Jersey Mike’s, the fast-growing sandwich chain, is being acquired by Blackstone, a global asset management giant, in a deal that values the company at around $8 billion. The partnership aims to accelerate Jersey Mike’s expansion in the U.S. and beyond while bolstering its tech investments. Founder and CEO Peter Cancro, who famously bought the company as a 17-year-old high school senior in 1975, will stay at the helm and retain a significant equity stake.

With roots tracing back to 1956, Jersey Mike’s has exploded in popularity, tripling its store count over the past decade to more than 2,800 locations. Posting $3.3 billion in sales in 2023, the chain is giving competitors like Subway a run for their money. Blackstone’s investment follows similar moves, such as its acquisition of Tropical Smoothie Cafe, underscoring its focus on backing high-growth franchises.

The Thanksgiving-to-Cyber Monday shopping frenzy is set to draw 236 million consumers to stores, with spending projected to hit nearly $125 billion, according to ICSC’s latest survey. A whopping 82% plan to visit malls or shopping centers for deals, dining, and holiday fun, with two-thirds aiming to tackle most of their gift lists during this time. Black Friday and Cyber Monday remain the stars of the show, as brands use promotions to create memorable shopping moments.

Younger generations, especially Gen Z and millennials, are the most eager to shop, though millennials and Gen X are expected to spend the most—about 50% more than others. “Shopping centers are evolving into vibrant spaces for connection and holiday experiences,” said ICSC president Tom McGee, emphasizing the growing importance of physical retail in holiday traditions.

Tampa Bay's office market is outperforming other Florida cities, maintaining steady leasing activity levels that rival pre-pandemic norms. By the third quarter of 2024, Tampa Bay recorded nearly 5 million square feet of office leases, outpacing cities like Miami, where activity has dropped by 20% compared to typical pre-2020 levels. A significant driver of Tampa’s success has been larger lease deals, with 65 tenants committing to spaces over 10,000 square feet this year alone.

Notable transactions include Masonite's massive 128,000-square-foot lease in Ybor City, marking a 50% increase in their occupied space. Despite some downsizing from companies like Bristol Myers Squibb, Tampa's vacancy rate remains stable at 9.5%, unlike Orlando, which faces rising vacancies. The market’s resilience is further bolstered by incoming businesses, with Foot Locker relocating its headquarters to nearby St. Petersburg, signaling continued growth for the region.

Whole Foods Market is set to open a new 42,000-sq.-ft. store in Boynton Beach, Florida, on December 10, making it the anchor of the new Boynton Beach Marketplace. The store will showcase over 1,500 local products from 240 Florida suppliers, along with a seafood counter, specialty cheese, curated grocery items, and a prepared foods section with hot bar and fresh sushi. The first 300 customers in line will receive a custom tote bag and coupons with offers up to $100. This expansion adds to Whole Foods' growing footprint, serving communities across 530+ stores in the U.S., Canada, and the U.K.

TGI Fridays has filed for Chapter 11 bankruptcy, citing a challenging capital structure and lingering effects from the COVID-19 pandemic. Recently, the Dallas-based restaurant chain closed 50 locations, leaving only 39 company-owned sites in the U.S., though over 460 franchised locations worldwide remain unaffected. With assets and liabilities estimated between $100 million and $500 million, the company plans to use this restructuring to explore strategic alternatives for long-term stability. Despite increased competition and shifting consumer tastes, TGI Fridays aims to protect its brand and support franchisees globally during this transition.

Retail closures surged in 2024 and are expected to keep rising, according to Andy Graiser, co-president of A&G Real Estate Partners. Speaking at a recent webinar, Graiser highlighted reduced consumer spending and limited access to capital as key factors squeezing retailers, despite landlords’ optimism. Some chains are leveraging these closures by using “designation rights,” a strategy to take over leases from bankrupt brands for added flexibility and growth. However, construction costs and careful real estate assessment remain crucial. As closures continue across sectors, Graiser warned that the retail landscape will likely stay volatile.