REAL ESTATE

PetSmart to open 70 stores

BY Marianne Wilson

New York — PetSmart plans to open some 70 net new stores, including approximately 50 of its standard prototypes, 20 micro stores and three PetsHotels, this year.

News of the expansion comes in conjunction with the retailer’s fourth quarter results. Net income increased 14% to $132 million in the quarter, compared to $115 million in the year-ago period,

Net sales increased 2.9% to $1.8 billion. Same-store sales, including Internet sales, grew 1.2%.

Services sales, which are included in net sales, grew 2.6% to $186 million.

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REAL ESTATE

Corner Bakery Café to enter Indianapolis

BY Marianne Wilson

Dallas — Corner Bakery Café has signed a new multi-unit development agreement to open its first restaurants in Indianapolis beginning later this year and the remaining sites over the next six years.

The new franchisee joins a roster of 27 franchise partners, with 53 open cafes and development commitments for more than 300 more, as Corner Bakery Cafe continues on its goal to more than double its U.S. footprint in the next three years. Corner Bakery Cafe restaurants are owned and operated by CBC Restaurant Corp. with more than 160 company-owned and franchised locations around the country.

Last month, the company announced plans to open nine new restaurants in the Central Valley, Calif., area.

Currently, the rapidly growing fast-casual chain is also looking to expand to new markets in Alabama, Minnesota, Missouri, North Carolina, Ohio, and Tennessee, among others.

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Report: Cumberland Farms sells 27 stores

BY Dan Berthiaume

Framingham, Mass. – Cumberland Farms is reportedly selling 27 stores in New Jersey, Delaware, and Pennsylvania, to Petroleum Marketing Group, based in Woodbridge, Va. According to the Boston Globe, the stores will continue to operate as convenience stores and all roughly 600 affected employees are expected to keep their jobs.

Cumberland Farms will focus on its nearly 600 remaining stores in New England, New York, and Florida. Both companies are private and terms were not disclosed.

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