthermore, Dick’s will open a namesake store in Northridge, CA, and a Sporting Goods Warehouse Sale store in New Orleans, LA. Warehouse Sale locations are temporary pop-ups offering discounts of 70% or more. Click here to request additional information.


Amazon’s contactless entry-and-payment system Amazon One is now available at an Amazon Go store in New York City. The system is also offered in more than a dozen Amazon locations across the Seattle area, including at select Amazon Go, Amazon Go Grocery, Amazon Books, Amazon 4-Star, and Amazon Pop Up stores. Click here for a list of Amazon future store openings.


Marathon Petroleum’s CEO Michael Hennigan reported that the Company is nearing completion of its $21 billion sale of Speedway to 7-Eleven. Mr. Hennigan said that the closing should happen in “weeks, not months.” The two sides originally expected the transaction to close in 1Q21; however, in March, MPC announced that the closing needed to be pushed back to 2Q as the FTC continued its review. In late April, 7-Eleven addressed anticompetitive concerns from the FTC by agreeing to divest 106 stores to CrossAmerica Partners LP for $263 million, pending completion of the Speedway deal. The vast majority of these sites are currently operating under the Speedway brand. Click here to request a proximity analysis of Speedway and 7-Eleven locations within 0.5mi.


L Brands’ board approved its plan to separate Bath & Body Works and Victoria’s Secret into independent, publicly traded companies. The Company expects to create these companies through a tax-free spin-off of Victoria’s Secret to L Brands’ shareholders. As previously announced, the Company had mulled the possibility of either a spin-off or asset sale of Victoria’s Secret with the help of JP Morgan and Goldman Sachs, and the Company had received interest from multiple potential buyers; however, the board concluded that the spin-off would provide shareholders with more value than an asset sale. The transaction is expected to be completed in August. Andrew Meslow, CEO of L Brands, will become CEO of Bath & Body Works following the separation, and Martin Waters, CEO of Victoria’s Secret, will continue in that position.

The Company expects to report net sales of more than $3 billion for the first quarter ended May 1, reflecting an over 80% increase from 1Q20, and a 15% increase from two years ago. By banner, Bath & Body Works revenue (49% of 1Q21 sales) more than doubled to $1.45 billion, and Victoria’s Secret revenue (61% of 1Q21 sales) advanced 90% to $1.55 billion. On a two-year stack, Bath & Body Works sales rose 70%, while Victoria’s Secret’s revenue remained flat from 1Q19. The Company also expects to report total operating income of $570 million. Click here to request a sample list of Victoria's Secret closures.

Our Hot Market Report takes a closer look at the Washington D.C. real estate landscape, and provides visual competitive analyses as well as key real estate metrics such as future openings, store count, market share, digital insights, and demographics. Click here to request a copy of the full report.


Southeastern Grocers (SEG) opened a Winn-Dixie store in Viera, FL on May 5. The opening is SEG’s latest expansion in Florida, following the 2020 openings of eight new Winn-Dixie stores in Boynton Beach, Fort Myers, Gainesville, Lakewood Ranch, Lake Mary, West Melbourne and two locations in Jacksonville. The Company has also been refreshing and remodeling its store base, and is on track to complete 70% of locations by the end of FY21. FY20 sales increased about 15%, although earlier this year the Company pulled its planned IPO due to a lack of interest. Last month, the Company completed the divestment of its BI-LO banner and now operates about 420 stores, including 365 Winn-Dixie’s concentrated in Florida. Click here to request a list of future store openings and closings.


Gap entered into an agreement to sell its luxury apparel brand, Intermix, to private equity firm Altamont Capital Partners. Terms of the agreement were not disclosed, and BofA Securities acted as the exclusive financial advisor to Gap on the transaction. At year-end, Intermix had 31 store locations in the U.S.; Gap acquired Intermix in 2012.


Ahold Delhaize’s The Giant Company plans to add four new stores in Philadelphia, PA, bringing its count in the city to ten. The stores consist of a 32,000 square-foot Giant Heirloom Market and three Giant supermarkets standing at 46,000 square feet; 50,000 square feet; and 40,000 square feet. The new stores are slated to open by 2023. Click here to request a list of future store openings and closings.


Authentic Brands Group (ABG) and the SPARC Group entered into an agreement to purchase Eddie Bauer from PSEB Group, an operating company owned by Golden Gate Capital. PSEB was established in 2018 after the acquisitions of Eddie Bauer and PacSun out of bankruptcy (PSEB will continue to operate PacSun). As part of the deal, ABG will own Eddie Bauer’s intellectual property, and the brand’s core operating business will become a part of the SPARC portfolio of brands (SPARC is a joint venture between Authentic and Simon Property Group). Financial terms of the deal, expected to close by June 1, were not disclosed. ABG said it will expand Eddie Bauer into new outdoor categories and distribution, and launch the brand in China and South Korea. Eddie Bauer will remain headquartered in Seattle, WA and under the leadership of current President Damien Huang. Eddie Bauer currently has about 300 stores in the U.S. and Canada. 


WinCo will open a 105,000 square-foot store in Washington in a former Sears location. The Company plans to renovate the space. Click here to request a list of future openings.


Bojangles announced a new business venture with operator Chaac Foods Restaurants in what they’re calling the ‘40 and 40 deal’. The agreement calls for Chaac Foods to open 40 new Bojangles stores over the next seven years, including 20 in Georgia, 15 in the Orlando, FL area, and five in Tennessee. Chaac Foods will also acquire 40 existing corporate-owned Bojangles locations across the Georgia, South Carolina, and Tennessee markets. Click here to request a list of future store openings.


Sprouts Farmers Markets reported mixed results for 1Q21 (ended April 4). Sales decreased 4% to $1.6 billion with comps down 9.4%, as the Company lapped the impact of COVID-19; two-year comps were up a very unimpressive 2.2%. Gross margin, on which the Company focuses, increased 114 bps to 37.2% due to shrink improvement initiatives and fewer promotions. However, lower sales and higher e-commerce fulfillment costs (e-commerce was 12.5% of sales in the quarter) weighed on EBITDA, which dropped 10% to $145 million. The balance sheet is still solid and liquidity of nearly $700 million is more than adequate to fund working capital and new stores; Sprouts intends to open around 20 stores this year. Click here to request a list of future store openings.


Canada Goose plans to open a new store in Costa Mesa, CA that will feature its first “snow room” in the U.S. A newer version of its “cold room,” the “snow room” offers daily snowstorm temperatures and replicates various conditions so customers can test out winter apparel. The store will carry the full Canada Goose collection specific for the Southern California lifestyle, including lightweight down styles, rain and wind gear, knitwear and more, for men, women, and children. Canada Goose operates 29 stores globally, including five in the U.S. Click here to request a list of future store openings.


Macy’s announced a $235 million private investment in the Herald Square neighborhood surrounding its flagship location in New York City. Plans call for an upgrade to Herald Square into a “modern, pedestrian-friendly urban space with upgraded subway access, improved transit connections, and ADA-accessible elevators.” The Company previously revealed plans to build a commercial office tower above its flagship store. Macy’s expects this to generate $269 million annually in new tax revenue for New York City, support 16,290 jobs, and spark $4.3 billion in annual economic output. 


On May 10, Empire Company Limited (parent of Sobeys) completed the purchase of 51% of family-run supermarket chain Longo’s, which includes 36 specialty grocery stores in the Greater Toronto Area of Ontario operating under the Longo’s and Grocery Gateway banners, and the Grocery Gateway e-commerce business. This adds to Empire’s existing Sobeys, Foodland, FreshCo, Farm Boy and Voilà stores in the area. Empire acquired 51% of Longo’s issued and outstanding shares based on a total enterprise value of $700 million. After the fifth anniversary of the transaction, Longo’s shareholders have an option to sell up to a 12.25% interest to Empire per annum, and after the tenth anniversary, both Empire and Longo’s have mutual put and call options for any remaining minority shares outstanding. Click here to request additional information.


Denny’s Corporation’s 1Q sales decreased 17% to $81 million, mainly driven by a nearly 10% comp decline and the closure of net 46 restaurants year-over-year. Monthly comps were down 31% and 25% in January and February 2021, before improving to a 9% decline in March as the Company lapped the initial COVID-19 impact in the prior-year period. Preliminary April 2021 comps were down 2%, benefiting from an easier comparison as nearly all of the Company’s restaurants are now operating with at least partially reopened dining rooms. 1Q EBITDA was down 25% to $12 million.


At Home Group entered into a definitive agreement to be acquired by funds affiliated with Hellman & Friedman (H&F), a global private equity firm, in an all-cash transaction valued at $2.8 billion, including the assumption of debt. As previously indicated, At Home carried about $320 million of debt and cash of $125 million as of its FYE January 30. Under the terms of the agreement, At Home stockholders will receive $36.00 per share in cash, which represents a premium of approximately 17% to the Company’s closing stock price of $30.67 on May 4, the last trading day prior to media speculation regarding a possible transaction, and a premium of approximately 25% to the 30-day volume weighted average share price.

The transaction is expected to close in 3Q21, subject to the satisfaction of customary closing conditions, including the approval of At Home’s stockholders and expiration of the waiting period under Hart-Scott-Rodino. Upon completion of the transaction, At Home will become a privately held company, and its shares will no longer trade on the NYSE. At Home may solicit alternative acquisition proposals from third parties during a 40-day “go-shop” period following the date of execution of the merger agreement, but the agreement provides H&F with a customary right to match any superior proposal.

Funds advised by Honest Capital, a long-term investor in At Home, sent a letter this morning to the Company’s board indicating it plans to vote against the proposed sale. According to the letter, Honest Capital believes the $36 per share price is too low to provide adequate value to shareholders. Click here to request a list of future store openings.


RH opened a three-level, 70,000 square-foot store in the Knox district of Dallas, TX. The location features luxury home furnishings in a gallery-like setting, along with a glass-encased rooftop restaurant and wine bar that opens onto a landscaped park. RH Dallas is one of four locations scheduled to open this year, to be joined by openings in San Francisco, CA, Oak Brook, IL, and Jacksonville, FL. In addition, the Company will open its first “guesthouse” this fall, in New York City. In fall 2022, RH will open its first RH Bath House & Spa, in Aspen, CA. 


Primark signed leases for two new stores, in Tysons, VA and Valley Stream, NY (opening dates to be determined). Another location is under construction in Philadelphia, PA, expected to open in August. The Company currently has more than 390 stores across 13 countries. In March, it opened its 12th U.S. location in Chicago, IL. 


Elliott Investment Management, the owner of Barnes and Noble, entered into an agreement to acquire gift and stationery retailer Paper Source out of bankruptcy. Elliott was the successful bidder in a Court supervised auction; documents in the case state that the purchase price is “in excess of $91.5 million.” Funds from the acquisition will be used to repay $72.8 million in prepetition secured debt and amounts outstanding under the DIP Facility.

Barnes & Noble CEO James Daunt will oversee both companies. The two businesses plan to operate independently, however, management left open the possibility of “partnerships in the future.” Paper Source plans to operate 130 stores in the U.S. as well as its website and wholesale division, Waste Not Paper by Paper Source. Click here to request additional information.