Jones Lang LaSalle to execute real estate strategic review for Kroger
Chicago — Jones Lang LaSalle announced Wednesday that The Kroger Co. is undertaking an initiative with JLL to conduct a strategic review of a group of its retail assets, in tandem with Kroger’s divisional real estate teams, to explore optimization strategies for a select portfolio of operating stores.
In addition, Jones Lang LaSalle has been selected, among others, to participate in developing disposition strategies for a portion of the retailer’s closed store portfolio.
Jones Lang LaSalle said it has been assigned to manage the disposition of a group of Kroger closed stores as part of a strategy to either sell or lease the buildings toward reducing costs. Kroger is also evaluating purchasing stores in key locations in order to provide long-term stability within core markets.
The initiative also includes evaluating debt loads and working with lenders and special servicers on Kroger’s behalf.
“A restructuring program of this magnitude benefits all of the stakeholders — the consumer, the tenant and the landlord,” said Emil Gullia, CCIM, VP, Jones Lang LaSalle.
Microsoft to open 75 stores in next two to three years
Los Angeles — In an address Wednesday at Microsoft’s Worldwide Partner Conference in Los Angeles, COO Kevin Turner said that Microsoft hopes to open 75 freestanding Microsoft stores within the next two to three years.
“We’re going to open up to 75 more stores over the next two to three years, and continue to bring our stores outside the U.S. as well, so we’ve got a huge opportunity to get the Microsoft story out there, and we’re going to keep driving that,” Turner said.
To date, Microsoft have opened 11 stores, in scattered locations across the country. The company made its retail debut in fall 2009.
The Microsoft Worldwide Partner Conference is a huge event, with some 15,000 from around the globe in attendance. The event is being held in Los Angeles’ Staples Center.
Readers Speak Out: Is the growth of the burger category short-lived?
In the June 23 edition of SiteTalk, we asked you what you thought about CSA columnist Jeff Green’s opinion that the growth of the burger category could potentially be short-lived (read Jeff’s column here). This is what one reader had to say:
“I am a founding partner with Becks Prime Restaurants in Houston. We opened our first restaurant here in 1985. We are most known for our burgers made from Certified Angus Beef chuck ground each morning in each kitchen. We grill our burgers over mesquite wood coals, as well as many other items such as chicken, ahi tuna, custom made hot dogs, and Angus steaks. We prepare virtually all our menu items from scratch from full recipes. The only items coming out of a freezer in our kitchens are our beer mugs.
We have grown to 11 restaurants in the Houston area. Our staying power/success over the past 25 years is based on our commitment to serving only top-quality, freshly prepared menu selections. To have a chance of being successful, speed of expansion of a concept must relate to the simplicity of execution. We believe preparing selections from full recipes in each kitchen, each morning leads to a better product, but certainly lends to the need for greater attention. Our customers have too many choices here in Houston (nearly 10,000 restaurants) for us to rest on our previously earned reputation. To have staying power we must be most concerned with the customer experience TODAY.”
— Mike Knapp