REAL ESTATE

Gap to shut all Banana Republic stores in the U.K.
Gap to shut all Banana Republic stores in the U.K. Shoppers in the United Kingdom will soon be able to buy Banana Republic merchandise only via the chain’s website. Gap Inc. plans to close all eight of its Banana Republic stores in United Kingdom by the end of its fiscal year, Bloomberg reported. In May, Gap announced that it planned to shut about 75 stores across its Old Navy and Banana Republic brands, with most of the closures overseas.
What you need to know about restrictive use clauses
For retail tenants and landlords alike, use and exclusive use clauses, which refer to the terms written into a lease that dictates what is and is not permitted by both parties, are a critically important part of the tenant-landlord relationship and lease negotiation process. It is also a potentially contentious subject that will not only affect a retailer’s operational specifics, but can have a profound impact on the bottom line.

Great Clips opens 4,000th store

It was in 1983 that Steve Lemmon and David Rubenzer brought on Ray Barton as a partner to franchise the cheap haircut concept they started on the University of Minnesota campus. They chose well. Barton’s wife Mary Lou was one of the first franchisees, and Barton himself remains chairman of the board as the company celebrates the opening of its 4,000th franchise in Flat Rock, Michigan. “The company continues to grow with happy franchisees who open multiple salons,” said Great Clips CEO Rhoda Olsen.
Regional grocer expanding

Stater Bros. continues to grow its footprint in Southern California. The San Bernardino, California-based company announced that the Ralphs Supermarket in Riverside (California) will be converted to a “Blue Ribbon” Stater Bros. supermarket. (Stater’s “Blue Ribbon” units are energy efficient and environmentally friendly.) At 46,000-sq.-ft., the Riverside store will undergo an extensive remodel, and reopen under the Stater banner in spring 2017.
The most expensive street in the world for retail is…

Thinking about setting up shop between 49th and 60th Streets on Manhattan’s Fifth Avenue? Better be prepared to pay big bucks. The upper part of Fifth Avenue is the most expensive retail street in the world (based on rental value), with rents rising to a whopping $3,500 per square foot in 2015, according to the 27th edition of Cushman & Wakefield’s report, Main Streets Across The World.
North Face opens global flagship store on Fifth Avenue

The great outdoors arrived on Fifth Avenue today. At least that’s what North Face is shooting for with its new global flagship store in the old Manufacturers Trust Company building, a New York City landmark of modernist architecture. Though the canyons outside the expansive windows on the second floor of store are formed by skyscrapers and not rock bluffs, North Face’s VP of direct-to-consumer retail Erik Searles finds the airy atmosphere a fitting backdrop for the high-end camping and climbing gear being merchandised there.
Save-A-Lot to open 75 stores in fiscal 2017

Save-A-Lot may be facing a possible spin-off from parent company Supervalu, but the chain is still bullish about its future. Supervalu is expected to announce the fate of its discount grocery banner next week, the St. Louis Post Dispatch reported, with Toronto private equity firm Onex Corp. the leading bidder if Supervalu does pursue a sale.
A very unusual type of grocer is expanding

There is no fancy packaging to be seen on the shelves of Bulk Nation. The Tampa-based grocer sells mostly unpackaged food, ranging from grains and pasta to spices and beans, all sold by weight, the Orlando Sentinel reported.
Across from the track, Daytona’s future takes shape

Driving your car on the beach and the Daytona International Speedway. Those are the things that have long defined Daytona Beach. Those and the legendary Bill France, Sr.
QVC, HSN’s Cornerstone looking to open stores in Manhattan

Two non-traditional retailers are on the hunt for space to set up shop in the Big Apple. QVC and Cornerstone, a division of HSN, are looking for real estate to open stores in the Herald Square area of Manhattan, the New York Post reported.