NEWS

News

Palomar Press Briefing | March 24, 2021

 



 INDUSTRY NEWS

March 24, 2021

 

RETAILERS NOW OPENING MORE STORES THAN THEY’RE CLOSING


U.S. retailers have announced more store openings than closures so far this year: 3,199 openings versus 2,548 closings, according to retail data specialist Coresight Research. If the trend holds throughout the year, that will represent a complete turnabout from 2020. 

 

ONLINE SALES GROWTH SURGED IN 2020 BUT IS LEVELING OFF IN 2021


In 2020, retailers and their customers embraced omnichannel sales like never before, helping drive annual e-commerce spending by 32.4 percent year over year to $791.7 billion. But the outsize growth already may be returning to a more measured pace. 

 

WORLD HAPPINESS REPORT ANNOUNCES GOOD NEWS


Every year, the UN releases its World Happiness Report, which ranks 149 countries on how “happy” their citizens are across metrics such as social support, personal freedom, and trust in their country. The results: Though respondents reported short-term changes to their emotional states, hopes for longer-term happiness remained high during the pandemic year.

 

THE QSR 50


It’s a little tricky to review the health of the limited-service restaurant industry based on 2019 sales results. No matter how restaurant companies performed last year, the coronavirus pandemic has upended marketing plans, expansion trajectories, and brand momentum, leveling the playing field in many ways by forcing chains to pivot to primarily off-premises business and think way outside the box to capture sales. 

 

AT HOME GROUP IN STRONG FINISH TO ‘TRANSFORMATIONAL’ YEAR


The Palomar Group’s recent offering of the At Home anchored center, Augusta West, times up extremely well with At Home’s announcement of 2020 being a “TRANSFORMATIONAL YEAR.” At Home Group Inc. reported a 31% increase in fourth-quarter same-store sales as home decor sales continue to thrive during the pandemic. 

 

EX-SPROUTS REAL ESTATE CHIEF TED FRUMKIN JOINS THE FRESH MARKET


Addition of retail development veteran may be sign of upcoming expansion. The Fresh Market has hired Ted Frumkin, former chief development officer at Sprouts Farmers Market, as group vice president of real estate, development, and construction. 

 

FOURTEEN RETAILERS EXPANDING IN 2021


Not all retailers are downsizing their physical assets in the wake of the pandemic. Far from it. So far this year, retailers in the U.S. have announced 3,199 store openings and 2,548 closures, according to Coresight Research (per CNBC). In 2019, retailers announced 4,548 openings, up from 3,747 in 2018. 

 

DELOITTE: DISCRETIONARY SPENDING SHOWS POSITIVE SIGNS


According to the most recent Deloitte Global State of the Consumer Tracker, which surveys at least 1,000 consumers in 18 countries including the U.S., three in four U.S. respondents plan to spend the same or more on apparel and restaurants in the coming weeks.

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