News Briefs

Woodbridge Mall in Woodbridge, N.J. has a new owner.  

The 1.8 million-sq.-ft. shopping center was sold in February and the buyer — still unnamed — took ownership on Monday, April 1, reported TAPintonet.com. The purchase price was put at $70.4 million.

John E. McCormick, the mayor of Woodbridge, told TAPinto that the buyer “has a terrific track record across the country for revitalizing troubled assets.”

“We are thrilled that they want to keep Woodbridge Center as the iconic shopping and entertainment destination that it should be,” he said.

Chicago-based Brookfield Properties acquired Woodbridge Center, which opened its doors in 1971, as part of its acquisition of GGP Inc. in 2014.  The mall was appraised at $366 million at that time, according to CoStar data, but its most recent appraisal dropped to $79 million, according to the report. It has struggled in recent years amid evolving shopping patterns and as as two of its biggest stores, Lord & Taylor and Sears went dark. 

In October 2021, Brookfield consented to the appointment of a receiver on the property and stopped making payments on the loan the following June, reported CoStar.

Walmart’s freestanding health center concept is entering two new markets.

Walmart Health is expanding its footprint in Texas, with the opening of its first location in the Houston area the week of 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 the Houston metro area and 10 in the Dallas/Fort Worth region) and four in the Kansas City market. The Kansas City sites will be Walmart Health’s first locations in Missouri.

The company said it is committed to having 75-plus total locations open by early 2025. (Walmart Health had 48 locations in five states.)

Walmart launched Walmart Health in 2019. The centers are designed to allow patients to manage their health care in one location, with services that include dental, primary care, behavioral health, x-ray, labs and more.

“Walmart Health continues to deliver healthcare that is convenient and personalized to each patient,” said Dr. David Carmouche, Walmart’s senior VP of healthcare dDelivery. "We’re thrilled to be expanding into Missouri and deepening our presence in Texas this year as we remain committed to growing our footprint to over 75 locations by early 2025."

Fazoli’s will soon be expanding north of the border.

The Italian quick-serve chain known for pasta, pizza and unlimited breadsticks, will open 25 locations in Canada over the next 10 years through a franchise agreement with Briwin Restaurants Inc. The first units are expected to open in 2025 in the province of Alberta.

The Canadian expansion is the latest for the chain. In early 2023, Fazoli’s announced a development agreement to bring five Fazoli’s locations to Puerto Rico over a six-year period. Founded in 1988 in Lexington, Ky, Fazoli’s operates 220 restaurants in 27 U.S. states.

“Fazoli’s has enjoyed tremendous success expanding domestically, operating in 26 states with over 200 locations, and is now well positioned to make its international debut,” said Taylor Wiederhorn, chief development officer of FAT Brands, parent company of Fazoli’s. “At FAT Brands, we have a strong network of international franchisees that span across nearly all our restaurant concepts. We’re excited to have an experienced operator come from within our Fatburger franchise system and commit to launching and developing an additional FAT Brands restaurant concept in Canada. We are confident that expanding in Canada is a natural first step for Fazoli’s in becoming a leading global chain.”

FAT Brands franchises and owns more than 2,300 units worldwide, and currently owns 17 restaurant brands. In the fourth quarter of fiscal 2023, which ended Dec. 31, 2023, FAT Brands opened 29 new stores, bringing the full-year total to 125 new openings.

Ashley Stewart Inc. has a new owner.

Kinbow LLC has acquired the majority stake of the  plus-size value fashion retailer. The price was not disclosed. Ashley Stewart specializes in apparel, intimates and accessories for women sizes 10 to 36. 

Kinbow is an affiliate of RA Capital, a group company owned by Ram Ajjarapu, with investments in technology, insurance, financial services, renewable energy and retail industries. The company plans to continue to operate all of Ashley’s Stewart’s 75 stores and its e-commerce business in their current form. It also plans to keep the retailer’s current management team in place.

“We are very excited about the opportunity to acquire this iconic retailer and grateful for all of the support we have received from all of Ashley Stewart’s stakeholders, especially our lender, Wingspire Capital, who worked closely with us to consummate this transaction,” said Ajjarapu, executive director of Kinbow.

“This acquisition demonstrates our belief in the value fashion market and marks a strategic expansion of Kinbow into the retail business,”  Ajjarapu continued. “As an accomplished apparel and accessories manufacturer with proven experience in developing stylish inclusive size styles, we expect to continue the heritage of the Ashley Stewart brand and look for opportunities to expand the on-trend fashion offerings the company’s loyal customers have come to expect.”

Kinbow LLC was represented by Norris McLaughlin, P.A. Guggenheim Securities, LLC is acting as financial advisor to Ashley Stewart; Brownstein Hyatt Farber Schreck LLP is serving as legal advisor to ASI Holdco.

7-Eleven International LLC has expanded its global growth strategy via a big acquisition.

The company has completed its acquisition of  7-Eleven Australia convenience stores.  The two companies announced the $1.1 billion deal in November 2023. With the closing, 7-Eleven International adds more than 750 stores in Australia to its portfolio.

"We are thrilled to become one team and create stronger synergy with 7-Eleven Australia," said Ken Wakabayashi, president and CEO of 7-Eleven International. "For nearly 50 years, the 7-Eleven Australia team has built the legacy of the brand as a top choice for convenience. Together, we can enhance customer experience in the store."

7-Eleven Australia is a long-standing licensee of 7-Eleven.The companies identified opportunities to transform 7-Eleven Australia's merchandise and fuel offer, expand product assortment and introduce new high-quality fresh foods.

"It is about continuing to grow our store network in Australia and providing unrivaled customer experiences and quality products," said Angus McKay, 7-Eleven Australia CEO and managing director. "My team and I are looking forward to taking advantage of 7-Eleven International's deep experience in convenience retailing with the leadership of Executive Chairman, Shin Abe."

7-Eleven International LLC is a joint venture of 7-Eleven, Inc. and Seven-Eleven Japan, Co. Ltd., which are owned by the holding company, Seven & i Holdings Co. Globally, the 7-Eleven trademark is represented in over 84,000 stores in 20 countries and regions. 

7-Eleven International operates or master franchises approximately 48,000 stores in 16 countries and regions. 7-Eleven, Inc. operates, franchises and/or licenses more than 15,000 stores in the U.S., Canada, and Mexico. Seven-Eleven Japan Co. Ltd. operates and franchises more than 21,000 stores in Japan.

Gopuff has launched a new benefit for its FAM paid membership customers that will make delivery even faster.

The on-demand delivery platform is debuting FAM20, a new benefit exclusively for FAM members that promises delivery in under 20 minutes for just $1.49/order. If an order takes longer than 20 minutes, FAM20 customers will be credited $1.49.

During pilot testing, FAM20 orders were packed in Gopuff’s micro fulfillment centers in 90 seconds on average and customers received their orders in 17 minutes on average, with some of the fastest orders completed in under 10 minutes. FAM20 drove a 10% increase in orders during the testing period.

“Gopuff has always been designed to bring instant experiences to customers and today we are excited to take instant to the next level with FAM20,” said Gopuff CEO & co-founder Yakir Gola. “FAM20 is a new FAM member benefit that promises delivery in 20 minutes or less. We are excited to leverage our vertically integrated platform and culture of innovation to bring the fastest delivery speed at the most affordable price to our customers.”

Late last year, Gopuff introduced “lower-than-low-grocery store prices” on thousands of everyday essentials exclusively for FAM members that rotate weekly.

Customers can join Gopuff’s FAM membership program for $7.99/month or $79.99/year. New members are eligible for a free 14-day trial.