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Hall of Fame Resort & Entertainment Company Signs Lease with Build-A-Bear Workshop, Inc.
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) announced a lease signing with Build-A-Bear Workshop (NYSE: BBW) for a new store in the Fan Engagement Zone at Hall of Fame Village in Canton, Ohio. The store will cover 1,900 square feet and offer sports-themed merchandise, featuring licensed pro and college football brands. Set to open in summer 2022, this addition aims to enhance the family-friendly atmosphere of the Village, which is currently under construction and will include various entertainment offerings for football fans.
Positive
Lease signed with Build-A-Bear, enhancing family-friendly offerings.
The store will feature sports-centric merchandise, appealing to football fans.
Expansion of Hall of Fame Village will attract more visitors.
Negative
The opening of the Build-A-Bear store is contingent on construction completion timelines.
The one-of-a-kind global brand that kids love and parents trust will open in the Fan Engagement Zone in late 2022
Location will feature a sports-centric theme offering both licensed pro and college sports “furry friends”
CANTON, Ohio--(BUSINESS WIRE)--
Hall of Fame Resort & Entertainment Company (“HOFV” or the “Company”) (NASDAQ: HOFV, HOFVW), the only resort, entertainment and media company centered around the power of professional football, today announced it has signed a lease with Build-A-Bear Workshop, Inc. (“Build-A-Bear”) (NYSE: BBW) to open in the Fan Engagement Zone at the Hall of Fame Village powered by Johnson Controls in summer 2022. Build-A-Bear, a multi-generational global brand focused on its mission to “add a little more heart to life,” will occupy 1,900 square feet and will have a sports-centric theme with merchandise to provide guests with a tangible memory of their experience at the Village, with furry friends and accessories featuring the brands and logos of their favorite professional or collegiate football teams.
“Build-A-Bear is one of the most iconic family-centric brands in the world today and fits with our strategy of bringing companies that are internationally recognized and beloved to the Hall of Fame Village powered by Johnson Controls,” said Mike Levy, President of Operations for HOFV. “While football will always be the theme that brings it all together, the sport extends well beyond the action on the field. This is why we have strategically chosen to fill the Fan Engagement Zone with high-quality, family-friendly and interactive organizations like Build-A-Bear, Don Shula’s, TopGolf Swing Suites, The Brew Kettle and others that allow our guests to continue enjoying themselves before and long after the game. As the construction process continues to move forward, we look forward to welcoming all these brands to the Village later this year!”
For nearly 25 years, Build-A-Bear has appealed to a wide array of consumer groups who enjoy the personal expression in making their own “furry friends” to celebrate and commemorate life moments. The Build-A-Bear location at the Hall of Fame Village powered by Johnson Controls will feature a football-themed environment that is staffed by fun, friendly and engaging associates to offer children and their families a memorable and unforgettable experience. What’s more, the store will allow visitors the opportunity to bring their imagination to life by designing and stuffing their own furry friends and personalizing them with outfits, accessories, sounds and scents, and taking part in the iconic heart ceremony.
“We are thrilled to be opening a Build-A-Bear Workshop at the Fan Engagement Zone and joining the Hall of Fame Village family. With our curated selection of furry friends, clothing, and accessories, this exciting new space will offer great moments for families and friends to make lifelong memories with their favorite teams. As we celebrate 25 years of heart and hugs, we can’t wait to bring this new space to life and deliver the beloved Build-A-Bear experience to football fans from around the world,” said Build-A-Bear Workshop Chief Operations & Experience Officer, Chris Hurt.
Currently under construction, the Fan Engagement Zone at the Hall of Fame Village powered by Johnson Controls will be a sports and entertainment-themed, 82,000-square-foot promenade located strategically within the campus footprint and offering rooftop views of Tom Benson Hall of Fame Stadium. It will be made up of unique restaurants, retailers and experiential offerings, with Topgolf Swing Suites and Don Shula’s serving as two of the anchor attractions. The Fan Engagement Zone, set to be open in time for the 2022 NFL season, will serve as an active hub for the destination where fans can go before, during and after events – be it youth sports contests, football games, concerts or performances, etc. – to have fun, be entertained or eat and socialize.
About Hall of Fame Resort & Entertainment Company
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Hall of Fame Resort & Entertainment Company is the owner of the Hall of Fame Village powered by Johnson Controls, a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame's campus. Additional information on the Company can be found at www.HOFREco.com.
About the Hall of Fame Village powered by Johnson Controls
Hall of Fame Village powered by Johnson Controls is a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame's campus in Canton, Ohio. Owned by the Hall of Fame Resort and Entertainment Company (NASDAQ: HOFV, HOFVW), the Village currently has over $250 million worth of assets under management and is one of the largest ongoing construction projects in Ohio. Phase I of the project entailed the construction of the Tom Benson Hall of Fame Stadium, a world-class 20,000 seat, sports and entertainment stadium, and the National Youth Football and Sports Complex. Phase II, currently under construction, will add the Constellation Center for Excellence, the Center for Performance, a Fan Engagement Zone, a Hall of Fame indoor waterpark and a Hilton Tapestry Hotel. Phase III is currently in planning stages. For more information, visit www.HOFVillage.com.
About Build-A-Bear
Build-A-Bear is a multi-generational global brand focused on its mission to “add a little more heart to life” appealing to a wide array of consumer groups who enjoy the personal expression in making their own “furry friends” to celebrate and commemorate life moments. Nearly 500 interactive brick-and-mortar retail locations operated through a variety of formats provide guests of all ages a hands-on entertaining experience, which often fosters a lasting and emotional brand connection. The company also offers engaging e-commerce/digital purchasing experiences on www.buildabear.com including its online “Bear-Builder”, the animated “Bear Builder 3D Workshop” and its age-gated adult-focused “Bear Cave”. In addition, extending its brand power beyond retail, Build-A-Bear Entertainment, a subsidiary of Build-A-Bear Workshop, Inc., is dedicated to creating engaging content for kids and adults that fulfills the company’s mission, while the company also offers products at wholesale and in non-plush consumer categories via licensing agreements with leading manufacturers. Build-A-Bear Workshop, Inc. posted total revenue of $411.5 million in fiscal 2021. For more information, visit the Investor Relations section of buildabear.com
Forward-Looking Statements
Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words and phrases such as “opportunity,” “future,” “will,” “goal,” and “look forward” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the Company’s ability to manage growth; the Company’s ability to execute its business plan and meet its projections, including refinancing its existing term loan and obtaining financing to construct planned facilities; potential litigation involving the Company; changes in applicable laws or regulations; general economic and market conditions impacting demand for the Company’s products and services, and in particular economic and market conditions in the resort and entertainment industry; the potential adverse effects of the ongoing global coronavirus (COVID-19) pandemic on capital markets, general economic conditions, unemployment and the Company’s liquidity, operations and personnel, the inability to maintain the listing of the Company’s shares on Nasdaq, as well as those risks and uncertainties discussed from time to time in our reports and other public filings with the SEC. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Source: Hall of Fame Resort & Entertainment Company
FAQ
What is the significance of the lease signed between HOFV and Build-A-Bear?
The lease represents a strategic partnership to enhance the family-friendly offerings at Hall of Fame Village.
When is the Build-A-Bear store expected to open at Hall of Fame Village?
The store is set to open in summer 2022.
What type of merchandise will the Build-A-Bear store feature?
The store will offer sports-themed merchandise, including furry friends and accessories featuring professional and collegiate football brands.
How will the new Build-A-Bear store impact HOFV's business?
The store is expected to attract more visitors and enhance the family-friendly experience at Hall of Fame Village, potentially boosting revenue.
What is Hall of Fame Village?
Hall of Fame Village is a multi-use sports, entertainment, and media destination centered around the Pro Football Hall of Fame's campus in Canton, Ohio.
