Author Archives: Justine88

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Tampa Bay Times: Tyrone Square Mall redevelopment a sign of the times for retail

A developer has demolished the Sears store at Tyrone Square Mall and is replacing it with a Dick's Sporting Goods and Lucky's Market. [CHERIE DIEZ | Times]

By Justine Griffin

ST. PETERSBURG — The fences are up and the construction has started. The former Sears department store at Tyrone Square Mall, which had been open for nearly 50 years, closed months ago to make room for new development: Tampa Bay’s first Lucky’s Market organic grocery store and a Dick’s Sporting Goods.

It’s a classic sign of the times for the American shopping mall — traditional department stores are closing at a remarkable rate while newcomers are gobbling up the prime real estate left behind after their funeral. But in an intriguing turn of events, the flailing, though long-standing Sears store that closed in St. Petersburg and the new tenants that are coming in after it, are all benefiting the same company. Or at least, the same owner.

Seritage Growth Properties is the New York-based real estate company in charge of a redevelopment plan at Tyrone Square Mall, which includes demolishing the 188,515-square-foot department store to make way for a new 151,952-square-foot shopping center for tenants like Dick’s, Lucky’s and Petsmart, with room for one more anchoring retailer. Seritage, which went public in 2015, is responsible for developing more than 200 Sears department store sites across the country. It’s the same company that turned half the Sears space at Westfield Countryside Mall in Clearwater into a Whole Food Market.

The link? Billionaire Eddie Lampert.

Read more here.

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Tampa Bay Times: Finally, Jeff Vinik’s vision has a name: Water Street Tampa

Strategic Property Partners announced the name of its new development: Water Street Tampa. This rendering shows the Tampa skyline with SPP's future buildings in place. [Photos courtesy of SPP]

By Justine Griffin

TAMPA — For years, Tampa Bay Lightning owner Jeff Vinik and the real estate executives he employs have been dreaming how to transform 53 acres of downtown Tampa into a major hub of living, working and entertaining in the city’s core.

And for more than two years, they’ve been designing that new neighborhood without a name.

Today, Strategic Property Partners, the real estate firm backed by Vinik and Cascade Investment, is unveiling an official name for the highly anticipated $3 billion revitalization project.

It’s Water Street Tampa.

“The goal of the project is to be grounded in what makes Tampa, Tampa,” said James Nozar, CEO of SPP, in an interview on Monday. “We’ve been dealing with pretty much a clean slate, with surface parking lots that don’t have a lot of history. One of the key attributes that we picked up was Water Street, which has always been part of downtown, even though it’s changed names over the years.”

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Tampa Bay Times: HSN executives seek digital solution to TV, shopping challenges

 

In the wake of the departure of CEO Mindy Grossman, St. Petersburg-based HSN is seeking to build on digital initiatives that began under her watch. [Courtesy of HSN Inc.]

By Justine Griffin

ST. PETERSBURG — Before there was Amazon and phone apps that promise one-hour delivery, there was the Home Shopping Network.

Similar to its competitor QVC, the company now known as HSN was an innovator in reaching new audiences during live broadcasts on its cable television channel and even online. Over most of the last 11 years, the company flourished under the leadership of Mindy Grossman, a veteran retail executive who polished the St. Petersburg-based company’s image and added to its line of high profile partnerships with celebrities and fashion brands.

But times change. HSN is not immune to the challenges nearly all retailers face these days. They too are struggling to compete with nimble, digital competitors like Amazon and others that continue to surge ahead in sales and innovation. Even Grossman, who announced just last month that she had accepted the job of CEO and president of Weight Watchers International, couldn’t stem the bleeding of the retailer’s tumbling profits over the last year.

“The economy overall is moving toward digital. It’s vicious in a lot of ways. If you can’t keep up with the likes of Amazon, you’re going to be destroyed,” said Budd Margolis, a TV shopping consultant based in London. “I worry that TV shopping is at the beginning of the end. Companies are not being aggressive enough.”

HSN executives see the writing on the wall. In the wake of Grossman’s high profile departure, the company’s remaining executive team continue to build on the digital initiatives that began under her watch.

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How is Texas Roadhouse outperforming Outback Steakhouse and others?

By Justine Griffin, Tampa Bay Times, Jan. 29, 2017

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It’s been a tough couple of years for chain restaurants, including the ones that peddle T-bones and filet mignon.

Logan’s Roadhouse filed for bankruptcy protection last year. Lone Star Steakhouse is shuttering restaurants across the country. Tampa-based Outback Steakhouse, and its parent company, Bloomin’ Brands, have been struggling to break the cycle of quarter after quarter of flat sales.

So how is it that a restaurant chain known for its cheap steaks and encouraging its patrons to throw peanut shells on the floor is outperforming so many others in the casual dining category? Louisville-based Texas Roadhouse is expanding aggressively. In the past three years, Texas Roadhouse has doubled the amount of restaurants it operates in Florida. Two more are set to open this year, and dozens more could be coming soon as the company continues to scout for real estate in the area.

exas Roadhouse was named one of the stocks to watch in 2017 by the Nation’s Restaurant News after its stock prices jumped more than 35 percent last year. Texas Roadhouse has logged 26 quarters in a row of positive sales growth.

There’s no secret ingredient to Texas Roadhouse’s success, whose strategy has remained much the same for decades, says Brian Connors, a consultant with Fort Lauderdale-based Connors Davis Hospitality.

“There’s nothing special about them, it’s just a good, honest, American steakhouse,” Connors said. “They aim and shoot right down Middle America. It’s about meat and potatoes and ice cold beer. Now will they attract the health-conscious, city-living millennials? Probably not, but the 30-somethings with a mini van and two kids? Absolutely.”

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Tampa Bay Times: Retirees on St. Pete Beach have big plans for the medical marijuana industry

Here are some of the members of Gulf Coast Canna Meds. (From left to right) back row, Michael Welch, Thomas J. Murphy, Lonnie Orns, Oscar Mouton and front row Andrew Hano, MD, Linda Colindres, RN; and David Kitenplon pose for a portrait at Vinoy Park in St. Petersburg. [EVE EDELHEIT | Times]

By Justine Griffin

While Florida politicians have butted heads over how to regulate the growing medical marijuana industry this year, Tom Murphy and Michael Welch have been busy working behind the scenes to try to ensure their company gets a piece of it.

Murphy, 71, and Welch, 79, are two of the founders of Gulf Coast Canna Meds, a burgeoning medical marijuana company in St. Petersburg that wants to distribute cannabis products to patients in Florida. They’re just one of many groups in Florida eager to be part of this growing new medical industry. But that’s easier said than done.

While Florida voters have overwhelmingly voted to make medical marijuana legal, it’s been up to the Legislature to translate how it will work. To many, it may seem like a basic humanitarian issue for patients who want simple and affordable access to medical marijuana — but it’s not. There’s a lot at stake.

“We’re the guys on the outside looking in,” said Murphy, a former beer distributor who retired to St. Pete Beach. “We learned that the small business man didn’t stand much of a chance in Tallahassee with the bills that were being discussed. We’re small business people. We’re not these deep-pocketed cartels. We’re the free enterprise people. The mom and pops.”

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