4. Clothing retailers aim higher, too
The other deal of the week was Urban Outfitters’ acquisition of the Pizza Vetri chain and other concepts run by the Vetri Family restaurant group, a James Beard Award-winning operation based in Philadelphia. Follow-up developments indicate that Urban Outfitters intends to become not only a force in the restaurant business but also a player in the new frontier of lifestyle centers. The concepts it plucked from foodservice are the ticket.
CEO Richard Hayne revealed to financial analysts that the company has opened a complex in Austin, Texas, called Space 24 Twenty. The retail-and-dining center will feature an outlet of Symon’s Burger Joint, chef Michael Symon’s ode to the patty, and a Pizza Vetri, along with an Urban Outfitters branch. The businesses are clustered around an open-air courtyard where beer and music will serve as additional draws for students from the University of Texas, which is across the street.
A facility slated to open in a suburb of Philadelphia in 2017 will feature several of the company’s other retail concepts along with three of its restaurant brands, including one of Vetri’s more-upscale concepts.