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9 Retailers That Are Expanding, Including 4 Entering NYC, While Best Buy Downsizes

March 10, 2022

Best Buy: The consumer electronics giant is shuttering 25 to 30 underperforming stores by 2025 to focus on improving existing stores and adding product lines, such as patio furniture and grills. Best Buy expects to remodel 50 stores in its fiscal year 2023 and 300 by 2025. The company said its business is becoming more omnichannel and it expects online sales to make up 40% of its overall sales by 2025, growing from the current 34%.

Bond Vet: The veterinary clinic chain, which operates 11 units in New York City, will open 25 more stores throughout the Northeast. The first will open in Boston and Washington, D.C., this spring. Bond Vet raised more than $170 million in venture capital to fund its expansion. CBRE is helping the company select sites.

BuzzFeed: The online entertainment and news site is opening its first two stores, in Terminal C of New York City’s LaGuardia Airport. It’s working with airport retailer Stellar Partners. Monitors will display BuzzFeed news, and stores will feature typical airport convenience shop goods like travel supplies, snacks and magazines. BuzzFeed already has its foot in the physical retail world via a stake in children’s retailer Camp.

Fabletics: The direct-to-consumer athleisure brand will open 30 stores in 2022, bringing its global brick-and-mortar portfolio to 100 units. The new stores will open in a mix of marketplace types, including enclosed malls like Raleigh’s Crabtree, open-air shopping districts like Albuquerque, New Mexico’s ABQ Uptown and mixed-use properties like Westlake, Ohio’s Crocker Park.

JustFoodForDogs: The “Chipotle for dogs” concept is growing on the East Coast. The company leased 2,439 square feet on New York City’s Upper West Side to serve as its New York City flagship. Newmark represented the landlord, HUBB NYC. JustFoodForDogs lets customers watch custom fresh and frozen dog food be made on demand in an open-concept kitchen. The company operates kitchens in Petco stores nationwide but has only four standalone kitchen locations and four smaller, kitchenless JustFoodForDogs Pantry stores, all in Southern California.

NFP: The designer apparel brand leased 780 square feet on Lexington Avenue between 74th and 75th streets in New York City, expanding from its first location, in Beacon, New York.  Newmark represented the landlord, Winter.

Paris Saint-Germain F.C.: The French football club opened a store on Fifth Avenue in New York City to sell its jerseys and accessories alongside Nike athletic apparel. The football club, which also operates a store in Paris, launched its first U.S. store, in Los Angeles, last year. The U.S. stores are a partnership with U.S. athletic branding company Fanatics and retailer Lids.

Player One: The chain of immersive entertainment venues owned by Silverwood Entertainment Holdings is developing a first location, at an undisclosed site in Las Vegas. Player One merges esports, augmented and virtual reality and food-and-beverage. Silverwood plans to open an unspecified number of other Player One locations in 2022, some at the company’s larger Sportsworx complexes, which include live entertainment and physical sports. Others will be standalone locations at shopping centers.

Potbelly Sandwich Shop: The chain wants to grow its network from 447 to 2,000 locations nationwide. It will launch a franchising program to help fuel the growth. Potbelly plans to be 85% franchised within 10 years. It wants more suburban locations with drive-thrus.

Voodoo Brewing Co.: The craft brewery and restaurant company hired CBRE to help it expand nationwide, and it’s seeking franchises to fuel growth. Voodoo Brewing, pictured at top, has seven units Pennsylvania, one in Cleveland, Ohio, and one coming to Las Vegas. Locations run 4,000 to 7,000 square feet and seat 75 to 150.

By Brannon Boswell

Executive Editor, Commerce + Communities Today

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