Many people don’t associate URBN’s brands with each other, but the company hopes to change that perception soon. This fall, Urban Outfitters, Free People, Anthropologie and (wait for it) Pizzeria Vetri, URBN’s newest addition, will form a cluster within the King of Prussia Mall. This mall-within-a-mall will be more than just a bohemian girl’s haven; it’s a new concept for the company — and a bit of a gamble. Read more »
Urban Outfitters has been trying its darnedest to get a Navajo Nation lawsuit against the company tossed out of court, but a judge just ruled that the case can move forward. Read more »
Philadelphia businesses made plenty of big moves in 2015. Everybody’s favorite coffee roaster got a new owner, two big universities announced a merger, and virtually every hospital seems interested in joining forces with one another.
Still, one of the biggest deals of the year — Comcast’s $45 billion merger with Time Warner Cable — stalled after federal regulators recommended blocking it.
But there were still plenty of monster deals in 2015. Here are the top 10:
1. Jefferson Merges with Abington. And Aria. And Philly U.
For Jefferson, 2015 was a year of huge changes. After fundamentally restructuring how the organization is managed in 2014, Jefferson ended its financial partnership with Main Line Health and began pursuing new arrangements. Read more »
Although retailers have been having a tough time in the stock market lately, Urban Outfitters‘ stock soared yesterday, ending the trading session at $22.29, up 5.69 percent.
The Philly-based hipster chic retailer that owns Anthropologie, Free People and Terrain filed a 10Q report after trading ended on Tuesday — and it showed that the company is poised to have a good fourth quarter. (Typically, the fourth quarter and Christmas season is where retailers make or break their year.) Read more »
There was a lot of head-scratching this week when Urban Outfitters, struggling in sales, purchased the Vetri Family restaurant group. I understand the concern over a beloved local figure and craftsman “selling out” to a corporation famous for flannel and failed attempts at irony. But Urban and the Vetri people have worked together for years, and two big Philly power players are a match made in business heaven. (For those still bummed: The crown jewel Vetri-name restaurant wasn’t sold. Marc Vetri and co. also pledge to oversee all their Philly restaurants as usual — we’ll certainly notice if they don’t.)
The most interesting thing about this deal isn’t the people involved. It’s one of the reasons Urban’s chief development officer, Dave Ziel, gave for the purchase: filling a social void. As Ziel told Philly.com, “We think retailing needs to become more experiential … I think there’s a craving for real socializing beyond social media.” Read more »
Pizzeria Vetri has made national news over the past couple of days because of Urban Outfitters announcement that it was purchasing Marc Vetri’s pizza chain and the rest of his restaurants (minus the eponymous Vetri). Headlines have blared “Why Urban Outfitters Made Its Controversial Pizza Purchase,” “Urban Drops After Saying It Will Buy Pizza Chain” and “It Will Take More Than a Pizza Party to Sure Up Urban Outfitters.” The business end of the deal has been covered excellently by our business reporter Jared Shelly, but we’re the food guys, and we want to talk pizza.
So for all the Wall Street analysts, URBN stockholders, University of Texas Seniors and everyone else who has been meaning to try Marc Vetri’s jump into casual dining, here is your guide to getting the most out of Pizzeria Vetri.
One of the biggest questions looming about the Urban Outfitters–Vetri Family of restaurants deal was a simple one: How much did Urban pay to acquire the company?
Urban’s chief financial officer told Bloomberg Business that it paid less than $20 million for the restaurant group. (Both sides announced the deal Monday without disclosing financial terms. I asked Marc Vetri in a wide-ranging interview yesterday, but he declined to answer.) Read more »
Marc Vetri treated Tuesday like any other day. He spent his morning at Amis Trattoria on 13th Street, talking about the menu with the chef. Then he rolled over to Osteria on North Broad Street to do the same. Tonight, he’ll “roam around his restaurants” to make sure the vibe and the food are just right. Just like always.
But there’s little doubt that Tuesday is more than just another day. A day earlier, Vetri agreed to sell his family of restaurants to Urban Outfitters for an undisclosed price. In an interview Tuesday morning, Vetri said “we were never for sale” but that the synergy between the two companies was too strong to let the deal pass. Apart from the restaurant Vetri on Spruce Street, Urban now owns 100 percent of the business. Read more »
In the wake of Urban Outfitters‘ stunning deal to purchase the Vetri Family of restaurants, many experts are asking the same question: Why did Urban just jump head first into the restaurant business?
Does it want to use gourmet food to attract customers to its physical stores? Does it want to ensure that newly planned Urban locations are surrounded by high-quality restaurants? Does it just think that Vetri is a solid side business? Read more »