NEWS

News

Palomar Press Briefing | August 18, 2021

 



 INDUSTRY NEWS

August 18, 2021

 

KROGER TO OPEN GHOST KITCHENS IN ITS STORES

The Kroger Co. is diving deeper into the fast-growing ghost kitchen space. The country’s largest grocery retailer is partnering with ghost kitchen startup Kitchen United to provide customers freshly prepared restaurant food for takeout or delivery in select Kroger locations.

FOOT LOCKER SPENDING $1.1 BILLION TO MAKE TWO RETAIL ACQUISITIONS

Foot Locker is looking to grow its footprint beyond malls and accelerate its expansion in Asia (and the premium fashion sneaker market) via two separate transactions. The company has entered into a deal to acquire U.S.-based athletic footwear and apparel retailer Eurostar Inc., or WSS, for $750 million.

3 OF 4 DEVELOPERS GOING OVER CONSTRUCTION BUDGETS, SURVEY FINDS

A large majority of North American construction projects are being delivered late and significantly over budget compared to the owners’ original plans, according to a new survey by research firm IDC. The survey conducted in May and June found that 75% of owners were over planned budgets on their projects.

HOME PRICES IN THE U.S. SOAR 23%, THE FASTEST RATE ON RECORD

U.S. home prices rose the most on record in the second quarter as buyers battled for a scarcity of listings. The median price of an existing single-family home jumped 23% from a year earlier to an all-time high of $357,900, the National Association of Realtors said.

MASTERCARD: IN-STORE SALES REBOUND IN JULY, EXCEEDING PRE-PANDEMIC LEVELS

Retail sales in July got a big boost from the Child Tax Credit and pent-up consumer demand, posting their 11th consecutive month of growth. That’s according to Mastercard SpendingPulse, which reported that U.S. retail sales (excluding auto and gasoline) rose 10.9% in July over the year-ago period.

DICK’S SPORTING GOODS SET TO OPEN ITS FIRST GOLF GALAXY PERFORMANCE CENTER

Dick’s Sporting Goods continues to expand its national footprint with new banners. The sportings goods giant has redesigned its Golf Galaxy store at Shoppers World, in Framingham, Mass., and will reopen it on August 28 under a new banner: Golf Galaxy Performance Center.

SPECIALTY TOOL RETAILER CRAFTS AI-BASED PRICING STRATEGY

Northern Tool + Equipment is assembling a pricing approach based on advanced artificial intelligence (AI) algorithms. The Minnesota-based specialty retailer of tools and equipment is deploying the intelligent pricing platform from Revionics, an Aptos company.

REITS EDGED LOWER LAST WEEK

REIT share prices declined slightly last week, with a total return of -0.1% on the FTSE Nareit All Equity REITs Index, ending a five week string of consecutive weekly gains. Broader markets rose, with a 0.6% return on the Russell 1000 and a 0.8% return on the S&P 500.

 

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