katie sloan

Ingka Group to Invest $2.2 Billion in New IKEA Locations, Omnichannel Growth Across U.S.

by Katie Lee April 21, 2023

Leiden, Netherlands — Ingka Group has announced plans to invest $2.2 billion over the course of the next 3 years on new IKEA retail locations and omnichannel growth across the United States. The Leiden, Netherlands-based company is the largest owner of IKEA stores globally, representing more than 90% of IKEA retail sales with more than 370 stores and 100 home décor planning studios open across 31 countries. The initial phase of investment will include opening eight stores in IKEA’s traditional format and nine “Plan and Order” points, which are smaller …

April 21, 2023

Crayola Experience to Open 5 New Locations Through 2027

by Katie Lee September 19, 2022

Forks Township, Pa. — Crayola has entered into an agreement with BrightColors LLC to open at least five new Crayola Experience venues, doubling Crayola’s presence in the U.S. The company’s portfolio currently includes five locations in Easton, Pa.; Orlando, Fla.; Bloomington, Minn.; Plano, Texas; and Chandler, Ariz. Last November, Crayola began actively seeking partners to extend its footprint domestically and internationally. The Forks Township, Pa.-based company’s first multi-venue licensing agreement will be with BrightColors, which is working with partner Kingsmen Xperience Inc. to open the new locations over the next …

September 19, 2022

construction and design News retailers

Kohl’s Plans to Open 100 Smaller-Format Stores, Revitalize Existing Locations

by Katie Lee May 27, 2022

Menomonee Falls, Wis. — Kohl’s plans to increase its investment in brick-and-mortar with the addition of 100 new, smaller-format locations over the next 4 years in previously untapped markets. This expansion follows the pilot of 20 stores featuring the company’s smaller-format design, which averages around 35,000 square feet versus the traditional 80,000-square-foot iteration. In June, the Menomonee Falls, Wis.-based company will be opening a smaller-format shop in Bonney Lake, Wash., and in the fall, stores are set to open in San Angelo, Texas; Morgantown, W.Va.; Tacoma, Wash.; and Lenox, Mass. …

May 27, 2022

News retailers

Dave & Buster’s Agrees to Acquire Entertainment Concept Main Event for $835 Million

by Katie Lee April 8, 2022

Dallas and Coppell, Texas — Dave & Buster’s Entertainment Inc. has agreed to acquire family entertainment concept Main Event for $835 million in an all-cash transaction. The seller is a joint venture between Ardent Leisure Group Limited and Red Bird Capital Partners, and the deal is expected to close later this year. Chris Morris, current CEO of Main Event, will serve as CEO of the combined entity upon closing. The move ends the search for a new Dave & Buster’s CEO, which has been ongoing for approximately 7 months following …

April 8, 2022

construction and design News retailers

Bloomingdale’s to Open Smaller-Footprint Bloomie’s Store in Metro Washington, D.C.

by Katie Lee July 9, 2021

Fairfax, Va. — Bloomingdale’s plans to open its first Bloomie’s store at the Mosaic District shopping center in Fairfax on August 26. Bloomingdale’s is the latest retailer to unveil an updated store concept designed to reflect the changing wants and needs of shoppers following the COVID-19 pandemic. The new, smaller-footprint concept will span 22,000 square feet and feature an evolving mix of merchandise from top brands alongside tech-enabled stylist services and a restaurant. A standard Bloomingdale’s location spans approximately 200,000 square feet. Fresh deliveries from a mix of designers already …

July 9, 2021

News retailers

HSBC Sells 90 Branches, Exits Mass-Market Retail Banking Sector

by Katie Lee May 28, 2021

New York City — HSBC Holdings has announced plans to exit its U.S. mass-market retail banking business through the sale of 90 of its 148 domestic branches. HSBC will retain 20 to 25 of its existing physical locations in the U.S., which will be repurposed into international wealth centers. These branches will focus exclusively on the banking and wealth management needs of high-net-worth clients. These centers will be located in cities such as New York, Washington, D.C., San Francisco, Seattle, Los Angeles and Miami, according to reports by The Wall …

May 28, 2021

News retailers

Target to Open Mini Apple Stores in 17 Locations, Expand Online Offerings

by Katie Lee March 1, 2021

Minneapolis — Target plans to open small-scale Apple shops inside 17 of its stores this spring, with additional locations scheduled to open this fall. The company will also expand its online Apple product offerings over the coming weeks. The new Apple in-store experience will offer a mix of products and accessories in a dedicated space designed for guests to see new products and view demonstrations by Target Tech Consultants, who will receive specialized training from Apple. Each shop will feature new lighting fixtures and displays for iPhone, iPad, Apple Watch, …

March 1, 2021

News retailers

Loves Furniture & Mattresses Files for Chapter 11 Bankruptcy Protection

by Katie Lee January 11, 2021

Warren, Mich. — Loves Furniture & Mattresses, owned by Dallas-based private equity firm U.S. Assets Inc., filed for Chapter 11 bankruptcy protection in early January amid struggles brought on by the COVID-19 pandemic. Loves was formed in April of this year and acquired 27 Art Van Furniture locations across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland in May. That deal did not include the stores’ underlying real estate, which had already been sold off, according to reports by the Detroit Free Press. The company also opened or acquired 13 additional …

January 11, 2021

News property management

Mall Owners CBL & Associates, PREIT File for Chapter 11 Bankruptcy Protection

by Katie Lee November 5, 2020

Chattanooga, Tenn. and Philadelphia — Against headwinds brought on by the COVID-19 pandemic, CBL & Associates Properties Inc. and Pennsylvania Real Estate Investment Trust (PREIT) filed for Chapter 11 bankruptcy protection on Nov. 1. PREIT Philadelphia-based PREIT owns and operates 22.5 million square feet of retail space including 19 mall properties in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina. The company has reached a Restructuring Support Agreement (RSA) with its bank lenders, under which an additional $150 million will be committed to recapitalize the business …

November 5, 2020

News retailers

Gap Inc. to Shutter 350 Stores, Transition Focus from Malls to E-Commerce

by Katie Lee October 23, 2020

San Francisco — Gap Inc., a longtime apparel tenant in enclosed regional malls nationwide, has announced plans to close 350 stores under its Banana Republic and Gap banners in an effort to transition focus to e-commerce and off-mall retail locations. Store closures are scheduled for completion by fiscal year 2023, which ends Feb. 1, 2024, with 75% scheduled to close in 2021. By that time, the company expects 80% of its revenue to come from e-commerce and off-mall locations, including street-front retail stores and shops in strip and outlet centers. …

October 23, 2020

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