Development/Redevelopment

Dunkin’ Donuts is expanding its footprint in Texas.    The chain signed multi-unit store development agreements with four existing franchise groups to develop approximately 65 new restaurants in Dallas-Fort Worth and the surrounding area.     The new restaurants will include several multi-brand locations with sister brand Baskin-Robbins, the world's largest chain of ice cream specialty shops.     

(Ed. note: Neil Saunders, CEO of Conlumino, comments on Sears Holdings’ third-quarter results.)   In the movie Titanic there is a line where, realizing chaos is about to en-sue, one character helpfully notes “it’s starting to fall apart; we don’t have much time”. Such a sentiment could well be applied to Sears. The analogy with Titanic is also apt; not least because while Sears was once a titan of US retail, it now looks set to sink.  

Casey’s General Stores continues to grow its store portfolio.   The Iowa-based convenience-store operator currently has 39 new stores, 22 replacement stores, and 37 major remodel stores under construction.       Looking ahead, Casey’s has 84 sites under contract for future new store construction and 15 acquisition stores under contract to purchase.     

Retail real estate developers and management companies are coming away from this week’s New York Deal Making show more optimistic than they’ve been in years.   “There’s some uncertainty following the election, but the stock market is up, the holiday’s been strong, and consumer confidence is high,” said CBL CEO Stephen Lebovitz at the International Council of Shopping Centers show, whose aisles were crammed with some 10,000 attendees.  

When the nation’s retail industry recently congregated in New York City for ICSC’s National Deal Making conference, much of the discussion centered on the evolving mindset of consumers throughout the country. For retail real estate professionals in the Northeast, this conversation is vital.   

Heidenberg Properties has received planning board approval to build a new 54,000-sq.-ft. Stop & Shop prototype at its Lake Plaza Shopping Center in Mahopac, New York. The store will replace a Key Food supermarket and increase total square footage at the center to 165,000 sq. ft.   “This was a complicated process involving multiple municipal agencies,” said Heidenberg VP of Operations Jason Lazar.” We are excited to deliver the new prototype for Stop & Shop."  

For landlords and tenants alike, co-tenancy provisions are among the most important pieces of the retail-leasing puzzle. The right mix of tenants can create powerful synergies. For a retail tenant, the stakes are high: the right neighbors can mean the difference between success and failure. Consequently, understanding the different types of co-tenancy clauses, becoming familiar with the nuances and negotiations that accompany their inclusion in a standard lease, and appreciating the concerns and considerations that make them so important should be a priority for any retailer.