Wawa is “still active in the city,” CEO Chris Gheysens said, despite some high-profile Philadelphia store closures during the pandemic that included the landmark location at Broad and Walnut streets and the outpost at 9th and South streets. “We have closed some stores and I think it’s a reflection of, in some cases, bad site location. Others [it’s] just the business,… Read more »
Wharton Realty Group has made two retail acquisitions, buying Deptford Landing, a power center in Deptford, New Jersey, and Exeter Commons, a grocery-anchored center in Reading, in separate transactions that settled at roughly $70 million each. The two retail centers were sold by ShopCore Properties, which is a division of Blackstone Group. They properties add… Read more »
Local favorite Federal Donuts is looking to add dozens of new locations throughout the Mid-Atlantic region and beyond after receiving a growth equity investment from Radnor-based NewSpring. The capital infusion comes from the Main Line private equity firm’s NewSpring Franchise arm, which focuses on growing what it identifies as innovative, multi-unit concepts. As part of… Read more »
Aldi, a German-based grocery chain will develop a brand new 22,000 square foot prototype store on a pad site within The Quartermaster campus at 21st and Oregon Avenues. Expected to break ground this quarter and open by the end of 2022, the new Girard Estates Aldi Supermarket will become the chain’s 12th location in the City of… Read more »
Discount retailer Five Below is aggressively ratcheting up its growth plans, looking to triple its store count to 3,500 by the end of 2030 and double its sales by 2025 as it creates a shopping experience that caters to younger customers. The Philadelphia-based chain, which now has 1,190 stores in 40 states, unveiled its “Triple-Double” strategy… Read more »
Wells Fargo has announced plans to close 11 more branches, including two in the Philadelphia region and another in the Lehigh Valley. The affected locations cited in a March 15 filing with the Office of the Comptroller of the Currency are: 120 N. Pine St., Langhorne 1110 Chester Pike, Sharon Hill 29 Trembley Drive, on… Read more »
Barstool Sports officially opened its new bar in Center City on Friday morning, launching in the midst of March Madness. The 1213 Sansom St. concept was brought to life alongside Wyomissing casino operator Penn National Gaming (NASDAQ: PENN), which holds a 36% stake in the digital media company. The Philadelphia sports bar takes up the… Read more »
Pennsylvania Real Estate Investment Trust (PREIT), the owner of Plymouth Meeting Mall and Willow Grove Park Mall, has “substantial doubt” about being able to remain in business over the next year, according to the annual report the company filed with the Securities and Exchange Commission, writes Natalie Kostelni for the Philadelphia Business Journal. PREIT made this… Read more »
The owner of Philadelphia healthy food chain Fuel is diversifying his revenue streams by opening new locations, launching a virtual kitchen, and taking to Florida to debut a new concept as it looks to emerge from Covid-19. Fuel, which launched in 2008 and specializes in salads, sandwiches and smoothies, will open an outpost in Northeast… Read more »
Grocery Outlet Bargain Market is continuing its expansion throughout the region and has opened a store in Northeast Philadelphia. The Emeryville, California, chain, which is part of Grocery Outlet Holding Corp. (NASDAQ: GO), entered the region last March when it opened a store in East Norriton. It has since opened a total of eight stores including in… Read more »
