Chicago’s Foxtrot is dancing across the nation. The trendy convenience store startup yesterday said it will add 50 new locations within the next two years in trendy areas of New York City, Austin, Boston, Miami, Los Angeles, Houston among others
- The Chicago-based chain, which currently has 13 stores, is coming to cities including Los Angeles, Miami, and New York City.
Welcome to the neighborhood: These new locations will be 2x the size of Foxtrot’s current models, making room for more trendy snacks—and larger cafes. (The chain hired former Momofuku Executive Chef Tae Strain in May to head its culinary renaissance.)
- Foxtrot carries an average of 130 vendors per store, from name brands to local partners. It is also expanding its own private label collection.
- The startup, which already promises 30-minute delivery, will also offer 5-minute pickup starting in August.
Isn’t that convenient? While the expansion has been in the works for years, Foxtrot cofounder and CEO Mike LaVitola told Retail Brew the timing is ideal because of falling rents.
- Foxtrot isn’t alone. Food and beverage tenants signed the most retail leases in Manhattan during Q2, per CBRE, when average rents sank nearly 11% YoY.
And IRL is making a comeback. While Foxtrot saw more than 100% YoY sales growth in 2020, largely thanks to its e-comm biz, it expects to build on that with brick and mortar.
- “As we are hopefully coming out of the pandemic here, all signs are pointing to another really big uptake again within our retail stores,” LaVitola said.—KM
Original article from Retail Brew.