Dick’s Is Buying Foot Locker Inc. in a Deal Worth $2.4 Billion

Dick’s Sporting Goods has agreed to buy footwear and apparel retailer Foot Locker Inc. in a deal valued at $2.4 billion. Dick’s said on Thursday it would run Foot Locker as a standalone business. Foot Locker, which reported sales of $8 billion in 2024, operates about 2,400 stores in 20 countries. Aside from the Foot Locker brand, the company’s brands are Kids Foot Locker, Champs Sports, WSS and Atmos. “By applying our operational expertise to this iconic business, we see a clear path to further unlocking growth and enhancing Foot Locker’s position in the industry,” Dick’s executive chair Ed Stack said.

The acquisition is expected to close in the second half of 2025. The announcement came a week after Skechers said it would gain its own capital infusion in the form of a $9.5 billion deal that will take it private.

Kirkland’s, Meanwhile, Gains $5.2 Million in Credit for Bed Bath & Beyond Expansion

Home decor retailer Kirkland’s has received a $5.2 million infusion of credit from Beyond Inc. for development of stores under the Bed Bath & Beyond Home, Bed Bath & Beyond True Blue, BuyBuy Baby and Overstock banners. The deal, an update of the companies’ existing credit agreement, gives exclusive licensing rights for Kirkland’s to open Bed Bath & Beyond and BuyBuy Baby “neighborhood-format” stores. It also opens the door for Beyond to boost its ownership stake in Kirkland’s, according to Seeking Alpha. As of February, Beyond had invested $25 million in Kirkland’s and owned about 40% of its common stock. As part of the deal, Beyond plans to buy the trademarks of Kirkland’s and lease them back to the retailer.

With an Eye Toward Store Growth, McDonald’s Targets 375,000 New Hires at Its U.S. Restaurants

In 2023, fast-food chain McDonald’s unveiled plans to open about 900 more U.S. restaurants by 2027. Now, it’s backing up that effort with a massive hiring blitz. This summer, the chain’s restaurants in all 50 states will add as many as 375,000 jobs, McDonald’s USA president Joe Erlinger announced on Monday at a McDonald’s in Columbus, Ohio. “By expanding their workforce, the corporation will be driving investment and setting the standard for industry growth, whether as a launchpad for a different career or as a ladder for internal achievements,” U.S. Labor Secretary Lori Chavez-DeRemer said at the Columbus event.

McDonald’s opened more than 300 U.S. locations across 2023 and 2024, QSR reported. As of March 31, McDonald’s had 13,569 restaurants in the U.S. By 2027, the company aims to have 50,000 worldwide, up from more than 43,000 today. Franchisees own and operate the bulk of McDonald’s restaurants.

Omnichannel Sales Help Drive Need for Brick-and-Mortar Retail

Retailers are engaged in a space race fueled in part by omnichannel sales. Colliers’ Spring 2025 Retail Report said new retail supply in the U.S. is projected to fall by 45% in 2025. This means retailers and real estate brokers are now focused on optimizing existing space. “As a result, vacancy rates remain tight,” the report noted, “and interest in existing retail properties continues to grow.”

The report went on to proclaim that brick-and-mortar stores “are far from obsolete.” Rather, they’re evolving “from simple points of sale into dynamic touchpoints that reflect how consumers want to engage — with brands, products and each other. These spaces are no longer just transactional. They offer consumers experiences and convenience, seamlessly blending with digital channels to create a powerful omnichannel ecosystem.”

Dallas-Fort Worth’s Biggest Mixed-Use Sale Ever

Built just eight years ago, the Legacy West mixed-use development in the Dallas-Fort Worth suburb of Plano has traded hands for $785 million in what is said to be the biggest sale of a mixed-use project ever in the DFW market. A joint venture of retail and mixed-use REIT Kite and Singaporean sovereign wealth fund GIC is the new owner. Kite holds a 52% majority stake in the JV. Invesco Real Estate was the investment advisor for the seller.

The Karahan Cos. and Columbus Realty developed the 1.15 million-square-foot retail, office and residential project, which Prism Places has managed since 2019. Citing Invesco documents, CRE Analyst reported the project cost $282 million to develop. An announcement about the sale called Legacy West “arguably one of the most successful mixed-use trophy assets in the country.” The property’s retail and office occupancy rates top 95%.

How Retail and F&B Sales Fared in April

U.S. retail and food services sales minus motor vehicles and gas rose 5.4% year over year in April. That just beat out March’s 5.3% increase, which had been the highest jump since December 2023. Every category contributed positive growth.

Month over month, U.S. retail and food services sales minus motor vehicles and gas rose 0.2%, following a 1.1% increase in March. “While slightly better than expected, the modest rise in sales suggests consumers reined in their spending in April after a strong March,” said ICSC research manager Matthew Panfel. “Though a bit soft, consumer spending power continues to be helped by rising wages, low unemployment and slowing inflation. However, economic uncertainty has resulted in consumer sentiment falling for several months.”

April Year-Over-Year Growth in U.S. Sales

Seasonally adjusted, advance data

Brian Dawson has assumed the CEO role at GBT Realty Corp. from founder George Tomlin, who retains the titles of president and chair. Before joining GBT, Dawson was interim CEO of real estate developer Hoffman & Associates and senior managing director of capital markets at JLL. “We’ve known Brian for years and have worked with him on various fronts,” Tomlin said. “There is no question that he’s the right strategic fit as GBT’s CEO as we continue to build on our decades of successes.” GBT has developed more than 40 million square feet of commercial real estate, including triple-net properties, retail centers and mixed-use developments. Its development pipeline comprises more than $3 billion worth of commercial real estate projects.

—Additional reporting by C+CT editor-in-chief Amanda Metcalf