News Briefs

CBRE is expanding its team of brokers to serve the growing Arizona market.

The real estate firm has announced that Michael Hackett and Ryan Schubert have joined the firm's Phoenix office to lead retail investment sales in the Copper State. Hackett and Schubert join CBRE as executive VPs with the National Retail Partners, and bring extensive experience in selling multi-tenant retail shopping centers throughout the Southwest.

With a combined 45 years of experience in the commercial real estate industry, Hackett and Schubert previously held executive managing director roles at Cushman & Wakefield's Retail Investment Advisors.

Together, they have facilitated over $4 billion in retail investments since 2008, including the Summit at Scottsdale, Shops at Gainey Village, Montecito Marketplace, and Oro Valley Marketplace. 

"Michael and Ryan’s deep knowledge of the Southwest markets and proven track record will be invaluable as we continue to serve our private and institutional retail clients," said Chris Decouflé, managing director of Retail Capital Markets at CBRE.

CBRE's National Retail Partners has successfully transacted more than $53 billion in investment sales and 297 million sq. ft. across 2,474 transactions over the last decade.

(Pictured: Michael Hackett (L) and Ryan Schubert (R))

Ninety-four percent of Father's Day celebrators this year plan to make a purchase for the holiday, according to new data.

Numerator found that 65% of U.S. consumers plan to celebrate the holiday on Sunday, June 16. Top plans for Father's Day this year includes giving gifts (43% of celebrators), gathering with family and friends (41%), grilling or barbecuing (36%), cooking or baking at home (29%) and going out to eat (28%).

Among those who intent to purchase gifts, gift cards are the top choice at 38%, followed by apparel (37%) and tools or home improvement materials (24%). Boomers are the most likely generation to purchase gift cards (44% vs. 38% for all celebrators), while Gen Z is more likely to purchase tools or home improvement equipment (38% vs. 24%). Millennials are nearly twice as likely to purchase accessories such as bags, belts and scarves for Father's Day gifts (21% vs. 11%).

Most Father's Day celebrants plan to make their purchases from big box stores (45%), compared to 39% for online retailers and 32% for grocery stores. A third of shoppers (34%) plan to spend between $50 and $99 on their Father's Day items, while nearly three-quarters (73%) plan to spend the same as last year.

The spending data follows figures from the National Retail Federation which showed that three-quarters of consumers plan to celebrate Father’s Day this year, and on average, plan to spend $189.81 on gifts and celebrations.

Forty-one percent of consumers are very or somewhat comfortable spending money on discretionary purchases.

That’s according to the Numerator Consumer Sentiment Tracker for May, which captures more than 6,000 responses a month and provides a comprehensive monthly view of consumer confidence, spending & saving considerations and future financial outlook. 

The May Consumer Confidence Score was 56.8 (-0.1 vs. April), which is an average of how consumers feel about the job market, their household finances, and their spending comfort levels.

“Consumer confidence held steady in May, with consistent levels of comfort across the board,” Numerator said.

The May Financial Outlook Score was 50.3 (-0.2), indicating that consumers feel neutral about their household finances. Thinking about one year from now, 24% think their finances will be better than they are now, 52% think they’ll be the same, and 23% think they’ll be worse. Black consumers and Gen Z consumers are the most optimistic about their financial situations. 

Other findings from the May report are below.

•To save money, consumers are shopping for items on sale (45.5%), using coupons/discount codes (44.7%) and cooking at home (43.9%).

•With the warmer weather, consumers are looking to get out of the house or fix up the house. 30.3% plan to use spare cash to travel or go on vacation, and 22.8% plan to make home repairs/improvements. 

•Forty-percent of consumers think it’s very or somewhat easy to find employment in the current job market. Meanwhile, 27% think it’s somewhat or very difficult.

•Forty-eight percent of consumers say their household’s financial situation is currently good or very good (no change vs. April). 

•Consumers with spare cash say they’re putting it in savings (38%) and paying down debts (34%).

Retailers are invited to meet some of the retail industry’s most accomplished female executives at Chain Store Age’s annual Retail’s Top Women Awards event. The 2024 honorees will be revealed at a virtual celebration today, June 13, at 4:30 p.m. (EDT). Retailers can register for the event here.  (There is no charge.)

 The event will include plenty of time for virtual networking with the honorees and other retail attendees. Awards will be given out in five separate categories: technology, supply chain, store development/finance marketing, finance and marketing. In addition, several women will be honored as Women of the Year.

Join Chain Store Age as it celebrates the achievements of top female retail executives from companies that include:

•Blain’s Farm & Fleet;

•Christian Dior;

•Dollar General; 

•Dollar Tree;

•Gap;

•Genesco

•Lowe’s;

•Lulu and Georgia;

•Shell;

•Specsaver;

•Ulta Beauty;

•Walgreens Boots Alliance; 

•Yesway; and

  many more.

For free registration, retailers can click here.

Big V Property Group has acquired the Johns Creek Town Center in Suwanee, Ga., marking the firm's fifth community center in the state.

Located approximately 30 miles from downtown Atlanta, the 303,297-sq.-ft. open-air center is anchored by major retailers including HomeGoods, Sprouts, Kohl’s, Ulta Beauty, Market by Macy’s, and PetSmart. The transaction marks the second major acquisition made by Big V Property Group and their partner, Equity Street Capital, in 2024, following their purchase of Merchants’ Square in Carmel, Indiana in February. The terms of the deal were not disclosed.

“Greater Atlanta is one of the most dynamic markets in America, and we’re thrilled to complement our expansion efforts in the region with the addition of Johns Creek,” said Jeff Rosenberg, CEO of Big V Property Group.

The greater Atlanta region is home to more than six million residents, making it the eighth-largest market in the United States.

Headquarted in Charlotte, N.C., Big V Property Group owns and operates over 50 neighborhood and community shopping centers totaling over 9.5 million sq. ft., primarily located in the South.

Private equity funds managed by Blackstone have completed the acquisition of Tropical Smoothie Cafe from Levine Leichtman Capital Partners. Terms of the transaction were not disclosed, but the Wall Street Journal reported in May that the deal valued the fast-casual chain at about $2 billion.

As part of the transaction, Nigel Travis, former CEO of Dunkin’ Brands, will serve as chairman for Tropical Smoothie Cafe.

Headquartered in Atlanta, Tropical Smoothie is a leading franchisor of fast-casual restaurants. It has more than 1,400 locations across 44 states. 

“With Blackstone’s capital and resources, we look forward to accelerating the company’s continued expansion across the country and supporting innovation to further capitalize on the brand’s unique positioning,” said Peter Wallace, a senior managing director, and Michael Staub, a managing director, in Blackstone’s private equity business.

LLCP bought Tropical Smoothie Cafe, which was founded in 1997, in September 2020. At the time, the chain had more than 870 locations. The company opened more than 175 new locations in 2023, 70% of which were opened by existing franchisees.

“By partnering with Blackstone, Tropical Smoothie Cafe will be able to Inspire Better in more communities nationwide alongside our dedicated franchisees,” said Charles Watson, CEO of Tropical Smoothie Cafe. “2024 will be another big year in our growth trajectory, as we focus on operational excellence, menu innovation, and the digital guest experience.”

Barclays served as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone. Baird served as the lead financial advisor, with support from North Point and BofA Securities, and Kirkland & Ellis LLP served as legal counsel to Tropical Smoothie Cafe in connection with the sale.