Data show increase in retail bankruptcies, store closures | Developers approved for loan to update N.J. mall | Safehold agrees to create ground lease for N.Y. building
Retail bankruptcies have accelerated in 2019, with 14 retailers with 25 or more stores filing in the first half of the year, according to a BDO USA report. Meanwhile, the pace of of store closures has surged, with about 19 retailers already reporting plans to shutter more than 7,000 stores.
Advance Realty Investors has been approved for a $72.5 million loan to redevelop a former Roxbury Township, N.J., retail center. The Shops at Ledgewood Commons will feature an open-air design, a Walmart Supercenter anchor and new restaurants.
Safehold has agreed to create a $275 million ground lease at New York City's 195 Broadway, which contains 22,000 square feet of retail and 1 million square feet of office space.
A 129,941-square-foot retail center in Temple, Texas, has been sold. Bird Creek Crossing was 98% leased when the deal closed to retailers like PetSmart, Best Buy, SPEC's Wine & Spirits and Michaels.
Forever 21 is reportedly planning to file for bankruptcy protection, with sources saying the filing could come as soon as Sunday. However, Forever 21 said it is not planning to file on Sunday, and noted that "it is our intention to continue to operate the vast majority of US stores, as well as a smaller amount of international stores."
Huddle House will acquire Perkins Restaurant & Bakery for an undisclosed amount, in a deal scheduled to close Oct. 21, the companies said. Memphis, Tenn.-based Perkins has 342 restaurants in North America and Huddle House, based in Atlanta, has no plans to change the names of any Perkins eateries.
A planned Kroger fulfillment center in Dallas will boast robotic technology from Ocado that will be able to fulfill a 50-item online grocery order in around seven minutes. "This partnership with Ocado gives us a capability to bring fresh food to the entire [Dallas-Fort Worth] market," Kroger Senior Vice President Robert Clark said.
Old Navy will open about 75 new stores annually with plans to grow from about 1,200 to 2,000 locations in North America. The growth plans, which come as Old Navy prepares to spin off from parent Gap, will focus largely on small, underserved markets, Old Navy CEO Sonia Syngal said.
