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CVS will close stores in weak markets, plus 6 more tenant updates

November 19, 2021

CVS: The pharmacy chain wants to concentrate fewer stores in certain weak markets, so it will trim its 9,900 units by about 300 a year for the next three years. CVS said the strategy will help redistribute its real estate network to markets with more promising future health needs. Closures will begin in the spring. “Our retail stores are fundamental to our strategy and who we are as a company,” said CVS Health president and CEO Karen Lynch. “We remain focused on the competitive advantage provided by our presence in thousands of communities across the country, which complements our rapidly expanding digital presence.”

Fabletics: The American athleisure chain will open its first store outside the U.S., on London’s Regent Street. The 2,400-square-foot pop-up will operate for two years starting next month. The retailer has about 60 U.S. stores.

On This Day: The new retail concept founded by fashion designer John Varvatos signed a 4,000-square-foot lease for a flagship at The Sunset, a mixed-use property in West Hollywood, California. When it opens next month, it will be the brand’s second physical store, following one in Manhattan’s SoHo. “Throughout the pandemic, we have seen the birth and expansion of new retail concepts,” said Greg Briest, a vice president for JLL, which represented On This Day in the deal. “OTD is the perfect example of a new concept emerging during these difficult times and capitalizing on some of the best and most visible real estate in Los Angeles.”

Macy’s Inc.: The retail conglomerate will launch a curated digital marketplace in the second half of 2022 to allow third-party merchants to sell goods on macys.com and bloomingdales.com. “Our digital business is targeted to generate $10 billion in sales by 2023, and we expect the new marketplace platform to produce incremental revenue on top of that target,” said Macy’s Inc. chief digital and customer officer Matt Baer. “The marketplace platform will enable us to expand our assortment at a low incremental cost while giving Macy’s customers easy access to even more product selection to meet their diverse needs.” Tech firm Mirakl, which created a similar market for Canadian department store chain Hudson’s Bay in March, will power the Macy’s online market.

Molekule: The air purification system brand opened its first physical store, a holiday pop-up at The Village at Corte Madera in Marin County, California. The company plans to open more pop-ups to promote its brand, which is sold at national retailers like Best Buy and Walmart.

Shipley Do-Nuts: The restaurant franchisor signed a deal with HPL Capital LLC to open 25 locations throughout the Dallas-Fort Worth area, including Coppell, Denton, Garland, Irving, Las Colinas, Lewisville, McKinney, Prosper, Roanoke, Rockwall and Rowlett. HPL Capital CEO Michael Poates will be involved in the site selection and construction and will oversee the franchise managers and operations team. Poates has held leadership positions with Dairy Queen, Whataburger, Papa Johns and Mr. Gatti’s Pizza. Houston-based Shipley has 330 locations and franchise commitments in place for an additional 300 in Texas and across the Southeast over the next five years.

Starbucks: The coffee giant will open two concept stores in New York City called Starbucks Pickup. The units will use fellow Seattle-based company Amazon’s cashierless technology. Consumers can pre-order on their smartphones and pick up their orders without interacting with baristas.

By Brannon Boswell

Executive Editor, Commerce + Communities Today

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