1 Goes Public and the Other Goes Private: Walgreens Boots Alliance and 7-Eleven Inc.
Walgreens Boots Alliance has agreed to be acquired by Sycamore Partners, and Seven & I Plans an IPO for 7-Eleven Inc.’s business in North America.
Walgreens Boots Alliance has entered into a definitive agreement to be acquired by an affiliate of private equity firm Sycamore Partners and is looking into exiting VillageMD. The transaction could be valued at as much as $23.7 billion.
Walgreens Boots Alliance CEO Tim Wentworth said: “While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company. Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds.” Yahoo Finance reported that Walgreens Boots Alliance’s stock rose 7% this morning, following yesterday’s announcement.
Walgreens Boots Alliance will continue to operate its brands Walgreens, Boots, Duane Reade, No7 Beauty Company and Benavides. The company, meanwhile, is evaluating how to divest its debt and equity interests in VillageMD, which includes the Village Medical, Summit Health and CityMD banners.
Photo credit: Solarisys - stock.adobe.com
On the other hand, Japanese parent company Seven & i Holdings plans an IPO by the second half of 2026 for its SEI subsidiary, which owns the 7-Eleven Inc. convenience store business in North America. Seven & i said on Thursday that an independent SEI “will have increased financial flexibility and greater decisionmaking autonomy to capitalize on its market leadership as the largest convenience store chain in the attractive North American market with strong brand recognition and best-in-class digital offering in the industry.”
In the U.S. and Canada, 7-Eleven Inc. operates, franchises or licenses more than 13,000 stores under the 7-Eleven, Speedway, Stripes, Laredo Taco Company and Raise the Roost Chicken & Biscuits brands. As reported by CSP, the IPO plan comes as Seven & i “grapples with a takeover bid from Canadian rival Alimentation Couche-Tard and a failed management buyout.” Under the Circle K brand in the U.S., Couche-Tard ranks among the country’s largest convenience store operators.
Huge Gap Between Restaurant and Grocery Spending in 2024
While grocery-anchored centers are the current darling of the Marketplaces Industry, restaurant and bar spending far outpaced grocery spending in 2024, according to JLL’s Grocery Report 2025. The report showed U.S. spending at restaurants and bars totaled $96.9 billion in 2024 versus nearly $75.9 billion at grocery stores. “While grocery inflation has slowed, grocers continue to face challenges in the form of changes in consumer behavior due to the higher cost of groceries today and competition from the restaurant industry,” the report said.
The $21 billion spending gap in 2024 suggests that higher prices on grocery items have eaten into the value proposition of home-cooked meals compared with restaurant meals. Restaurant and bar spending rose 4.4% from 2023 to 2024, outdistancing the 1.8% increase in grocery spending, according to the report.
Charter School Will Backfill Vegas Mall Macy’s
The Western Youth Leadership, Engagement, and Empowerment Middle School, in a former Macy’s at The Boulevard mall, will welcome students in August. Demolitions is complete, and construction should start within a week, according to Patrice Donley, director of marketing and community relations for The Boulevard. Rendering courtesy of The Boulevard
In the world of mall redevelopment, a project in Las Vegas is almost in a class by itself. A tuition-free charter middle school is taking shape inside a former Macy’s at the 57-year-old Boulevard mall, according to KLAS and KTNV. Western Youth Leadership, Engagement, and Empowerment Middle School, or WYLEES, will welcome students in August. The school will accommodate as many as 300 sixth, seventh and eighth graders. “The idea of starting a school at a mall both shows how serious we are about thinking outside the box and how committed we are to making school as exciting and engaging as we can for students,” said WYLEES founder Mike Taack. The 178,000-square-foot former Macy’s store to be occupied by WYLEES closed in 2017, the Las Vegas Review-Journal reported.
New Brixton JV Could Acquire $700 Million of Shopping Centers
Brixton Capital’s new joint venture bought the 215,506-square-foot Washington Square in Petaluma, California, from Paragon Commercial Group for $67.5 million. Photo courtesy of Brixton Capital
Real estate investment firm Brixton Capital has entered a $250 million joint venture with an unidentified alternative investment manager to expand its portfolio of shopping centers in the West. Brixton said the $250 million investment equates to about $700 million worth of acquisition activity. The JV will target grocery-anchored centers, power centers, strip malls and unanchored retail centers. Brixton owns and operates a U.S. portfolio comprising $20 billion worth of assets under management in retail, multifamily and land.
The first deal executed by the JV was the recent $67.5 million purchase of the 215,506-square-foot Washington Square marketplace in Petaluma, California, from Paragon Commercial Group. “We believe it’s a favorable time to buy retail properties in the western U.S. due to limited development over the last 15 years and an all-time nationwide vacancy rate of 4%,” Brixton president and chief investment officer Rob Taylor said.
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Keep an Eye on the Warby Parker-Within-a-Target Concept
Rendering courtesy of PR Newswire/Target
The store-within-a-store trend, including Sephora at Kohl’s and Bed Bath & Beyond at The Container Store, is on a roll. Target and eyewear retailer Warby Parker soon will debut the Warby Parker at Target store-within-a-store concept. The first five locations, staffed by Warby Parker employees, will open during the second half of 2025 at Targets in Bloomington, Minnesota; Brick, New Jersey; Columbus, Ohio; Exton, Pennsylvania; and Willowbrook, Illinois. The Warby Parker shops will offer eyeglasses, sunglasses, contact lenses, eye exams and vision tests. More Warby Parker at Target shops are slated to open in 2026, and additional locations are possible beyond that.
Target said the Warby Parker shops will complement the Target Optical business, which provides products and services at more than 500 Target stores. Warby Parker operates 276 of its own stores in the U.S. and Canada.
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More Going On in Brick
The Shops at Brick Photo courtesy of TFE Properties
Not only will the Jersey Shore’s Brick, New Jersey, get a Warby Parker-within-a-Target, but one of its marketplaces just traded, and improvements are in the works there. TFE Properties made a value-add purchase of the 103,832-square-foot Shops at Brick, whose tenants include Bonefish Grill and McDonald’s.
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The Shops at Brick sits at a prominent car traffic intersection and is within walking distance of 4,000 people, according to the buyer. The property offers a lease-up opportunity, and TFE plans to redo the facade. TFE now owns five properties in Brick.
—Additional reporting by Commerce + Communities Today editor-in-chief Amanda Metcalf
TFE Properties to redo the facade at The Shops at Brick Photo courtesy of TFE Properties
By John Egan
Contributor, Commerce + Communities Today