CoStar Reports on Retail Mergers and Acquisitions, Expansions, New Concepts, Bankruptcies, New Developments, Green Retailing and More…
CoStar News has expanded its retail real estate coverage under the direction of Senior Editor Sasha Pardy to bring you a weekly feature covering the gamut of retail acquisitions and mergers, joint ventures, retailer expansion plans, new store openings, new concepts, store closings, new retail developments, sustainable retailing, significant personnel changes, and more.
This week in the Roundup, CoStar reports on expansion plans at 7-Eleven, Best Buy, Walgreens, Auto Zone, Hibbett Sports, Dunkin Donuts and more; a new concept at Calvin Klein; closings at Blockbuster; bankruptcy and closings at Ragshops; new
retail space in New York City, Virginia Beach, Las Vegas, Chicago and Sacramento; Och-Ziff's IPO; DDR's sale of 63 centers; Guitar Center going private; Build-A-Bear seeking strategic alternatives; a green retail center in Baltimore; the passing of two retail legends; and more.
Did you miss last week's CoStar Advisor retail story, titled "Vornado Continues Buying Spree - Who is the Seller?", if so click here to read.
In addition to appearing every week in the national news and retail news section of our web site, you may also receive the Retail News Roundup via email by contacting the editor at spardy@CoStar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.
EXPANSIONS
U.S. to Get 1,000 More 7-Elevens by 2011
Japan's Seven & I Holdings Co. was formed in late 2005 as the parent company of the 7-Eleven Japan chain of convenience stores, the Denny's Japan family restaurants, and more. In November 2005, the company completed the purchase of US-based 7-Eleven Inc. Seven & I recently announced plans to open 1,000 new 7-Eleven convenience stores and renovate 6,050 existing stores in the U.S., making a $2.44 billion in the plan over the next four years. The company's guidance for 2007 is to have opened a total of 175 new stores. Areas targeted for growth include New York, California and Florida, Texas, Colorado, Virginia, Chicago, and Washington D.C., among others. 7-Eleven stores are typically freestanding and 2,000 to 3,000 square feet, the company prefers highly visible, high-traffic corners in locations with the ability to sell beer and wine and be open 24-hours.
Best Buy Ups North American Goal to 1,800 Stores
Minneapolis-based Best Buy's latest announcement involved upping store expansion guidance by 40%, a $5.5 billion stock buyback program and a 30% increase in dividends to stockholders. Best Buy previously announced its number of stores could approach 1,400 in North America, now it says 1,800 stores is more likely. There are currently 852 Best Buy stores in operation in the U.S.; the company has traditionally grown its store base by 10% annually. Brian Dunn, Best Buy president and CEO explained the company's confidence in the reality of these aggressive plans in light of industry competitors' struggles, "We continue to generate strong returns on new store openings, and we're growing our market share with our customer-focused strategy." However, Best Buy's present situation isn't completely bright. In last week's Retail Roundup, CoStar reported the company is shuttering two repair centers and slashing 180 jobs as part of a cost-cutting effort. The company's first quarter financials produced an 18% decrease in net earnings, a 14% increase in revenues (the result of the addition of 230 new stores), and a comparable store sales increase of 3%, over the previous first quarter.
UPDATE: Walgreens Ups its Store Opening Guidelines to 500 this Year
In an ongoing battle of the top three pharmacy retailers to gain market share, Dearborn, IL-based Walgreen Co., the nation's largest drugstore chain with more than 5,750 stores in 48 states, upped its store opening guidelines for this year. In an early April Roundup, CoStar informed readers of Walgreen's goal to have 7,000 stores operating in 2010, and that it was on track to have 400 new stores added this year. In its recent third quarter report, Walgreens announced it has already opened 359 stores and is now on track to open 500 new stores by the end of its fiscal year. Competitor Rite-Aid recently acquired 1,850 Brooks and Eckerd stores from Jean Coutu Group and has announced it plans to add 1,000 new stores by 2012, which would bring its total store count to 6,000.
Auto Zone Announces 4,000th Store, More to Come
Memphis, TN-based Auto Zone announced last week that its 4,000th store would open in Houston, Texas. The auto parts retailer has come along way since it opened its first store 28 years ago on July 4, 1979 in Forrest City, Arkansas. The company now has stores located in every U.S. state. The company has already opened more than 74 stores this fiscal year and with the Houston store set to open by the end of August, Auto Zone will have added 229 stores during the year, 6% unit growth. In fiscal 2008, expect another 240 stores for Auto Zone. Auto Zone stores are typically freestanding or located in neighborhood and community shopping centers, and require space for 6,500-8000 square feet and 25-40 parking spaces in highly visible, well-trafficked locations.
Hibbett Sports Adding 95 Stores this Year
Birmingham, AL-based Hibbett Sports, sporting goods retailer with 620 stores in 23 southeastern states, recently reported its fiscal 2008 first quarter financial results, which included a 5.5% increase in net sales, slight increase in comparable store sales, and a slight decrease in net income-per share. Hibbett opened nine new stores during the first quarter, on track to reach its target of as many as 95 new stores opened this fiscal year, which for Hibbett ends February 2008. For this growth, Hibbett plans to open stores in existing states, as well as expand into neighboring states. It requires a store size of 5,000 square feet with 40 to 50 feet of frontage in regional strip centers featuring big box discounters or department stores. It prefers to locate stores within 2 hours of another Hibbett store, with a population of 20,000 within a five-mile radius and County general merchandise numbers of at least $60 million. Hibbett plans on 15% store growth annually for the foreseeable future, so expect another 106 stores to be added in fiscal 2009.
UPDATE: Noble Romans / Tuscano's Italian to Add 112 Restaurants
In a recent Roundup, CoStar informed readers that Indianapolis-based Noble Roman's, operator and franchisor of Noble Roman's Pizza and Tuscano's Italian Style Subs restaurants, expected to add 489 restaurants over the next seven years. The company has since announced three new area development franchise agreements that will result in an additional 112 restaurants; 60 in San Diego County, CA; 34 in Santa Barbara, San Luis and Fresno Counties, CA; and 18 in Ventura County, CA. According to CoStar Property Professional, the average Noble Roman's is 3,000 square feet and located in neighborhood shopping centers; many of these new restaurants will be opened in the dual-branded format, including Noble Roman's and Tuscano's.
Dunkin' Donuts Growing in Indianapolis and More
If you live in the Indianapolis area, a new Dunkin' Donuts is coming your way. The coffee and donuts quick service restaurant chain announced three franchise area development agreements that will result in 80 new stores in the Indianapolis metro area over the next six years. The Canton, MA-based company currently has more than 7,600 units in operation in the U.S., which are primarily located in the Eastern U.S. The preferred Dunkin' Donuts format is a freestanding store with drive-thru capacity, located on the going-to-work side of a heavily traveled street. The company is sprawling west, primarily through franchise area development agreements.
Denny's Initiates Franchise Growth Plans with 26 New Restaurants
Spartanburg, SC-based Denny's, family restaurants chain with 1,539 units in operation, announced the launch of a development program designed to accelerate franchise growth across the country. The initiative was recently kicked off with Denny's sale of 34 company-owed restaurants to franchisees, resulting in the agreements to develop 26 new restaurants. This method gives franchisees a solid starting point in a territory, lending itself to further sales growth and new restaurants. In particular, look for new Denny's soon in southern California, Washington, Dallas/Fort Worth and Houston. Denny's requires a population of at least 40,000 and median household income of at least $32,000 in the location's trade area, a traffic count of at least 30,000 cars per day passing by a preferred corner location. Most restaurants are freestanding, and Denny's prototype of 5,085 square feet requires parking for at least 75 cars.
NEW CONCEPTS
Calvin Klein Testing White Label Store to Open Nationwide
Iconic fashion brand Calvin Klein operates more than 300 freestanding retail stores globally, and its plans for 2007 are to open 100 additional stores by the end of the year. The company is also in the process of opening five 10,000-square-foot prototype stores featuring its relatively new White Label Better brand. These first five test stores are opening in upscale regional malls in Denver, Los Angeles, Bloomfield Hills, MI, Natick, MA and Atlanta. Specific locations for the additional five stores Calvin Klein will open under the brand in 2008 have yet to be announced. If the test stage goes well, the company sees the opportunity for 100 stores nationwide under the White Label.
In addition to appearing every week in the national news and retail news section of our web site, you may also receive the Retail News Roundup via email by contacting the editor at spardy@CoStar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.
CLOSINGS
Rag Shops Files Bankruptcy, Closing all 61 Stores
After filing for Chapter 11 bankruptcy in May, Hawthorne, NJ-based Rag Shops Inc., a fabric and crafts retailer with 61 stores nationally, is going out of business. The company was acquired by an affiliate of Boca Raton's private equity company, Sun Capital Partners for $9.2 million, and for the last two years has been struggling to succeed. To no avail, it has met a similar fate as industry cohort Hancock Fabrics, which is also in Chapter 11.
Melville, NY-based DJM Realty, one of the nation's leading retail disposition firms, announced Rag Shops has sold the designation rights of all of its 61 stores' leases to the firm. DJM explained that it purchased the designation rights because the portfolio of leases substantially featured below-market rents and the stores are located in desirable markets with high barriers to entry. The store leases range from 7,000 to 20,000 square feet and are located in CT, FL, NJ, NY and PA. The portfolio's lease rates range from $5.24 to $21.50-per-square-foot.
CoStar spoke with DJM co-president, Andy Graiser, to explain the designation rights process. In short, DJM decided to buy the right to sell Rag Shops leases, with the opinion that most of its stores offer below-market rents in hard-to-find locations. Currently, DJM is marketing the leases to retailers, a retailer then assumes the lease by buying it from DJM for a "key fee"; the retailer is paying a premium to take over the lease as is, paying for the opportunity to take over a lease in a hard-to-get location at a below-market rent. DJM will sell many leases before it holds an auction on or about July 16th. At that point, DJM can choose to buy some of the leases itself, and turn any un-wanted leases back over to the estate. Graiser explained that it’s a process that "guarantees proceeds for Rag Shops and unsecured creditors get something. The estate wants to get rid of the real estate and we take the risk of selling it to other parties." In related news, DJM explained that it chose to purchase the leases of more than 20 Hancock Fabrics locations in its recent proceedings.
Blockbuster Closing 282 Stores this Year
In an early May Roundup, CoStar informed readers that Dallas, TX-based Blockbuster, operator and franchisor of 8,300 movie rental stores in 22 countries, was testing a smaller, 3,000-square-foot store prototype that would result in the downsizing or relocation of about 200 stores this year. The retailer recently filed a document with the SEC revealing its total store closures should amount to 282 this year, consistent with a strategy it adopted last year when it closed 290 stores located in close proximity to other stores producing stronger financials. With decreasing interest in in-store movie rentals, Blockbuster is focusing on its online Total Access program, and in addition is offering movies in the new Blu-Ray format at many stores to boost interest.
In addition to appearing every week in the national news and retail news section of our web site, you may also receive the Retail News Roundup via email by contacting the editor at spardy@CoStar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.
NEW SUPPLY
Las Vegas Gives REI Go-Ahead to Pursue $9.5B Mixed-Use Development, Not the Only Firm in Play
The Las Vegas City Council gave the joint venture of REI Group and Warburg Pincus approval to continue its efforts in acquiring the land it needs to build Las Vegas' newest mammoth project. REI intends to extend the Las Vegas strip with a 22,000-seat arena, a 300,000-square foot casino, 6,000 hotel rooms, 1.5 million square feet of retail and commercial space, and 3.5 million square feet of office and exhibition / convention space, 1,500 condo units, and 1,600 timeshare units, atop 85 acres located close to Las Vegas' downtown. And even though REI's group includes partners with ownership in the Detroit Pistons and Cleveland Cavaliers, REI isn't the only firm in play, however. The City has six proposals under consideration to build the arena at the center of REI's plan. Paradigm Sports and Resorts is proposing a $4 billion development to include an arena, 124-story hotel and casino; Medallion Financial wants to do a $1 billion sports-themed hotel along with the arena; World Arena LLC; Strather & Associates is proposing an arena, hotel, retail space and casino; and Lakes Communication Service. The owner and operator of the Staples Center in L.A. may also come on-line with a proposal soon.
Landstown Commons' First Phase to Deliver this Fall in Virginia Beach
The Goodman Company's Landstown Commons is on schedule to open its first phase this October. Landstown Commons is located at the corner of Princess Anne and Dam Neck roads in Virginia Beach, VA. A Kohl's department store, Bed Bath & Beyond and Ross Dress for Less will be among the first to open at Landstown as part of the 315,000-square-foot phase one. Phase II will complete the 500,000-square-foot lifestyle center spring 2008, bringing on retailers PetsMart, A.C. Moore, FedEx Kinko's, Lane Bryant, Office Max, Panchero's Mexican Grill, Finn McCool's, Mattress Discounters, and Z Pizza, among others. Divaris Real Estate, coincidentally the firm that sold the site to Goodman, is responsible for leasing the project. 40,000 square feet of office space is also being built atop the specialty retail street shops.
Cordish Likely Developer of Sacramento's 200-Acre Stone Lock District Waterfront
Baltimore-based retail and entertainment developer, Cordish Co., has been names as the candidate most likely to be named the master developer of a 200-acre site along the Sacramento River's waterfront in West Sacramento, CA. Plans for the four-mile waterfront strip include a pedestrian transportation loop, public park and recreation areas, marinas, a pedestrian bridge, 30,000 residences, and a large portion dedicated to retail, restaurant and entertainment tenants. Look for an announcement next month if Cordish is selected to develop The Stone Lock District.
1.1M SF 11 Times Square Underway in NYC
SJP Properties has broken ground on a $1.1 billion tower located at 11 Times Square in New York City, the convergence of 42nd Street and Eight Avenue. The 1.1-million-square-foot, 40-story tower will feature 55,000 square feet of new retail space for the city, with office space above, when it's completed in 2009. What's interesting about the project is its architecture, it will feature an outwardly sloping design on an L-shape site, where upper floors will be larger than the floors below. In addition, significant signage will call attention to what the firm calls the "western gateway to Times Square." Tenants have yet to be announced.
In addition to appearing every week in the national news and retail news section of our web site, you may also receive the Retail News Roundup via email by contacting the editor at spardy@CoStar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.
INITIAL PUBLIC OFFERING
Acquirer of Colonial Properties' 2.7M SF of Retail Announces I.P.O.
New York City's Och-Ziff Capital Management Group announced it has filed a proposed initial public offering of Class A shares to trade on the New York Stock Exchange under trading symbol OZM. Och-Ziff dubs itself "one of the largest alternative asset managers in the world." As was mentioned in a recent Retail Roundup, Och-Ziff, under shell OZRE Retail LLC, closed on a joint venture with Colonial Properties Trust, under which it retained an 85% interest in 11 of Colonial's retail centers totaling 2.7 million square feet. That portfolio is valued at $360 million, but the acquisition price was not disclosed.
ACQUISITIONS / MERGERS / SALES
DDR Selling 63 Shopping Centers for $603M to Phillips Edison
Cleveland-based Developers Diversified (NYSE:
DDR), one of the country's largest retail property owners with 740 retail centers totaling 155 million square feet in its portfolio, announced its entrance into an agreement to sell 63 non-core retail centers for $603 million at a 7.25% capitalization rate to Phillips Edison & Co of Baltimore. DDR closed on 52 of 63 centers, totaling 4.13 million square feet, involved in the transaction for $449 million on June 28, 2007, and expects to close on the sale of the remaining 11 assets soon. Following the closing of this portfolio sale, DDR's portfolio will primarily consist of well-located centers with strong anchor tenants.
The portfolio of 63 centers is comprised of 42 assets formerly part of DDR's wholly-owned portfolio and 21 assets recently acquired in its $6.2 billion, 43.6-million-square-foot acquisition of Inland Retail Real Estate Trust (IRRETI). The portfolio's average center size is 100,000 square feet the properties are located in 15 states, with concentration in New York, Florida, North Carolina, Ohio and Virginia. Totaling 5.7 million square feet, the portfolio is currently 93% leased. Tenants of note include Publix, Staples, Food Lion, Tops, Bi-Lo and Dollar Tree. To view a complete list of the centers involved in this transaction,
click here.
Bain Capital Taking Guitar Center Private
Westlake Village, CA-based Guitar Center, leading retailer of guitars and related instruments and accessories with 210 stores across the country, announced its entrance into an agreement to be acquired by affiliates of Boston-based Bain Capital Partners, a private equity firm with $50 billion in assets under management. Under terms of the agreement, Guitar Center stockholders will be paid $63-per-share; which represents a 26% premium over the company's stock price June 26,2007. Expected to close fourth quarter this year, the total transaction value is estimated at $2.1 billion.
Guitar Center's most recent first quarter financial report revealed a 13.5% increase in net sales and a $1.5 million increase in net income. Earlier this year, the company acquired Woodwind & Brasswind, an online retailer of musical instruments and accessories for nearly $30 million in bankruptcy court. In late February, the company announced it would open 16 to 19 stores this fiscal year. Guitar Center stores average 15,000 square feet; the company prefers to lease its stores at terms of 10 to 15 years.
Bain's interest is the result of an auction process led by Goldman Sachs. Guitar Center will join Bain's ranks of retailers, including Toys "R" Us, Michaels Stores, Burger King, Warner Music Group, Burlington Coat Factory, Dunkin' Brands, Shopper's Drug Mart, Dollarama and Staples. Earlier this month a consortium including Bain Capital won the buy of Home Depot's HD Supply unit for $10.3 billion.
Private Equity Firm Buys 95 Chili's Restaurants for $155M to Start and Expand New Franchise
Stamford, CT-based Olympus Partners, a private equity firm with $3.1 billion under management, announced the purchase of 95 Chili's Grill & Bar restaurants located in the Northeastern and Mid-Atlantic region for $155 million. Its purpose for the purchase is to fill the portfolio of a new Chili's franchise, Pepper Dining, which will operate the restaurants. Olympus also plans to open 38 new restaurants under the franchise.
Alon USA Buys 102 Skinny's Convenience Stores for $70 Million
Dallas, TX-based Alon USA Energy, owner and operator of 300 gas / convenience stores in West Texas and New Mexico under the 7-eleven and FINA brands, announced the closure of its acquisition of Abilene, TX-based Skinny's Inc., owner and operator of 102 FINA branded c-stores in Central and West Texas. The $70 million purchase is part of Alon's strategy to solidify its leadership as the largest 7-Eleven licensee in the country. Alon will rebrand the stores to 7-Eleven in an undisclosed amount of time.
UPDATE: Two Bids Placed for Tweeter's Assets in Bankruptcy Proceedings
The latest happenings in the bankruptcy case of Canton, MA-based home electronics retailer, Tweeter Home Entertainment, is that the company has received two "stalking horse" bids (initial bidders) for its assets. Purchase, NY-based Schulze Asset Management, a firm that specializes in acquiring the assets of distressed companies, has placed a $46 million bid to acquire substantially all of Tweeter's assets, assume $8 million of Tweeter's costs in association with the bankruptcy, purchase Tweeter's 18.75% interest in Tivoli Audio, and provide a $10 million line-of-credit so Tweeter can continue to stock stores and keep the company running. The second bid was placed by a partnership of Whippoorwill Associates and Bay Harbour Management to buy Tweeter's interest in Tivoli for $10 million. Until the bankruptcy auction date of July 10, 2007, other bidders have the opportunity to submit bids.
Spaghetti Warehouse Could be Revived with Frandeli's Restaurant Group
Dallas-based Consolidated Restaurant Operations, owner and operator of seven restaurant chains including Spaghetti Warehouse, Forks Steakhouse and Cool River Café, announced the sale of its Spaghetti Warehouse unit to Los Angeles-based Frandeli Group, a restaurant investment and development company. Spaghetti Warehouse consists of 22 Italian-themed restaurants in nine states, it has remained that size since Consolidated bought the chain in 2000. Frandeli plans to open new restaurants in a smaller prototype that will fit into urban and suburban areas; current restaurants are as large as 20,000 square feet and located in urban and warehouse districts. Frandeli is also significantly invested in pizza chain Papa John's.
Build-A-Bear Workshop Exploring Strategic Alternatives
St. Louis-based Build-A-Bear Workshop, entertainment retailer with more than 275 stores under banners Build-A-Bear, Friends 2B Made, Build-A-Dino and Ridemakerz, announced it has retained Lehman Brothers to assist the company in exploring strategic alternatives. Analysts speculate for Build-A-Bear this means going private in an effort to raise capital to speed the company's growth. As Maxine Clark, Build-A-Bear chairman and CEO stated in the announcement press release, "The drivers of our future growth will be to implement our strategy of expanding our North American store base to at least 350 stores, building our European store base to approximately 120 stores, growing our international franchising operations to approximately 300 stores, (and) developing and growing our existing portfolio of new concepts and brand extensions." The company recently revised its second quarter and fiscal year guidance to significantly reduce earnings per share in light of negative comparable store sales. The company's stock price has increased more than $3 since this announcement and analysts predict a buyout premium could push Build-A-Bear's stock into the mid-$30s range.
Branson Shedding Virgin Media to Private Equity?
The New York Times reported today that Washington, DC-based private equity firm, Carlyle Group, is in talks with Virgin Media, the British cable company whose largest investor is Richard Branson. The potential bid is expected to be in the range of $20 billion to acquire the reportedly struggling cable company. The negotiations point to Richard Branson trying to raise funds - but for what? In early May, CoStar reported that Branson's Virgin Group filed a document with the SEC to raise $100 million in an initial public offering. In early April, Branson reportedly inquired about acquiring Borders Books' 70-store UK business for a possible $98 million, no updates have surfaced to confirm any of these rumors.
In addition to appearing every week in the national news and retail news section of our web site, you may also receive the Retail News Roundup via email by contacting the editor at spardy@CoStar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.
GREEN RETAILING
Baltimore Suburb to Receive "Green" Lifestyle Center
Owing Mills, MD-based Black Oak Associates announced plans for a new "green" lifestyle center, called Main Street Eldersburg, which will be constructed in accordance with LEED (Leadership in Energy and Environmental Design) standards. The company, which touts itself as a specialist in low-impact, sustainable developments, says the project will be among the first LEED-certified shopping centers in the Mid-Atlantic region. Black Oak has secured 12.5 acres at the convergence of MD Routes 32 and 36 in Carroll County, Eldersburg, Maryland; a suburb of Baltimore. The developer plans an 83,000-square-foot lifestyle center plus five outparcels for the site and is focused on obtaining casual dining, specialty women's apparel and home furnishings retailers. The development's green elements will include solar energy, rainwater reuse and water cistern, the use of recycled construction materials, skylights, and efficient heating and cooling. Adam Miller and Maury Levin of KLNB, LLC are responsible for leasing the project, which is scheduled to break ground this summer and be complete fall of next year.
Macy's Tapping Sunny California Skies for Energy
Excerpted from Andrew Burr's
CoStar Green Report of June 27,2007
Its trademark red star is everywhere following Federator’s corporate rebranding to Macy's Group, but the department store chain is relying on the sun, not stars, in its latest initiative. Macy's is installing solar energy systems at 26 stores in California in an effort to significantly reduce conventional power usage at those locations. SunPower Corp., a Silicon Valley-based manufacturer of solar cells and panels, has partnered with Macy's to provide the hardware, while SunPower subsidiary PowerLight will install the rooftop solar power systems at each location under contracts totaling eight megawatts. PowerLight will also assist Macy's in retrofitting each of those stores with energy efficiency upgrades including high-efficiency lighting and HVAC systems and energy management systems. By combining solar power with efficiency upgrades, Macy's said it expects to slash utility-provided energy at those stores by roughly 40%, offsetting 24 million kilowatt hours of energy consumption annually. Over the lifetime of the cells, Macy's estimates it will reduce its carbon footprint by more than 195 million pounds of carbon emissions.
PERSONNEL
Liz Claiborne, R.I.P. (1929-2007)
Fashion icon and woman behind the brand Liz Claiborne has died. Anne Elisabeth "Liz" Claiborne passed last week at age 78 following a long battle with cancer. Claiborne started Liz Claiborne Inc. in 1976 with the goal of creating fashionable clothing for the increasing number of working women. In 1981, Liz Claiborne stock was available on the stock exchange and four years later the company made the Fortune 500, the first woman-founded company ever to make the list. Claiborne retired from the company in 1989, but remained intimately involved.
Bob Evans, R.I.P. (1918-2007)
Bob Evans, founder of the Bob Evans restaurant chain, died June 21, 2007 at age 89, reportedly from complications with pneumonia. The Bob Evans chain came to fruition from a sausage farm, called Bob Evans Farms, which Evans started in response to his opinion of a lack of quality sausage on the market. The first Bob Evans restaurant opened in 1960; now there are 579 Bob Evans family restaurants in operation. The company also owns 115 Mimi's Café restaurants and the Owens Restaurant Chain, as well as continuing to operate a retail unit selling Bob Evans and Owens Country sausages.
In addition to appearing every week in the national news and retail news section of our web site, you may also receive the Retail News Roundup via email by contacting the editor at spardy@CoStar.com Also, click here to subscribe to CoStar's dedicated Retail RSS Feed.