News Briefs

Real estate management and investment firm JLL has added to its Southern California team.

The firm has hired 16-year Los Angeles industry veteran and urban street retail expert Matthew Fainchtein as managing director. Fainchtein will continue working with tenants and landlords in their leasing and investment needs with a focus on Beverly Hills, West Hollywood, Santa Monica, Studio City, Hollywood, Malibu, and the greater Los Angeles area. He will also lead the firm’s urban high street retail leasing practice throughout Los Angeles.

Fainchtein joins JLL with more than 16 years of experience in the retail real estate industry. Most recently, he served as executive managing director of retail for Los Angeles at Lockehouse Retail Group. Previously he spent nine years at Cushman & Wakefield specializing in urban and high-street retail. Throughout his career, Fainchtein has completed transactions valued at more than $900 million. 

With the addition of Fainchtein, JLL now oversees leasing of more than 20 million sq. ft. of retail properties in Southern California.

“We continue to see growth in urban street retail in Los Angeles as the best retailers want to be here and landlords want to position themselves as leaders in this specialty," said Chris Wilson, national agency retail lead and executive VP at JLL. "Matthew is the perfect senior partner for us with his experience doing deals on Los Angeles' best streets. He also gives us the experience to service our national urban clients, partnering with our JLL national urban brokerage colleagues who bring their clients to Los Angeles.”

JLL has an annual revenue of $20.8 billion and operations in over 80 countries around the world withmore than 106,000 employees.

Publix reported earnings and sales increases for its first quarter.

Net earnings increased 10.1% to $1.4 billion for the quarter ended March 30, compared to $1.2 billion in the year-ago period. Adjusted earnings per share were $0.33, compared to $0.32 per share in 2023.

Sales rose 5% to $15.1 billion. Comparable store sales increased 2.8%. The company estimates sales increased 1% due to the effect of the Easter holiday being in the first quarter of 2024. In 2023, the effect of the Easter holiday was in the second quarter.

Effective May 1, 2024, Publix’s stock price increased from $15.20 per share to $16.25 per share. (Publix stock is not publicly traded and is made available for sale only to current Publix employees and members of its board of directors.)

“I’m proud of our associates, the owners of Publix, for continuing to make shopping a pleasure for our customers,” said Publix CEO Kevin Murphy.

Based in Lakeland, Fla., Publix is the largest employee-owned company in the U.S. with more than 255,000 associates. It currently operates 1,376 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina, Virginia and Kentucky.

Destination XL Group is expanding its reach to a new audience.

The big and tall men’s clothing and shoes retailer has entered into a strategic collaboration with Nordstrom, which will launch on the department store retailer’s new digital platform.  Under the partnership, DXL will make its collection of brands available to Nordstrom customers.

The partnership coincides with the launch of Nordstrom’s new digital marketplace, which is designed to provide customers with a greater selection of products, brands and sizes. 

 "This collaboration with Nordstrom allows us to extend our “fit” expertise and unique styling to a new segment of Big + Tall customers,” said Harvey Kanter, president and CEO, DXL. “Together, we are not just expanding our reach; we are not just extending Nordstrom’s current Big + Tall offerings, but enhancing the way Big + Tall apparel is viewed and purchased.”

Walmart is adding more heft to its already considerable grocery presence.

The retail giant has unveiled Bettergoods, a line of on-trend, chef-inspired foods featuring "trend-forward" ingredients and flavors. With 300 items spanning frozen, dairy, snacks, beverages, pasta, soups, coffee, chocolate and more, Walmart described the new line as its largest private brand food launch in 20 years. 

Walmart is the nation’s largest grocer by revenue. It reported grocery sales of $264 billion for its most recently completed fiscal year.

Bettergoods items range from under $2 to under $15, with most products available for under $5. The products were curated by Walmart’s product development team that collaborated with suppliers across the globe to source quality, the retailer said.

The products fall in three distinct catories: culinary experiences, plant-based and made-without (includes items that cater to different dietary lifestyles, such as gluten free, or made without artificial flavors, colorings or added sugars.)

Walmart is also facing growing competition from Target on grocery private brands. In February, Target launched a low-priced private brand called Dealworthy that includes 400 everyday basics such as paper towels, paper plates, body wash, charging cables and cotton balls. Some of the items under that line cost less than $1 and most are under $10.

“Today’s customers expect more from the private brands they purchase – they want affordable, quality products to elevate their overall food experience," said Scott Morris, senior VP, private brands, food and consumables, Walmart. "The launch of bettergoods delivers on that customer need in a meaningful way. Bettergoods is more than just a new private brand. It’s a commitment to our customers that they can enjoy unique culinary flavors at the incredible value Walmart delivers.”

Walmart is launching the new brand amid growing competition from Target on low-priced private   brands. In February, Target unveiled a new low-priced brand, Dealworthy,  that includes 400 "everyday" basics across apparel and accessories, essentials and beauty, electronics, and home items. Prices start at less than $1, with most items under $10.

Subway has completed its blockbuster sale to Roark.

The deal was first announced in August 2023, with the nearly 60-year-old quick-serve sandwich chain entering into a definitive agreement to be acquired by affiliates of Roark Capital. The Atlanta-based private equity firm owns numerous fast-casual franchise chains through two holding companies.  

Privately-held Subway did not release financial details of the transaction, but The Wall Street Journal at the time reported the final bid from Roark was roughly $9.6 billion, making is one of the biggest deals in the fast-food industry since Roark’s Inspire Brands acquired Dunkin’ Brands for $11.3 billion in 2020.

The acquisition comes on the heels of Subway’s three years of sales growth and positive global net restaurant growth for the first time since 2016. Looking ahead, there are no anticipated changes to Subway’s leadership team, strategic focus or operating plans. The company said it will continue its focus on ongoing culinary and digital innovation, modernization of restaurants.

“The entire Subway system is excited that our sale to Roark is complete,” said John Chidsey, CEO of Subway. “As we look to our future, our growth journey is far from over. With a continued strategic focus on delivering better food and a better guest experience, our next chapter will be the most exciting yet.”

One of the world's largest quick-service restaurant brands, Subway has nearly 37,000 restaurants across more than 100 countries.

BJ's Wholesale Club continues its national expansion.

The membership warehouse club retailer announced three new club lcoations, with plans to open in Staten Island, New York; Brooksville, Fla.; and St. Johns, Fla. The Staten Island club will mark BJ's 49th location in New York, while  Brooksville and St. Johns will mark its 40th and 41st locations in the Sunshine State.

Earlier this year, BJ’s announced six new clubs opening across the Southeast and Midwest, as well as expansion into its 21^st state, Kentucky, with an opening in Louisville in early 2025.

“Our real estate pipeline is the strongest it’s been in more than 20 years, and we look forward to helping more families save up to 25 percent off grocery story prices every daym,”  said Bill Werner, executive VP, strategy and development, BJ’s Wholesale Club.

On the company’s fourth-quarter earnings call in March, BJ’s chairman and CEO Bob Eddy said the company is planning to open 12 new locations in fiscal year 2024, and 15 new gas stations. 

Each new BJ’s location is expected to create approximately 150 jobs for its respective community. Clubs feature an assortment of fresh foods, produce, full-service deli offerings, bakery goods, grocery staples and household essentials, in addition to home décor items, toys, tech products and pet supplies.

Headquartered in Marlborough, Mass., the retailer operates 244 clubs and 175 BJ's Gas locations in 20 states.