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Industry News

Storefronts: What the tenants are up to

October 7, 2019

Bed Bath & Beyond
The chain has plans to close 60 of its roughly 1,500 stores by 2020, including 40 Bed Bath & Beyond stores and 20 stores among its other banners: Buy Buy Baby, Christmas Tree Shops, Harmon Face Values and World Market. Interim CEO Mary Winston told investors that the company is using a "fleet-optimization program for all Bed Bath & Beyond stores to create a better balance between our physical and digital presence within the markets we serve." Winston noted that "more than 400 leases across all concepts [are] expiring over the next couple of years." USA Today

Costco
U.S. same-store sales (excluding fuel) grew by 5.2 percent, less than analysts’ expectations of 5.32 percent. Sales of diamond rings and kitchen mixers drove sales, the company said. Reuters

Gump’s
The iconic San Francisco department store, which closed after filing for bankruptcy protection in 2018, will reopen in a much smaller, 2,000-square-foot space on Post Street. Alive Newspaper

Heyday
The upscale personalized spa chain opened its first unit in Pennsylvania after steadily growing in the Los Angeles and New York City markets. PennLive

HEB
This growing Texas grocery chain announced that it will build a 90,000-square-foot stand-alone store in Southwest Austin to replace an existing one about 2 miles away, in the Oak Hill area. Austin Statesman

Le Macaron French Pastries
CEO Rosalie Guillem reports that the company anticipates opening 12 shops in Dallas and its suburbs over the next three years. This seller of macarons — a confection with origins in France and Italy — currently operates about 50 shops nationwide. The Dallas Morning News

REI
Outdoors retailer REI opened a 25,000-square-foot new-concept store in North Conway, N.H., that emphasizes “experiences” as much as product sales. GearJunkie

Rue 21
The Cranberry, Pa.–based teen-apparel retailer opened its first store since reemerging from bankruptcy protection: a 4,800-square-foot space at Pittsburgh’s Mall at Robinson. Pittsburgh Post-Gazette

Salt & Straw
This Portland, Ore.–based ice-cream shop will open two shops in Miami — its first in the region — in the Wynwood and Coconut Grove neighborhoods. Each is to open next spring. Miami New Times

Walmart
The discount chain is competing against Target to see which of them can add the most solar panels to its store portfolio. Target is aiming to have about 25 percent of its 1,855 stores powered with renewable energy by the end of the year. Walmart has set “a long-term goal of using 100 percent renewable energy” and plans to have 50 percent of its operations powered with renewable energy by 2025, through a combination of “on-site installations and purchases from external power providers.” Money

By Brannon Boswell

Executive Editor/SCT

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