Shopping Centers Today International

FEB 2016

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

Issue link: https://sct.epubxp.com/i/629643

Contents of this Issue

Navigation

Page 30 of 59

lends the company's real estate repre- sentatives considerable deal-making flexibility. "We're doing a little bit of everything now," said Steve Fiedler, Taco Bell's franchise development lead for the Eastern region. "We do end-cap with drive-through in certain situations. Obviously, stand-alone is our bread and butter, and for freestanding with drive-through we need about a half acre to 35,000 square feet of land. And we always look at pad sites of shopping centers, grocery-anchored centers and big-box." Taco Bell's urban restaurants, including the Cantinas, helped the company meet a goal of opening 200 stores nationwide last year, Fiedler says. "We're going through a pretty heavy growth spurt." The number of store openings will accelerate this year, according to Prince. All told, Taco Bell wants to add some 2,000 new locations by 2022, atop the nearly 6,000 company-owned and fran- chised restaurants in the current portfo- lio. "We're striving to build and/or re- model around 600 restaurants per year, giving us 600 opportunities to do some- thing different," Prince said. Several hundred of the stores to open this year could be part of the urban program. An- other Taco Bell format, U.S. Taco Co., opened in 2014 in Huntington Beach, Calif., but closed its doors after just one year. Short-lived as the concept was, it enabled the company to experiment with local flavors, says Prince. Taco Bell Cantina reflects some of those ini- tial U.S. Taco elements. "We will offer our complete standard menu, but with some unique additions," Prince said. "A tapas-style menu of localized, shareable appetizers will be available nightly, and food will be served in open-faced bas- kets to better highlight the ingredients." This is a good time to open restau- rants in the U.S., says Jason Trombley, national director of retail brokerage at the Chicago headquarters of com- mercial real estate firm JLL. "The mar- ket is hot everywhere," Trombley said. "Throughout the country, there are new projects coming in that need tenants, and tenants are stepping up to pay the rent. Money is cheap for retailers as well, in terms of capital to build out space." Among all the other Cantina advan- tages is that customers may enjoy the novelty of drinking a beer or a frozen alcoholic beverage at a Taco Bell, Trom- bley notes. "That's why I went," Tromb- ley said, referring to his own visit to the Chicago Cantina during its first week. "I even thought about posting it on social media, like: 'Hey guys, look at me, I'm having a cocktail at Taco Bell!' " S C T r e T a i l i n g T o d a y F e b r u a r y 2 0 1 6 / S C T 31 THE NEWNAN ADVANTAGE 3M SF Existing/Successful Commercial/Retail 25 Minutes SW of Atlanta and H-J International Airport Development Sites Available Located along I-85 1.5M Population within 45 Minutes 2011 to 2015, Newnan has realized $440M in private investment Newnan, Georgia Exprience the Newnan Advantage LIVE, WORK, STAY, INVEST Site Information, Relocation and Expansion Assistance Hasco W Craver IV, Business Development Director, City of Newnan 770-253-8283 • hcraver@cityofnewnan.org www.developnewnan.org

Articles in this issue

Links on this page

Archives of this issue

view archives of Shopping Centers Today International - FEB 2016