Retail to rise at San Jose Flea Market
One of the nation’s largest outdoor markets is making room for some brick-and-mortar retail.
Berryessa Properties, a family-owned company that runs the San Jose Flea Market has sold a 6.5-acre parcel adjoining the open-air bazaar to Western National Group. The Irvine, California-based company plans to erect an apartment building with 560 residences in the space, including 37,000 sq. ft. of ground-floor retail in the fifth phase of its Market Park San Jose property.
The sale price was not disclosed, but Berryessa intends to contribute $5 million of the proceeds from this and another recent property sale to the City of San Jose to build two parks totally 7 acres.
"With affordable housing, retail, and restaurants, future office space, neighborhood parks, lush greenbelts, and the Coyote Creek trail bisecting the community, this will be a uniquely welcoming and reinvigorating place to live," said Ralph N. Borelli, chairman of Borelli Investment Company, which brokered the deal.
Seafood chain to open 10 new locations
Captain D’s, which introduced fast-casual seafood to Tennessee nearly 50 years ago, continues to expand at a quick pace.
The Nashville-based chain announced this week that four new locations are planned for the Mobile-Pensacola market in the next five years and five new stores are planned for San Antonio. It added that a new franchisee will open a location in the Jackson, Tennessee, market this year, with more to follow.
Last month the chain opened its second location in Baton Rouge, a company-owned store.
With 521 restaurants in 21 states, Captain D's claims that it is the fast-casual seafood leader and top U.S. seafood franchise by average unit volume. It came in at No. 79 on Restaurant Business’s most recent listing of the top 500 quick-service restaurant chains.
Captain D's is in the process of making over its restaurants with a new beach design and reports being nearly 60% complete.
Children’s clothing retailer details store closings
Gymboree Corp. is "right-sizing" its store footprint.
The bankrupt chain, which filed for Chapter 11 protection in June, said Tuesday it intends to close approximately 350 stores, mainly across its Gymboree and Crazy 8 brands, as part of its previously announced court-supervised financial restructuring. The closings will leave the company, which also operates stores under the Janie and Jack banner, with a total of approximately 930 locations.
"Today's announcement represents the next step in the company's court-supervised financial restructuring as we work to more strongly position the business for long-term growth and success," said Daniel Griesemer, president and CEO of Gymboree. "Right-sizing our store footprint is a central part of our efforts to ensure Gymboree emerges from this restructuring process as a stronger and more competitive organization, with greater financial flexibility to invest in our future,"
Great American Group and Tiger Group will help manage the closing sales in the affected stores. The sales will begin on Tuesday, July 18, 2017.
As of April 29, 2017, Gymboree operated a total of 1,281 retail stores: 582 Gymboree stores (532 in the United States, 49 in Canada and one in Puerto Rico), 172 Gymboree outlet stores (171 in the United States and one in Puerto Rico), 149 Janie and Jack shops (148 in the United States and one in Puerto Rico) and 378 Crazy 8 stores in the United States.