News Briefs

Ohio-based real estate investment firm Last Mile Investments (LMI) has acquired its first shopping center in the Dallas area.

LMI has purchased its third center in the site after buying two in Houston last year. Quorum II Plaza in Addison, Texas spans 77,319-sq.-ft. and is 91.3% leased, with tenants including Verizon, Tiff’s Treats, The Improv, Salata, Jimmy John’s, The Melting Pot, and more. LMI says it will undertake a “rigorous leasing program and exterior refresh,” including paint, lighting upgrades and new awnings and signage.

[READ MORE: Last Mile Investments acquires two outdoor Houston centers]

JLL’s Erin Lazarus and Adam Howells served as brokers on the transaction. Taft Law represented LMI.

“We are thrilled to make our debut in Dallas with Quorum II Plaza, and were pleased to work with the seller, Westwood Financial, on this opportunity,” said Ryan Moore, CEO of LMI. “This is a unique opportunity to take an already successful center and bring it to the next level as we bring even more ‘last mile’ retail and services to the community.”

LMI described its newest acquisition as a property that serves an affluent submarket that provides urban appeal with suburban convenience. More than 45,000 vehicles travel the Beltline Road corridor daily, and more than 13 million people visit the area annually. 

Leasing opportunities for Quorum II Plaza are represented by LMI’s VP of leasing, Sean Quinn, and SRS First VP Jack Dawson and associate broker Preston Enloe.

Cincinnati-based LMI’s portfolio includes approximately 35 assets, most of which are located in the Sunbelt.

(Image courtesy of LMI)

Costco Wholesale Corp. is giving its hourly employees a raise and some new benefits.

The membership warehouse club will increase the pay for most of its hourly U.S. store workers to more than $30 an hour, according to a memo sent to employees, reported Reuters. The increase for employees at the top of Costco’s pay scale will be phased in over three years, with the pay increasing $1 to $30.20 in March and an extra $1 each in the subsequent two years, the report said. 

The “bottom of the scale” employees will also get an increase of 50 cents, with pay rising to $20. (Due to low turnover, more than half of Costco’s hourly employees are in the top category.)

"With these changes, we believe our hourly wages and benefits will continue to far outpace others in the retail industry," Costco CEO Ron Vachris said in the memo, according to the report.

In addition to the pay increase, Costco is giving an extra week of vacation to workers after 30 years of employment. In another change, new employees will be given a vacation during their first year.

The wage increases, which apply to employees at non-union locations, comes as Costco is in down-to-the-wire contract negotiations with the Teamsters. Earlier this month, members of Costco Teamsters, which represents more than 18,000 Costco employees (out of a domestic workforce that totals some 219,000), across the country voted to authorize a strike. The current contract between the Teamsters and Costco is set to expire Jan. 31.

Costco currently operates 897 warehouses, including 617 in the United States and Puerto Rico. 

The owner/operator of more than 400 stores across a variety of verticals is focusing on customer experience at its grocery banners.

Houchens Food Group, which operates grocery, convenience, hardware/DIY and foodservice locations in 14 states, is deploying the eGrowcery retail food industry e-commerce platform in select IGA, Price Less and Food Giant grocery stores.

Leveraging the eGrowcery platform, Houchens Food Group banner- and store-level staff can provide better digital support to in-store shoppers, such as the delivery of targeted, real-time promotional messages.

"At Houchens Food Group, we are focused on technology vendors that allow for highly targeted and personalized customer experiences, data-driven decision making, and e-commerce capabilities that do not interrupt day to day customer service at store level," said Craig Knies, chief marketing officer of Houchens Food Group. "We are thrilled to partner with eGrowcery to assist us in targeting the right audience with the right message at the right time." 

Brookshire Brothers, which operates grocery stores in in Texas and Louisiana, also utilizes Growcery digital tools. Features for shoppers include integrated coupon clipping and redemption, complex promotions, and enhanced support for two-way conversations between online customers and personal shoppers who select products by hand.

[READ MORE: Brookshire Brothers revamps end-to-end digital shopping experience]

"Houchens Food Group is a great example of an organization that is working hard to simultaneously enhance its technology offering, engage shoppers through more channels and alleviate some of the administrative burden for its staff," said Patrick Hughes, CEO of eGrowcery.  

Based in Glasgow, Ky., Houchens Food Group operates a network of in-house and franchised brands including IGA, Price Less, Crossroads, and Food Giant and is a subsidiary of Houchens Industries.  

Simon Property Group has added to its international shopping center portfolio.

Global luxury group Kering has agreed on the sale of 100% of The Mall Luxury Outlets entities to Simon. The Mall, created in 2001, operates two luxury outlet destinations in Italy, one in Leccio, nearby Florence, and the other in Sanremo, on the coast in Northwest Italy. The latter was opened in 2019.

Kering manages the development of a series of renowned houses in fashion, leather goods and jewelry, including Gucci, Saint Laurent, Bottega Veneta, Balenciaga, and more. Kering's brands will maintain a presence at the Leccio and Sanremo shopping villages as part of the strategy implemented by Kering aimed at “gradually concentrating its outlet distribution to a limited number of exclusive venues.”

For Kering, the divestment of assets will generate net proceeds of approximately €350 million.

[READ MORE: Simon completes upgrades at South Korea outlets]

Based in Indianapolis, Simon operates approximately 196 properties in the United States, and has ownership in 35 properties internationally.

Walgreens Boots Alliance has made a move to shore up its balance sheet as its turnaround efforts continue.

The retail pharmacy and health services giant said that its board of directors is suspending the company’s cash dividend. The move comes as “management continues to evaluate and refine” the company’s capital allocation policy amid its long-term turnaround efforts, Walgreens said in a statement.

“This change in capital allocation is aimed at strengthening WBA’s balance sheet by reducing debt over time and improving free cash flow, as the company works toward achieving a retail pharmacy-led turnaround underpinned by a sustainable economic model,” the company said.

In October, Walgreens said it planned to close approximately 1,200 stores during the next three years, with 500 stores slated to close by the end of fiscal 2025.

Earlier this year, Walgreens reported a loss of $265 million for the quarter ended Nov. 30, compared to a loss of $67 million in the year-ago period. Walgreens said the loss was primarily driven by higher operating losses related to its “footprint optimization program.” Its results, however, were better than analysts had expected. 

"Our first quarter results reflect our disciplined execution against our 2025 priorities: stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow and continuing to address reimbursement models,” said Tim Wentworth, CEO of Walgreens Boots Alliance. “While our turnaround will take time, our early progress reinforces our belief in a sustainable, retail pharmacy-led operating model."

A Midwest discount retailer’s new retail media network features include integration with a popular visual-oriented social platform.

The Meijer Media retail media network is connecting with Pinterest, online video, and connected TV (CTV). Meijer Media's integration with Pinterest will leverage the retailer’s first-party data to create personalized experiences aligned with customer preferences. Targeted ads will align with key customer events such as back-to-school, holiday shopping, and seasonal cleanups.

Pinterest also partners with the Albertsons Media Collective retail media network from grocery retailer Albertsons. Collaborating with data management platform LiveRamp, Pinterest provides data "clean rooms," a protected, third-party digital space where Albertsons combines its first-party data and Pinterest platform data in a secure environment, to help measuring the results of digital ads placed on Pinterest via the grocer’s retail media network. 

[READ MORE: Albertsons pivots from cookies in ad performance pilot with Pinterest]

Pinterest also integrates third-party promotions from the Amazon Ads program into its site, with a seamless on-Amazon buying experience for consumers.

Meijer Media's OLV and CTV strategies focus on delivering video content designed to capture attention and drive brand awareness by showcasing product innovations.

"Our new advertising offerings reflect our commitment to connecting brands with shoppers in meaningful and innovative ways," said Jeff Leitch, director of Meijer Media. "By combining creative storytelling, data-driven targeting, and strategic media partners, we're empowering brands to engage customers at every step of their journey and deliver measurable results."

Based in Grand Rapids, Mich., Meijer is a privately owned, family-operated retailer that operates more than 500 supercenters, grocery stores, neighborhood markets and express locations throughout the Midwest.