JIMBO’S TO OPEN LOCATION IN MISSION VALLEY’S CIVITA
Health-centered grocer plans to open new store in community in 2026
A new Jimbo’s Naturally grocery store is coming to Mission Valley.
The San Diego-based grocer has leased 25,000 square feet of space in The Row at Civita, a mixed-use development within a 230-acre master-planned community of homes and apartments.
The grocery store’s new space at Civita Boulevard and Qualcomm Way is being developed by Sudberry Properties.
Construction is expected to start in 2025 and Jimbo’s is anticipated to open in the second half of 2026, according to the announcement.
The store’s namesake and founder, Jim “Jimbo” Someck said that his business has looked at opening a Mission Valley location “for a number of years.”
“And we’re certain we have found the perfect place at Civita,” Someck said in the announcement. “Not only will we be able to serve the Civita community but also the surrounding area since this site is conveniently located in the heart of
Mission Valley. Our customers expect great things from us, and we will not disappoint them.”
Jimbo’s Naturally has four locations with stores in Carmel Valley,
Shares of Topgolf Callaway Brands — formerly Callaway Golf — slid this week on investor concerns that pandemic-era demand for golf equipment may be beginning to fade.
The Carlsbad company, which owns Topgolf, Callaway, TravisMathew, Jack Wolfskin and other brands, posted solid results on Tuesday for the first quarter.
The good numbers were driven by the company’s Topgolf upscale driving range/entertainment venues and its apparel brands.
But its core golf club and ball business started the year softer than expected because of economic headwinds and more normal inventory levels at retail.
Shares of Topgolf Callaway Brands dipped nearly 19 percent over the past two trading days. They closed at $17.59 Thursday on the New York Stock Exchange.
“The market started the year a little behind our initial expectations of flat to slightly down,” said Chief Executive Chip Brewer in a conference call with Wall Street analysts. “Overall, we feel good about the health of our core golf consumer. Despite macroeconomic uncertainty, we don’t see meaningful risk given both our brand heat and how passionate the consumer is about both us and golf in general.”
At least one Wall Street analyst was less certain. “We worry about the company’s golf equipment segment, which enjoyed incredible demand since the pandemic as golf experienced a surge in popularity,” said Zachary Warring, equity analyst at CFRA Research. “We
believe demand may have been pulled forward and expect a slowdown in (the company’s) highest margin business in 2023.”
Topgolf Callaway brands reported first-quarter sales of $1.17 billion, up 12 percent from the same quarter last year. Its adjusted net income came in at $33 million, or 17 cents a share — down 53 percent from the same quarter a year before.
The revenue gains were centered on Topgolf venues, which increased 25 percent year over year to $403 million. Same venue sales were up 11 percent. The company opened one new location in the quarter.
TravisMathew, Jack Wolfskin and other apparel brands gained 28 percent to $320 million, with increases propelled by e-commerce.
But golf equipment fell 5.2 percent to $444 million year over year. Part of this year’s decline stemmed from how strong things were during the first quarter of 2022 as retailers refilled inventories after the easing of pandemic era supply chain bottlenecks.
This year, the company launched its Paradym line of clubs in February and has gotten good traction, said Brewer, and television ratings for last month’s Masters golf tournament remained very high, signaling the game’s popularity.
Golf rounds played in the U.S. were essentially flat through March compared to the same period last year, according to industry research firm Golf Datatech. Rounds played in San Diego slipped 12 percent in the first quarter, likely because of poor weather.
Brewer noted that even though rounds played were flat, they were still above pre-pandemic levels.
“For those out there that have been looking for a postCOVID reversion in golf participation, I think that we would all have to agree that there is no sign of one in the current data as the game continues to be top of mind for what appears to be a larger audience,” said Brewer.