Openings, Closings, & Other Key Industry Highlights

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November 30, 2022

 
 

As part of its continued collaboration with retailers and stadiums to equip locations with Just Walk Out technology and Amazon One palm recognition and payment, Amazon opened a store called “Twice Daily” inside Bridgestone Arena in Nashville, TN. A second store in Bridgestone Arena is slated to open in early 2023. Offerings include an assortment of packaged beer, spiked seltzers, soda, bottled water, chips, candies, and sundries. Other sports venues featuring these technologies include Texas A&M’s Kyle Field, Lumen Field in Seattle, Crypto.com Arena in Los Angeles, and a Hudson Nonstop at Dallas Fort Worth International Airport. Amazon One is also available at over 65 Whole Foods stores in California. Click here for more information.

 
 

Quiznos signed a development agreement with franchisee Parish Patel to open 30 restaurants across Arizona starting in 2023 with completion in 2030. Three sites are slated for construction in 2023 and 2024, with the remaining 27 scheduled for 2025 through 2030. Many of these locations are expected to be in the “Qube” format, as part of a partnership with BCubed Manufacturing, which makes pre-fabricated drive-thru restaurants. At least one location will be near the Tucson campus of University of Arizona. This comes after Quiznos signed a deal with CF Lifestyle Investments to develop locations in the Denver market. 

Click here to request a sample list of future openings.

 
 

Chico’s 3Q22 sales increased 14.3% on comp growth of 16.5%, partially offset by 18 fewer stores compared to the prior year period. Performance was driven by the Company’s apparel brands, with comps at Chico’s and White House Black Market up 29% and 17%, respectively; comps at Soma declined 6.1%. Gross margin contracted 70 bps mainly due to higher raw material costs, while SG&A margin benefited from ongoing expense management. Overall, Chico’s operating income and margin increased 44% and 130 bps, respectively. During the quarter, the Company opened 10 stores (eight Soma boutiques and two Soma outlets) and closed seven (three Chico’s, two White House Black Market, and two Soma Boutiques), ending the quarter with 1,261 locations.

In 4Q22, Chico’s plans to open 14 more standalone Soma stores and expects to close a total of 26 stores for the full year. At quarter end, Chico’s inventory was up 9.5% year-over-year, moderating from 68% growth in 2Q22, reflecting early holiday receipts, higher costs, and the alignment of on-hand inventory with demand. During the quarter, the Company used excess cash to repay $30 million of debt; total debt was down 30% from 2Q22. Chico’s ended the quarter with a net cash position of nearly $72 million.

 
 

Alimentation Couche-Tard’s 2Q23 sales increased 18.7% to $16.88 billion. Total merchandise and service revenues increased 2.3% to $4.10 billion, with same-store merchandise revenues up 5.6% in the U.S., 2.9% in Europe, and down 1.5% in Canada. Merchandise and service gross margin increased 20 bps in the U.S., 90 bps in Canada, and decreased 10 bps in Europe. Adjusted EBITDA rose 13.9% to $1.46 billion. During the quarter, Alimentation Couche-Tard completed the acquisition of 218 sites within the Wilsons network, consisting of 79 Company-owned and operated convenience retail and fuel locations, two Company-owned and dealer-operated locations, 137 dealer-owned and operated locations, and a fuel terminal in Atlantic Canada; in connection with obtaining approval for this transaction, the Company agreed to divest 34 Company-owned locations, one Company-owned and dealer-operated location, and 12 dealer-owned and operations units. Also, during the quarter, one other Company-operated store was acquired, 19 stores were built, and four were relocated. As of October 9, another 73 stores were under construction and are slated to open in the upcoming quarters. Click here to request a sample list of future openings.

 
 

Target customers scheduled for curbside pickup will now be able to add an order for Starbucks items at 240 stores in California, Delaware, Minnesota, New Jersey, New York, Pennsylvania, Texas, Washington, and West Virginia. Target has been building the Starbucks with Drive Up app functionality since late 2021, citing customer demand for the option. The service was piloted at several stores before being fine-tuned and expanded. Click here to request a sample list of future openings.

 
 

Academy Sports + Outdoors expanded into West Virginia with the opening of a new 60,000 square-foot store in Barboursville. The Company also opened a new 50,000 square-foot location in Tampa Bay, FL. In 2022, Academy has opened nine new stores, and the retailer plans to continue its expansion efforts in the future, with the goal of opening 80 to 100 new stores over the next five years. For more information about Academy’s store locations, please see our Store Concentration map below. Click here to request a sample list of future openings.

 
 

Jack in the Box reported 4Q22 same-store sales increased 4% on higher average check, driven mostly by pricing, and an increase in traffic at Company-operated stores. Systemwide sales rose 4.1%. The chain currently has 68 signed agreements for a total of 267 new restaurants; under these agreements, 22 restaurants have opened and 245 remain for future development. Net restaurant count was down 26 in the quarter, with seven franchise openings offset by 33 closures. Del Taco’s 4Q22 comps were up 5.2%, and systemwide sales increased 4.2%. Sales performance was boosted by the successful launch of the Epic Tortas platform, the 20 Under $2 value menu, higher average ticket and menu price, partially offset by menu mix and transaction declines. Net restaurant count declined by three, comprised of one Company-operated closure and two franchise closures. 

Click hereto request a sample list of future openings. 

 
 

Sustainable footwear brand Allbirds opened a 3,700 square-foot store at the Prudential Center in Boston, MA. The location is the Company’s fifth outpost in the Boston area and has one of the biggest footprints of all its retail outlets. Currently, Allbirds operates 42 stores across the country.

 
 

Our Place, the direct-to-consumer kitchenware brand launched in 2019, opened its first-ever retail location, in Venice, CA. In addition to selling cookware, tableware and kitchen tools, the store will also feature a café serving tea, boba, haldi doodh (turmeric latte), and other culturally rooted beverages. A second retail outpost, also located in the Los Angeles area, is expected to open next month, and the Company plans to add new stores in New York City in 2023.

 

Burlington’s 3Q22 sales fell 11.5% and comps declined 17%. Management indicated the sales shortfall was largely self-inflicted as it did not respond aggressively enough to consumers’ heightened focus on value. During the quarter, increased product sourcing costs paired with the sales shortfall contributed to an EBITDA decline of 40%. During the quarter, Burlington opened 18 new stores, relocated 10, and closed two, bringing the total store count to 893. For FY22, the Company expects to open 87 net new stores, ending the year with 927 stores. See our Retail Openings & Closings map below for future openings and closings. 

Click here to request a sample list of future store openings.

 
 

Yesway opened three stores under its Allsup’s banner in Fort Stockton, Hawley, and Millsap, TX. The locations have 5,600 square feet of merchandising space, 24 fueling positions, and high-speed diesel fueling lanes. With these openings, the Company now has 425 stores and has opened 39 new-to-industry and relocated stores to date in 2022. The new stores are the latest of the new large-format stores Yesway is opening, with more expected before year end. Allsup’s Express store format debuted in August in Lubbock, TX with a 3,000 square-foot location. In September, Yesway acquired Tres Amigos, which operates nine c-stores in Texas. 

 
 

Black Friday in-store traffic increased 2.9% year-over-year, according to preliminary data from Sensormatic Solutions. Non-mall traffic (lifestyle centers, strip centers, and standalone stores) increased 4.7%, while enclosed malls inched up 1.2%. Online spending on Black Friday reached $9.12 billion, up 2.3% over 2021 according to Adobe Analytics data. Online BNPL (by now pay later) revenue increased 1.3% and orders were up 0.7%, according to Adobe. The average order value for BNPL purchases decreased in the U.S. by 6% on Thanksgiving, according to data from Salesforce, suggesting shoppers are switching to lower-priced goods or spending less overall. Electronics and accessories was one of the most popular categories to shop for on Black Friday, with data from Salesforce indicating sales were up 19%. Toy sales on Thanksgiving Day were up 10%. Mobile shopping accounted for 55% of online retail sales on Thanksgiving Day, an increase of 8.3% from last year, per Adobe. On Black Friday, mobile sales reached 48% of all online sales, compared to 44% in 2021. Curbside pickup was used in 13% of all online orders on Black Friday, down from 21% last year. 

 

Lids is opening its first brick-and-mortar store for an online banner it launched in February. Lids Hat Drop (Lids HD) sells limited-edition products, and its debut location will be in Queens, NY. The 950 square-foot store will offer the same type of merchandise that is available at the website and will also feature consumer favorite brands along with recent collaborations with other companies as well as designers and influencers. In July 2022, Lids launched the banner Lids University (Lids U), a new retail concept dedicated to collegiate sports product and apparel, with 11 stores planned to open in 2022.

 
 

Dallas, TX-Based Dickey’s Barbeque Pit has signed two letters of intent with separate entities to develop over 65 locations in Canada across the Greater Toronto and Niagara areas. The first restaurant is scheduled to open in late December. Then throughout 2023, the Company will open additional locations in Calgary, Edmonton, Leduc and Ft. Saskatchewan, Alberta, Ottawa, Ontario, Sherbrook, and Quebec. The Dickey’s franchise has more than 550 barbecue restaurants across the U.S. and other countries, including Brazil, Egypt, Japan, Pakistan, Singapore, and the United Arab Emirates.

 
 

Camping World announced an agreement to acquire RV Solutions Inc., a family-owned RV dealership group in San Diego, CA. This transaction includes two RV Dealership locations, RV Solutions and Airstream of San Diego, along with one standalone parts and service center in El Cajon, CA. The acquisition of these facilities is scheduled to be finalized in 1Q23. The Company’s footprint in California will expand to 18 locations following completion of the transaction. To learn more about Camping World’s openings please see the map below. Click here to request a sample list of future openings. 

 
 

After opening its first U.S. brick-and-mortar store in Las Vegas, NV earlier this month, Canada Goose, the luxury outwear brand, is planning to open more locations in December. It has been reported that the jacket retailer will open a store in Denver, CO as well as two pop-up shops in Aspen, CO and Detroit, MI before the end of the year. The Company‘s U.S. sales have been growing, including at existing stores and wholesale, and the new U.S. retail locations will join nearly 50 brick-and-mortar stores around the world, including 16 in mainland China.

 
 

On November 7, 2022, The Gap announced it had signed agreements to sell the Greater China operations to Baozun Inc., its e-commerce partner in China, for a primary consideration of $40 million, up to a $50 million limit, subject to adjustments under a Share Purchase Agreement. Baozun will operate the in-market website and roughly 200 stores under a franchise agreement. This is a similar strategy Gap employed to reorganize the European operations. The transaction is subject to customary closing conditions and regulatory approval and is expected to close during 1H23. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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