3 Retailers Growing and 2 Slowing Down

Sam’s Club and Dave & Buster’s have big plans, Harry & David is staging a brick-and-mortar comeback, Guess will reduce its store count and Ulta Beauty will pause additional Target stores-within-stores.

Sam’s Club

Sam’s Club U.S. president and CEO Chris Nicholas said the Walmart-owned wholesale retailer will open 15 locations a year “for the foreseeable future.” The retailer also will remodel all its about 600 locations, aiming to incorporate its scan-and-go technology in all stores.

Dave & Buster’s

Dave & Buster’s is serving up millions of dollars of new and remodeled venues this year. CFO Darin Harper said the company — whose entertainment venues feature arcades, sports bars and restaurants — has earmarked as much as $220 million for capital expenditures during its 2025 fiscal year, which began Feb. 5. Some of that budget is reserved for opening 10 to 12 new locations, relocating one restaurant in Honolulu and revamping others, Harper said during an earnings call. In 2024, the company opened 14 new stores: 11 under the Dave & Buster’s banner and three under the Main Event banner. Dozens of Dave & Buster’s locations have undergone makeovers since the company launched its remodeling program in 2023. The company operates 171 Dave & Buster’s locations and 61 Main Event locations. Of those, seven Dave & Buster’s venues opened in February and March.

Harry & David

Gourmet food retailer Harry & David is staging a brick-and-mortar comeback. During the pandemic, it closed all but one of its 39 stores. Six holiday pop-ups at Macy’s stores in New York City and Los Angeles “got the juices flowing” for Harry & David to resurrect its brick-and-mortar presence, senior vice president of merchandise revenue Greg Sarley told Modern Retail. A new store on New York’s Long Island and the Macy’s pop-ups are “learning opportunities for us to dip our toe back in the water,” he said.

Guess

Clothing retailer Guess is paring its North American portfolio by roughly 20 stores before the end of the year. “The U.S. and Canadian markets continue to be critical to our long-term strategic vision for the brand, so we plan to maintain a significant retail presence with stores in key cities and markets,” CEO Carlos Alberini said on an earnings call. Guess reported a 14% drop in same-store revenue in the Americas from the 2024 fiscal year to the 2025 fiscal year, which ended on Feb. 3. As of Feb. 1, the retailer operated 1,070 stores in the Americas, Europe and Asia.

Ulta Beauty

$600 Million Mall Redevelopment Kicks Off in Indianapolis

The $600 million redevelopment of Circle Centre Mall in downtown Indianapolis is underway. The project will transform a traditional enclosed mall into an open-air, mixed-use property with 400,000 square feet of retail, restaurant and entertainment space; 100,000 square feet of office; 300 residential units; and 100,000 square feet of outdoor space for public use.

Owner Hendricks Commercial Properties said the first of two phases will deliver in 2030. Demolition of the mall, near the Indiana Convention Center and Lucas Oil Stadium, won’t start until at least 2026, WTHR reported. “Our goal is to create the true heart of the city, a place that brings energy to downtown Indianapolis every day, not just during major events,” said Hendricks president and CEO Rob Gerbitz.

Nashville Gained the Most Retail Establishments Since the Pandemic

The Music City metro drummed up the most retail growth among the country’s 50 major metros from 2020 to 2024. Sign and banner maker Printastic analyzed U.S. Bureau of Labor Statistics data and found that the number of retail establishments in the Nashville area shot up by 19.2% during the four-year period. Printastic said the growth rate reflected Nashville’s “rapid economic expansion and strong consumer market.”

Fastest-Growing Major U.S. Metro Retail Markets

Growth in the number of retail establishments from 2020 to 2024

Source: Printastic analysis of U.S. Bureau of Labor Statistics data

Newmark Promotes Lou Alvarado to COO

Newmark has promoted Lou Alvarado to the newly created role of COO. Newmark said Alvarado, reporting to CEO Barry Gosin, will work with the company’s executive team to “further drive efficiency, productivity and sustainable expansion of business lines,” including retail. He most recently was chief revenue officer and leader of Newmark’s East region. Newmark is a family affair for Alvarado, who joined the company in 2015: His sons, Joseph and Bobby, work for a Newmark subsidiary, according to a filing with the U.S. Securities and Exchange Commission.