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News Briefs

  • 6/10/2024

    McDonald's announces supply chain leadership change

    McDonald's

    One of McDonald’s C-suite leaders is planning to retire later this year, and a successor has been named.

    Bob Stewart, senior VP and chief supply chain officer, North America, will retire, effective as of October 1, 2024. The fast-food hamburger giant has appointed Cesar Piña as his successor, who currently serves as corporate VP of global strategic sourcing for food sitting on the Global Supply Chain Leadership Team.

    Piña will assume the new role this fall. He has been with McDonald’s for nearly 10 years and has held multiple supply chain-related positions. Before joining the restaurant chain, he held positions with McClement Management Group and General Mills.

    “Cesar has made significant contributions across his 10-year McDonald’s career to drive meaningful change to our global supply chain and the system at large, and there is no doubt that he is the right leader to carry forward McDonald’s priorities,” said Marion Gross, executive VP and global chief supply chain officer at McDonald’s. “His extensive industry experience in driving business results matched with his strong learning aptitude and passion for advancing a culture of collaboration makes him uniquely suited to shepherd the North America Supply Chain team into the future.”

    Based in Chicago, McDonald's USA LLC operates approximately 13,500 U.S. restaurants, 95% of which are owned and operated by independent business owners.

  • 6/10/2024

    Buc-ee’s opens 75,000-sq.-ft. store — its largest location yet

    Buc-ee's

    Things are bigger in Texas — even convenience stores. 

    Buc-ee’s has opened its largest outpost to date, a 75,000-plus-sq.-ft. store (“travel center” in Buc-ee’s speak) in Luling, Texas, about an hour northeast of San Antonio. The location replaces the city’s current Buc-ee’s, which was the brand’s first family travel center when it was built in 2003. With the opening of the new Buc-ee's, the company operates 50 stores across Texas and the South. 

    Since beginning its multi-state expansion in 2019, Buc-ee’s has opened locations in Alabama, Florida, Georgia, Kentucky, South Carolina, Tennessee, Missouri and Colorado. Earlier this year, Buc-ee’s broke ground on its first-ever locations in Virginia and Mississippi.

    Based in Lake Jackson, Texas, Buc-ee’s is known for its smiling beaver, namesake mascot, massive locations and amenities, which range from its signature “pristine” restrooms and showers to its extensive assortment of specialty food options that include Texas barbecue. The new Buc-ee’s has more than 120 fueling positions along with thousands of snack, meal and drink options for travelers on the go. 

    “We are thrilled to open the doors to the world’s largest Buc-ee’s travel center right here in the Great State of Texas,” said Stan Beard, director of real estate and development. “It’s particularly exciting, considering this is the Buc-ee’s that started it all, so we are really looking forward to celebrating with the incredible people of Luling.” 

    Buc-ee’s Luling store will employee at least 200 employees, with starting pay beginning well above minimum wage, full benefits, a 6% matching 401k, and three weeks of paid vacation.

  • 6/10/2024

    Pioneering online fashion retailer Revolve opens first permanent store

    Revolve

    After some 20 years in business, millennial and Gen Z fashion retailer Revolve Group has opened its first permanent brick-and-mortar location.

    Located in the heart of downtown Aspen, Col., the opening follows the success of the Revolve/Fwrd pop-up that opened in the same location in December. The Aspen pop-up not only drove substantial sales but also proved to be an exceptional channel for brand building and acquiring new customers, the company said. (Revolve Group sells merchandise through two segments, Revolve and Fwrd, that leverage one platform.)

    The store will continue to house both Revolve and Fwrd collections, blending Revolve’s contemporary styles with Fwrd’s high-end designer pieces. The first floor features Revolve  brands such as Helsa, L'Academie and Lovers + Friends and other emerging designers along with exclusive products designed for the Aspen customer. 

    The second level houses Fwrd's curated collection of luxury fashion brands, Fwrd Renew pre-owned bags and accessories including brands such as Acne Studios, Isabel Marant and more.

    "Aspen represents the epitome of luxury, making it the perfect location for our first permanent storefront,” said Michael Mente, co-CEO and co-founder of Revolve Group, which was founded in 2003.  “We are excited to bring our unique brand experience to a new audience, combining the convenience of online shopping with the personalized service and engagement that only a physical store can offer."

  • 6/7/2024

    ShopOne Centers acquires grocery-anchored Atlanta-area center

    Publix

    ShopOne Centers and joint-venture partners, Pantheon and a global institutional investor, have acquired Publix at Mt. Zion in Morrow, Ga.

    Located at the dominant retail corner of the Southlake regional shopping corridor, the 79,031 sq.-ft., 99% leased asset is anchored by a Publix supermarket that has been operating at the property for more than 30 years. 

    Publix at Mt. Zion caters to a trade area of more than 225,000 people in the southern Atlanta suburb of Morrow. The property is located less than seven miles south of Hartsfield-Jackson Atlanta International Airport, and benefits from its position in the heart of a critical mass of major national tenants Costco, Ross Dress for Less, LA Fitness, Best Buy, PetSmart, The Home Depot, TJ Maxx, and others.

    “This acquisition exemplifies our strategy to acquire neighborhood grocery-anchored shopping centers in high-growth metro statistical areas (MSAs) like Atlanta and add value for our investment partners through our operating platform and deep leasing network,” said Chris Reed, chief investment officer at ShopOne. “Like our other three assets in the market, Publix at Mt. Zion benefits from strong repeat foot traffic and prime visibility while serving the daily shopping needs of the local community. We will continue looking to add scale in markets with similar growth profiles.”

    The three other assets the joint venture owns in the Atlanta MSA are Sharon Greens in Cumming, Bethesda Walk in Lawrenceville, and Kennesaw Walk in Kennesaw. The venture’s portfolio consists of 15 properties totaling nearly 1.5 million sq. ft.

  • 6/6/2024

    WHP-led consortium gets court OK to acquire Express; group includes mall landlords

    Express store

    Express, Inc. has inched closer to being acquired by its landlords.

    The U.S. Bankruptcy Court for the District of Delaware has given its approval to a consortium led by brand management firm WHP Global (and including Brookfield Property and Simon Property Group) to acquire the struggling retailer. The group has put up a stalking horse bid of about  $160 million in cash and $38 million in assumed liabilities. 

    WHP Global would own the intellectual property of the Express and Bonobos brands, while Simon and Brookfield would have oversight of retail operations.  The sale, however, is subject to better offers.  If a higher bid is received by June 11, an auction is set for for June 12.

    Express  filed for bankruptcy in April, saying it had received a non-binding letter of intent from WHP Global, Simon and Brookfield to purchase the company’s operations and most of its stores. (In January 2023,  Express and WHP entered into a joint venture.)

    Simon and Brookfield have previously teamed up to acquire other   tenants, including Forever 21 and JCPenny.

    In filing for bankruptcy, Express, which operated about 540 locations at the time of the filing, said it planned to close approximately 95 namesake stores (including full-price and factory outlet stores) and all 10 UpWest locations. Store closing sales begin on April 23. 

    The company also said that it would continue to assess its store footprint. In May, national retail real estate advisory firm RCS Real Estate said it was working with Express on the strategic realignment and right-sizing of its portfolio.

  • 6/7/2024

    GameStop Q1 sales plummet 29%; to sell more stock

    GameStop store

    GameStop Corp. reported another quarter of falling sales even as its loss narrowed. 

    In a separate filing, the long-struggling video game retailer said it had entered into an agreement with Jefferies to sell up to 75 million shares of its common stock pursuant to an existing open-market sale agreement through which GameStop has already sold 45 million shares. Announced in May, the sale yielded roughly $933 million in gross proceeds.

    GameStop’s stock has soared in recent weeks after meme trader and viral sensation Keith Gill, who promotes his results as "Roaring Kitty" on YouTube, resurfaced online after a long hiatus. Earlier this month, he posted a screenshot in a Reddit forum showing he owns approximately $116 million in GameStop shares. The screenshot also appeared to show that Gill owned $120,000 GameStop call options with a $20 strike price and June 21 expiration date, reported Marketwatch.

    The retailer reported a new loss $32.3 million, or $0.11 per share for the quarter ended May 4. down from a loss of $50.5 million, or $0.17 per share, in the year-ago period. The adjusted net loss came to $0.12 per share, greater than the $0.09 loss per share Wall Street expected. 

    Net sales plunged 29% to $881.8 million, down from $1.237 billion last year. The Street had expected sales of $995 million.

    The company said it has cash, cash equivalents and marketable securities of $1.083 billion at the close of the quarter.

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