News Briefs

Electronics retailer PayMore Stores is planning to greatly expand its footprint.

The trade-in retailer specializing in smartphones, gaming systems, tablets and tech gadgets signed 13 franchise agreements in the first quarter of the year. The agreements will open nearly 70 new stores in Rhode Island, Massachusetts, Connecticut, California, New Jersey, New York, Missouri, Utah, Georgia, South and North Carolina, Pennsylvania, Virginia and Florida.

PayMore also reached a new milestone with its first international deal. One of the 13 agreements was a five-unit deal to bring the chain to Canada.

In collaboration with Fransmart, a leader in franchise development for emerging brands, PayMore experienced substantial growth in 2023, seeing a 600% increase in units. PayMore currently has 31 locations and nearly 270 units in development. The brand says it is on track to exceed 500 units in development by the end of 2024.

Highlights of the new deals include the following:

• Eight units in Utah
• Nine units in Kansas City
• Five units in Georgia, Florida and South Carolina
• Three units to Sacramento
• Three units in San Francisco, five units to California’s East Bay region
• Seven units in the Raleigh-Durham area
• 20 units in New England and New Jersey
• Four units in Pennsylvania
• Two units in Virginia and Maryland

Since its founding in 2011, PayMore says it is close to 1.5 million devices traded in.

The mood of U.S. consumers turned negative in May as their expectations for inflation moved upward.

The University of Michigan Index of Consumer Sentiment posted a preliminary reading of 67.4 for May, down from 77.2 in April and its lowest reading in six months. The move represented a one-month decline of 12.7% but a year-over-year gain of 14.2%.

Consumers’ view of current economic conditions fell 12.9% to 68.8 in May, down from 79.0 in April.  The expectations index decreased 12.5% to 66.5, down from 69.4 the previous month.

“While consumers had been reserving judgment for the past few months, they now perceive negative developments on a number of dimensions,” stated Joanne Hsu, surveys of consumers director. “They expressed worries that inflation, unemployment and interest rates may all be moving in an unfavorable direction in the year ahead.”

The trend in sentiment is characterized by a broad consensus across consumers, with decreases across age, income, and education groups, she added. Consumers in Western states exhibited a particularly steep drop.

Inflation

Year-ahead inflation expectations rose from 3.2% last month to 3.5% this month, remaining above the 2.3-3.0% range seen in the two years prior to the pandemic. Long-run inflation expectations inched up, from 3.0% last month to 3.1% this month. 

Although they have been within the narrow 2.9-3.1% range for 30 of the last 34 months, long-run inflation expectations remain elevated relative to the 2.2-2.6% range seen in the two years pre-pandemic.

Men’s apparel brand Y.Chroma is making its pop-up debut in one of New York City's most legendary menswear stores. 

The Lisbon-based brand will open its first-ever in-store shopping experience at Rothmans' NY, which is located in Manhattan's Union Square and is the largest independently-owned menswear store in the country.  Launched in 2022, Y.Chroma describes its apparel as “styles rooted in the skate and surf-aesthetic,” and designed with Generation X (the cohort following baby-boomers) in mind. 

Open from Friday May 10 through Tuesday, June 25, the Y.Chroma pop-up will feature the brand's most in-demand looks, with a selection that includes tops, bottoms and accessories

"We're pleased to partner with Rothmans, a force in the menswear industry, for Y.Chroma's first in-store pop-up experience," said Max Israel, founder and creative director of Y.Chroma. "Choosing Rothmans as our venue for our first New York brick-and-mortar presence was an easy choice. They're iconic, and generations of New York men have trusted them to bring the best of the best."

Y.Chroma says it is projected to surpass its 2023 sales 700% by the end of the year. The brand was highlighted as one of the eight emerging menswear brand's at this year's New York Fashion Week. 

 "Y.Chroma will make a great addition to Rothmans' brand portfolio," said Ken Giddon, co-owner of Rothmans, which operates stores in New York City, Scarsdale and Bronxville. "We take pride in discovering rising brands to offer a unique selection for our customers and Y.Chroma fits right into that approach. We're confident that our customers will be drawn to this new addition, given the style and quality of Y.Chroma's products."

Construction has begun for Bayberry Town Center, a 280,000-sq.-ft. mixed-use center developed by Blenhiem Group.

Located just north of Middletown, Del., Bayberry Town Center will be anchored by a flagship, 64,000 sq.-ft. Weis Markets and fuel facility. Blenheim Group has signed leases with other retail tenants, including a bank, pet store, spa, and nail salon, which will be announced soon.

When complete, Bayberry Town Center will also feature professional office space, two green spaces for community programming, 145 townhomes on the property, and internal street and trail connectivity with over 3,000 homes.

The new development will be located within The Village of Bayberry, also developed by Blenheim Group, which includes almost 2,700 homes (1,900 sold) in a location featuring 600 acres of open space that offers miles of walking paths, parks, playgrounds, picnic pavilions, lakes, and several luxury clubhouses.

Building construction on Weis Markets is expected to begin in the fall of 2024. Weis and several other stores are anticipated to open in 2025.

"As we enter the next phase of development at the Town Center, we are focused on delivering essential services and dining concepts to our community,” said Jay Sonecha, president of Blenheim Group. “With a large grocery store as our anchor, we are building a hub that reflects our commitment to enhancing daily life not only for residents in The Village of Bayberry but the larger community around us as well. The start of site development marks yet another milestone in our mission to create an outstanding lifestyle and retail experience for everyone to enjoy."

Simon Property Group has sold its remaining stake in brand management firm Authentic Brands Group. 

The largest mall owner in the United States  sold its remaining nearly 10% stake in Authentic Brands for $1.2 billion, reported Women’s Wear Daily. The sale comes after Simon, in February, reduced its stake in the company from just under 12% to nearly 10%. 

“We generated substantial value from the ABG investment and a seven-times multiple on our net invested capital during our short ownership period,” David Simon, who is chairman, president and CEO, Simon Property Group, told analysts on a conference call on May 6.

The companies buying Simon’s shares in Authentic Brands were Leonard Green & Partners, General Atlantic, HPS Partners, Jasper Ridge Partners and Singapore’s sovereign wealth fund Temasek Holdings, the report said. 

Simon and Authentic Brands remain in business together as partners in the SPARC joint venture. (In October, Simon reduced its stake in the venture from 50% to 33%.)

Authentic’s extensive brand portfolio includes Reebok Brooks Brothers, Barneys New York, Judith Leiber, Nautica, Juicy Couture, Vince Camuto, Lucky Brand, Aéropostale, Forever 21, Nine West, Rockport, Eddie Bauer, Quiksilver and more. Together, the brands generate retail sales of $29 billion annually. 

The sport of Pickleball is sweeping the nation, and a new club is soon arriving at the Randhurst Commons Shopping Center in the Chicago suburbs.

Utah-based indoor pickleball franchise The Picklr will open its new slub at the Mount Prospect, Ill. shopping center, located across from the Randhurst Village powercenter, in late summer of this year. Spanning over 42,000 sq. ft, the facility will feature 14 premium indoor courts, including 12 regulation courts and two championship courts, in addition to two warm-up/dink courts.

North Shore Pickleball Group will be opening additional Picklr locations in the North Shore and northern suburbs of Chicago in 2025. The Picklr already has a club open in Naperville, with Mundelein and Villa Park opening this summer.

The Mount Prospect announcement comes as other pickleball franchises, such as Chicken N Pickle and Ace Pickleball Club, continue to grow their footprints while the sport gains popularity.

“By bringing The Picklr to Mount Prospect the entire community – not just Mount Prospect itself, but also surrounding suburbs, will benefit from the best-in-class indoor pickleball experience offered anywhere,” said Ron Weiland, co-founder of North Shore Pickleball Group. “The Picklr takes indoor pickleball to the next level with state-of-the-art clubs, all-inclusive, one-price memberships, combined with a "player-first" optimal environment and unmatched programming for all ages, making The Picklr your best choice for indoor pickleball."

The Picklr operates more than 250 clubs total.