Expansion Guide North America / Summer 2016
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Retail & Restaurant Expansion Guide North America / Summer 2016 interactive menu click to get started INTRODUCTION ICSC PERSPECTIVE APPAREL ENTERTAINMENT ARTS / CRAFTS / HOBBIES FINANCIAL SERVICES AUTOMOTIVE FOOD-RELATED BEER / LIQUOR / WINE GROCERY BOOKS / MEDIA / TOYS HEALTH AND BEAUTY CARDS / GIFTS / NOVELTY HOME-RELATED CHILDCARE / LEARNING CENTERS JEWELRY CONSUMER ELECTRONICS MISCELLANEOUS RETAIL DEPARTMENT STORE PETS / PETCARE DISCOUNTERS / SUPERSTORES RESTAURANTS DRUG STORE / PHARMACY SPORTING GOODS North American Retail & Restaurant Expansion Guide Summer 2016 INTRODUCTION Welcome to the inaugural edition of the Cushman & Wakefield North American Retailer and Restaurant Expansion Guide In this report, we track the growth plans of thousands of major retail and restaurant chains and public statements made by company executives, and reliable “word on the street” throughout the United States and Canada. This is not your typical retail research report gathered from the retail and brokerage communities. Additionally, in cases where we were in that the purpose of the Expansion Guide is not to create hard metrics or to provide either unable to obtain reliable data or where we received questionable information, we numbers-driven statistical analysis. Certainly, our tracking of such data heavily informs provided our own estimates of current unit counts and likely growth in the year ahead. our standard research efforts from our quarterly reports to white papers on special topics. These estimates were based upon a mix of factors, including recent growth history and But the ultimate goal of this publication is to provide a glimpse of likely growth over the sector health. coming year across all of the major retail sectors from a mix of various concepts as we know or understand them. While the information in this guide has been gathered from a wide variety of sources we deem reliable and reputable, we make no claim as to its accuracy. In fact, we are certain The report is organized alphabetically by basic retail sectors (from Apparel to Sporting that there are likely a few mistakes within this report that can be attributable to everything Goods and everything in between), with most sectors further divided into sub-categories from simple human error to the fact that retailer plans are prone to change quickly (and (for example, the Restaurant sector includes additional classifications such as Casual often without notice) in today’s fast-paced environment. Dining/Bar & Grills, Pizza and a dozen other sub-categories). Within those sections, retail and restaurant concepts are listed in alphabetical order. The information provided within this report is to only serve as an informative benchmark and a snapshot of some of the retail and restaurant concepts that are currently in This report is not intended to list every single retail or restaurant concept that is active in expansion mode in both Canada and the United States. In that context, we caution all of the United States and Canada. In compiling this data, we began with the basic rule that our readers to do their own due diligence and research. concepts had to have at least 25 existing units to be included. We also decided to exclude any concepts for which there were either no planned store openings at all or for which we Those things being said, we also contend that this is the most comprehensive and in-depth thought it highly unlikely based upon our interpretation of the data available to us. We report of its kind and we hope that you will find it to be an informative and invaluable did, however, include many concepts for which net growth would likely be negative in the resource. With that, we are pleased to present to you our 2016 North American Retail and coming year, but which may still open a few new units even as they close underperformers Restaurant Expansion Guide! Enjoy! or adjust their bricks and mortar footprints. Putting together this report was a monumental task, not just because of the sheer scope of the project but also because of the timing issues involved and the fact that these plans are Garrick H. Brown continually changing and evolving. The data was gathered from a mix of sources, including Vice President the retail and restaurant chains themselves, the brokers and site selection specialists Retail Research, Americas that represent them, third-party data sources, published media reports, quarterly reports [email protected] 2 cushmanwakefield.com North American Retail & Restaurant Expansion Guide Summer 2016 ICSC PERSPECTIVE The Vitality Of Shopping Centers Nearly seven decades after becoming a noticeable part of the past seven days at the time of the survey. Again, this strongly Omni-channel’s “new consumer” presents unique benefits U.S. landscape, shopping centers are not only everywhere, but supports the popularity of shopping centers. If we only to physical stores. In the last 30 days at the time of another continue to play a vital role in the everyday lives of millions of include those Americans who went at least once to these poll conducted this April on behalf of ICSC, just under half Americans, whether at malls (typically enclosed, department centers (at least 50% of them), the average number climbs (48%) of adult Americans bought online from retailers with a store-anchored) or the more common open-air centers. to two visits for the past seven days. Three-fifths (60%) of physical presence. A little more than one-third (36%) used the those who went at least once did so for grocery shopping and “click-and-collect” method — buying online and picking up in American adults made on average 3.1 visits to a mall in the the same share for quick stops for items such as bread, milk, store. Of the shoppers who opted to buy online and pick up in three months before a consumer survey was conducted on etc. Other purposes often quoted were dining at restaurants store, 42% spent additional money at least once at the same behalf of ICSC this April. If we only include Americans who (45%), and picking up prescriptions (33%) — also emphasizing store/tenant, an adjacent establishment, or another unit within went at least once in the past three months (75% of them), the the multi-functional nature of these centers. the same shopping center. Among the consumers who spent average number of visits goes up to 4.2 times. more money when picking up online purchases in store, 58% Altogether, of those who went to these open-air shopping of their total spending was from these additional purchases. Still, according to the survey, of those who went to malls centers, 84% spent on food and beverages and 61% on other This is just another element that supports the strong in the past 30 days (63% of all Americans), 71% spent on types of goods. They spent $123 on goods in the last seven connection between online spending and physical stores. discretionary goods; 61% bought food items, household goods days and another $43 on services, for a grand total of $166 — or health and beauty products; 56% dined at a restaurant a significant contributor to local economies. Partnerships and Efficiency Are Hallmarks or casual/fast–food eatery; and 31% attended other types of the New Environment of entertainment or other activities. Those who went to Consequently, whether open-air centers or enclosed malls, Finally, for owners, while online sales will continue to capture malls in this period spent on average $105 per visit, again shopping centers support the overall economy by, among a growing share of total sales (although still strongly tied demonstrating the strength of that format. In addition, about other things, creating jobs in the U.S. — 12.8 million by the to retail real estate as mentioned above), high-quality, well- one quarter participated in activities such as recreational most recent estimate. These jobs and the incomes they located centers will still thrive as the value of the store is walking or events for kids, 18% for charitable fundraising, provide are the lifeblood of local economic growth and confirmed. Simultaneously, retailers are evolving into more and 16% for no-fee concerts and fashion shows, which also prosperity. Shopping centers are inextricably woven into the efficient, effective omni-channel platforms, allowing them to underscores the role of malls as community anchors. fabric of American life and commerce and that is not likely to increase profitability of all channels, with the physical store change anytime soon. still at the heart of their efforts. That is why a number of The vast majority (88%) of shopping centers are small retailers are expanding. Let us learn more about them. neighborhood and convenience centers. These locally-serving The Physical Store Remains the Anchor retail and personal service establishments are the hubs of of the New Digital Era Jean Lambert thousands of communities. Whether people visit to pick up a Though the role of the physical store has changed, recent Vice President, Research loaf of bread and gallon of milk, grab a slice of pizza or a pie studies such as ICSC Research’s Exploring New Leasing International Council of Shopping Centers to-go, stop in for a haircut, or drop off the dry cleaning, these Models in an Omni-Channel World show that it has become [email protected] open-air centers are overwhelmingly the places that satisfy the cornerstone of retailers’ omni-channel marketing efforts the daily needs of consumers across the U.S. — no longer just a point of sale but now a fulfillment center, *While every effort is made to ensure the accuracy and reliability of the a showroom for experiencing products, a strong branding information contained in this report, ICSC does not guarantee and is not Also based on the recent consumer survey, all Americans mechanism, and the focus of a “halo” effect that enhances the responsible for the accuracy, completeness or reliability of the information visited an open-air center at least once on average in the retailer’s image in its trade area.