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What the tenants are up to: 9 retailer updates

December 16, 2021

Amazon: Amazon popped up with a physical presence on Spring Street in New York City’s SoHo for a week this holiday season. Its Alexa in a Pear Tree interactive holiday experience, pictured above and designed by New Moon, allowed visitors to ask Amazon Alexa to turn on festive smart lights, play Amazon Music holiday originals and more. Amazon wants to make it a New York holiday tradition.

Belk: The department store chain became the latest retailer to add buy-now-pay later financing capabilities for its customers. Belk customers can use AfterPay to set up four installment payments, whether for in-store or online purchases. There are no upfront fees or interest payments. Amazon, Dick’s Sporting Goods and Walmart are among the other retailers that have added buy now, pay later services in time for the holidays. The vast majority of Afterpay customers are Millennials and Gen Z, according to the company.

Chowking: The Chinese fast-food chain, owned by the Philippines-based Jollibee, opened its 16th U.S. location and its first on the East Coast, in Jersey City, New Jersey, which has a thriving Filipino community. The first U.S. Chowking opened in 2016.

Foot Locker: The shoe retailer launched a line of women’s athletic leisure apparel that could grow into a second store concept. The brand, Cozi, will be sold exclusively at 3,000 Foot Locker and Champs Sports.

JCPenney: The department store chain added Forever 21 apparel and accessories to 100 of its 650 U.S. stores and to the JCPenney website. JCPenney said the move bolsters its position as a national retailer for teens and young adults.

Jack in the Box: The fast-food chain continues its growth streak with the $575 million purchase of fellow restaurant operator Del Taco. The combined companies will have about 2,800 restaurants across 25 states. Jack in the Box recently restarted its long dormant franchising program, as well.

Louis Vuitton: The luxury French label opened its first standalone men’s store in the U.S., a streetfront location in Miami’s Design District. The 3,586-square-foot store features an industrial aesthetic with a white, aluminum facade. The company opened its first men’s store in China last year.

Rebag: The luxury handbag reseller landed another $33 million in venture capital to expand its operations. The company has raised $100 million so far and has nearly tripled its business since the pandemic began. Rebag entered new categories like fine jewelry and watches last year. The $30 billion-plus luxury resale market will grow at an annual rate of 10% to 15% during the next decade, McKinsey projects, which also said digitally native resellers will be a major force. Rebag has nine physical stores: four in New York City, two in Miami, two in California and one in Connecticut.

Restore Hyper Wellness: The high-tech provider of cryotherapy and IV drip therapy scored $110 million in venture capital to open new locations. Restore’s footprint includes 115 predominantly franchised locations in 34 states. Restore reports that it’s on pace to deliver more than 1.5 million services in 2021. The company’s systemwide sales have grown by 158% year over year, following similar growth in 2020. Restore aims to open a new location every four days in 2022.

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