News

Congratulations to our President Pamela Scott for selling 3130 E. Thousand Oaks Blvd. listed at $4,000,000!

GPS Retail Newsletter

Third Quarter 2017

Santa Barbara

• Luna Grill opened their doors at 3925 State Street this September, serving Greek styled Mediterranean food.

• Santa Barbara’s Riviera Theater opened doors after a $5-million renovation.

• Rudy’s Fresh Mexican Grill will be adding a new location at 138 E. Canon Perdido in Santa Barbara.

• Mundos Latin American Soul Food opened this summer at 901 N Milpas St in Santa Barbara.

• The Santa Barbara Rescue Mission will be undergoing a $17-million renovation, estimated to be complete in spring 2019. The goal of the project will be to provide bed-spaces for the 100+ guest who visit the shelter each night.

• Burgerim opens first Central Coast location on in Santa Maria at 3564 Skyway Dr. Bldg 3, Suite A.

• New York real estate investment trust Carey Watermark purchased The Bacara Resort & Spa, and will be operated by the Ritz-Carlton brand.

• Costco opens in Santa Maria — at 1700 S. Bradley Road in the Enos Ranch development. Other retailers joining the Enos Ranch development include Lowe’s, Dick’s Sporting Goods, HomeGoods, Old Navy, Ulta, Buffalo Wild Wings, Chick-Fil-A, Urbane Café, The Habit and a Cracker Barrel.

Ventura

 Rudy’s Fresh Mexican Grill will be adding a new location at 2508 Las Posas Road at the Camarillo Village Square center.

• Lowe’s home improvement store and an LA Fitness gym have begun construction at the corner of Grande Vista Dr. and Academy Dr. in Newbury Park, just off Wendy Dr.

• Gelson’s opens their second Conjeo Valley grocery store location September 22 on 1736 E Avenida de Los Arboles in Thousand Oaks. at the site of a previous Haggen (and Albertsons before that).

• Apple Store closes in Simi Valley. Customers will be required to visit the recently renovated Thousand Oaks location, or the Canoga Park location.

• Sharky’s Woodfired Mexican Grill opens their 28th restaurant in Oxnard. Located at the Rose Ranch shopping center at 1831 N.

San Luis Obispo

• 7Sisters Brewing Co. opens at 181 Tank Farm Road Suite 110, in San Luis Obispo.

• San Luis Obispo’s Chamber of Commerce is now in the retail business. 42 different wines are available for sale from the region including Ancient Peaks, Pomar Junction, Tolosa and Chamisal.

• Cal Poly SLO opens Shake Smart across from the recreation center, located at 101 Longview Lane.

 Vegetable Butcher opens doors at 712 Marsh St. in the city of SLO.

• Grover Beach currently is the only city in San Luis Obispo County that will allow brick-and-mortar marijuana businesses with respect to Proposition 64.

Investment & Development News

• La Plaza mixed-use development in Atascadero will bring 18,000 sqft. of retail, as well 9,700 sqft. office space, and 40-units of residential.

• 2017 will see 102 million-square-feet of new buildings and redevelopment according to Dodge Data & Analytics.

• Urban markets are seeing most of the cranes and development. However, the suburbs are also embracing urbanism and place-making in their mixed-use lifestyle centers.

• According to CBRE, rising sales and low levels of new construction have helped U.S. retail centers register positive year-over-year rent growth for 13 quarters straight.

• ICSC-backed bills which allow states to collect taxes on goods sold online are making way.

Retail News

• Toys R Us filed for Chapter 11 bankruptcy this September. None of the retailer’s 1,600 stores have been reported to be closing.

• Target unveils three new clothing brands added to their stores. Children’s clothing line Cat & Jack is expected to bring in $1 billion this year alone.

• Albertsons will be the first national supermarket chain to purchase a meal-kit service company. The acquisition of Plated will provide an alternative to the dining out experience. 24% of millennials have used a meal-kit service.

 The Children’s Place has been outperforming not only Gymboree but its other competition as well. Their Q1 2017 sales were up 4.1%, totaling $436.7 million.

• 25 million new square feet of grocery stores set to open. Aldi announces $3.4 billion investment to increase U.S. presence by 50%, set to have 2,500 stores in the states by 2022.

• Whole Foods goes conventional- instead of allowing more localized brands to frequently pitch their products to individual stores or regions, the Whole Foods executives in Austin, Texas will be choosing a higher percentage of inventory.

• Michael Kors Holdings to purchase Jimmy Choo for $1.2 billion.

• A&W has opened 5 gas stations and convenience stores this year, with 6 more to come.

Retail Trends

• Nordstrom debuts services-focused store with no inventory in West Hollywood this October. At 3,000-sq-ft, this new store is much smaller than an average 140,000-sq-ft store.

• Grocery stores are ratcheting down the size of their stores.Fresh Thyme Farmers Market opened one of its 28,000-square-foot stores, less than half the size of most supermarkets.

• Over the past decade, the number of craft breweries nationally has almost quadrupled from 1,409 in 2006 to 5,234 in 2016.

• Apparel stores form 30% of mall Real Estate. The industry is growing at 12%. This is well below restaurants at 32% and furniture, personal care, and health care stores at above 20%.

• Retailers are testing an array of tech tools designed to save time and money such as the Cafe X kiosk. This machine can whip up an Americano, a latte, or any other specialty drink in under one minute.

• A convenience store chain in Japan called Lawson has teamed up with Panasonic to fully automate their checkout system. This system will bill and bag items, as well as update the store’s inventory.

• Lowe’s is introducing autonomous roaming robots that assist customers and store associates, while being programmed to communicate in multiple languages.

• Midprice grocery and apparel stores, as well as do-it-yourself home  office-supply stores will continue to experience a contraction in the market.

• Expect a construction spike amongst drugstores, thrift stores, fast-food restaurants, dollar stores and other value retailer, and trendy street brands, according to the NPD Group.

• Hospitals invest heavily in surgery centers, emergency room and urgent-care clinics located outside hospitals, in order to chase after patients who want cheaper and more convenient care.