Idea’s Post

Big Retail Moves in NYC in 2024! Retail is an important feature of most neighborhoods in NYC and proximity to shopping, restaurants etc factor in to choosing where buyers & renters want to live. While many NYers are mourning the departure of retailer #BedBathAndBeyond in their neighborhoods, there is good news, especially for home improvement fanatics! #HomeDepot has announced that it is moving from its location near Bloomingdales on Third Ave, into the expansive retail space vacated by BB&B on First Ave /61st St & plans to open sometime next year. Bed, Bath & Beyond has permanently closed their retail outlets and has chosen to continue as an online retailer. 2023 was a painful year for many retailers, but the new year is bringing encouraging news, particularly among the luxury brands. The owners of #Gucci have just 715-717 Fifth Avenue, a retail property for a whopping $963 million — and it could mean giving the boot to rival fashion house #Armani from its flagship location. Armani, on Madison Ave has already made a bold move and is a part of a new luxury residential development offering bearing the brand’s name! https://lnkd.in/eyMiUM-d #douglasellimanrealestate #retailrealestate

Transforming challenges into opportunities: What's the future of vacant grocery stores and big box retail spaces here on Long Island? In the evolving landscape of retail, the shift in consumer habits presents an opportunity for innovative retailers. The sight of large, vacant big box stores and grocers is becoming increasingly common here on the Island, but within these spaces lies the potential for creative reinvention. For forward-thinking retailers, these expansive spaces offer a canvas for creativity. From stores that blend shopping with entertainment, to multi-purpose venues that house a mix of retail, restaurants and even fitness and entertainment centers, the possibilities are boundless. The key to unlocking these opportunities lies in thinking beyond traditional retail. By integrating technology, community engagement, and sustainability, retailers can transform big vacant stores into vibrant hubs that attract a wide audience. Moreover, repurposing these spaces contributes to sustainability efforts by reducing the need for new construction and revitalizing communities. As a commercial real estate broker specializing in retail, I'm here to guide you through the process of finding and transforming large vacant spaces into your next success story. Let's explore the possibilities together and redefine the future of retail. If you're in search of innovative ideas or site selection assistance, don't hesitate to contact me. 631-761-6885 jpacifico@nailongisland.com #NAILongIsland #CommercialRealEstate #Retail #Restaurants #PickleBall #MovieTheaters #BusinessGrowth #LongIslandCRE #Community #HealthClub #LetsGetCreative

Trending in Real Estate: #Retail & #Residential go hand and hand and many major retailers, particularly in the food space are expanding in metros like NYC . Recently announced, . #WholeFoods is opening two new stores #Manhattan. The supermarket chain last month announced plans to open another small-format “Whole Foods Market Daily Shop” at 301 West 50th Street in Hell’s Kitchen as part of their broader expansion across the five boroughs. The grocery chain has also signed a lease to open a new 20,000sf store at 409 East 14th Street in the East Village. The new outpost in Hell’s Kitchen will occupy between 7,000 and 14,000 sf, approximately a quarter the size of the average full-scale store. Do you see big box expansion in your region? Douglas Elliman Real Estate #Retail #Residential

Marks and Spencer to open flagship stores in Bristol and Bath 🛍️🏬 M&S is set to return to Bristol city centre with a new 80,000 sq ft flagship full-line store in Cabot Circus. The retailer says the store will be backed by £21 million of investment and should create up to 150 jobs. But that wasn't the only good news for the South West. M&S has also revealed that it is relocating its Bath store from Stall Street to an 83,000 sq ft store in SouthGate Shopping Centre. The new Bath store represents a £17 million investment in the city. The Bath move is part of the retailer’s store rotation strategy to make sure it has the right stores in the right place. At its recent full-year results, the retailer announced plans to open up to four new full-line stores and nine new foodhalls across the UK in the current financial year. M&S will work with Bath & North East Somerset Council on the future use of the current M&S in Bath. Darren Richards, Head of Real Estate at British Land, which owns the SouthGate shopping centre, said... Continue reading... https://lnkd.in/esRTZ5Q2 Hammerson #retail #property #commercialproperty #shopping #businessnews #businessintelligence

When Ahold Delhaize kicked off the multi-year remodeling plan for Stop & Shop in 2018, the Dutch grocery operator said it aimed to give the banner’s more than 400 stores “a fresh new look.” Since then, the renovations have played a key role in Ahold Delhaize’s efforts to boost the long-struggling chain. Over the past six years, Ahold Delhaize executives have touted the remodels as a success, and Ahold Delhaize USA CEO JJ Fleeman noted during a company event in May that remodeled Stop & Shop stores are outperforming ones that haven’t received updates. Yet Stop & Shop has remodeled only about half of its stores since the program began, and the chain continues to face financial woes. Stop & Shop is also looking to store closures as a way to help strengthen the banner, with Fleeman saying at the May event that the chain will shutter an unspecified number of locations. Alongside the store closures, Stop & Shop is proceeding with updating its stores, although the pace of yearly completed remodels has slowed. Read more about Stop & Shop's remodeling efforts here: #grocery #grocerystores #remodels #renovation #remodeling https://lnkd.in/e2rgT76m

Amidst the vast expanse of Fourways Mall, the landscape reveals a story of challenges and transformation. Over 120 of the 450 stores stand vacant, casting a shadow on the once bustling shopping destination. Empty wings, unopened 'soon-to-be' stores, and a large amount of vacant spaces mark the aftermath of the mall's major redevelopment in 2019. A striking 50 empty shops line the link between Woolworths and Toys R Us, creating a notable void in the once vibrant corridor. The challenge extends beyond tenant mix; leaky ceilings during thunderstorms and a need for additional family-focused restaurants paint a broader picture. The mall's lucrative catchment area calls for a thoughtful approach to reinvigorate its appeal. New managing agents, Flanagan and Gerard, step in with a promise of a R200 million investment to "reposition" Fourways Mall. The focus? Doubling down on family-oriented aspects, a strategic move aligned with successful ventures like Bounce, Ster-Kinekor, and adventure golf. As Accelerate strives for rejuvenation, the road ahead is formidable. A dynamic market, changing retail dynamics, and the expiration of the head lease in November add urgency to the situation. The future of Accelerate, it seems, hangs in the balance at Fourways Mall.

Has this happened in your retail shopping center? With retail space being so scarce, tight labor conditions, and high costs, some tenants may sign ✍️ a lease and pay their rent but not open or choose to operate continuously. 📌 From the tenant perspective, this can make sense but there are implications for the landlord as well! Despite the tenant paying their rent, the center’s other tenants and the landlord will still be impacted by an opportunity loss: ▪️ Co-tenancy provisions can kick in ▪️ Loss of percentage rent revenue ▪️ Shoppers may be put off by empty space ▪️ A seemingly abandoned, shabby space can bring down the overall attractiveness of the center In this great article by Daniel Villalpando at Cox, Castle & Nicholson LLP, Daniel offers landlords the following remedies: ▪️ Give the tenant extra time to open before remedies take effect. ▪️ Require the tenant to at least open for one day. ▪️ Make sure the tenant is required to perform all of its other obligations under the lease. ▪️ Give yourself the right to “recapture” the premises. ▪️ Don’t let a tenant’s right to “go dark” impact the economics of your deal. Read the article here: https://bit.ly/3Q8pBqD #TSCG #CREtail #RetailStores #CRE #Retail

Another example of Brixmor’s ongoing transformation story that drives traffic for tenants, value for investors and thriving centers that become part of consumers’ daily lives. Shout out to Leigh Paull, AIA, LEED AP, Stephen Trommsdorff, Susan Martinez, Jeff Bell, Christopher Ralph and Josh Durigan. Brixmor Property Group #ourcenterisyou

Dees Stribling at Bisnow shares information on the record-low vacancy rate of retail, 4.1% as of Q1 2024. With vacancy rates so low, creating opportunity for space is at the forefront. Landlords have the opportunity to improve the quality of their tenants while increasing NOI and the value of their asset. Not all tenants Occupancy Cost are the same. I'm a restaurant guy; a restaurant tenant with an AUV of $450,000 vs a restaurant tenant with same use with an AUV of $850,000 has the ability to pay higher rents while still operating successfully. With competition fierce for space and many retailers focused on continued growth, there is an opportunity for best in class retailers to win space as it comes available because they have the ability to support a higher occupancy cost. For Landlord's always looking to add value, this is a strategy worth pursuing given the current market conditions. #retail #restaurants #VIP

If you have an underperforming Kirkland's store in your shopping center, and you are looking for a replacement tenant, hold off. That store may soon convert to an over performing smaller version of the once leading retail chain in the home furnishings space: Bed Bath & Beyond. Kirkland’s is joining forces with Beyond Inc., formerly Overstock, which purchased the Bed Bath & Beyond brand out of bankruptcy and together they are planning to open the first five Bed Bath & Beyond neighborhood small-format stores in 2025, according to Kirkland's CEO Amy Sullivan. The new Bed Bath & Beyond stores will no doubt deliver sales per square foot performance that will substantially exceed the current average Kirkland’s store. What I like about the deal Beyond Inc. struck with Kirkland’s is that they could convert some of the underperforming Kirkland’s stores into small Bed Bath & Beyond stores, which finally revives the former popular brand in the brick-and-mortar space. This would be better than the deal Beyond cut with The Container Store, which just includes opening a department within the store to sell Bed Bath & Beyond merchandise.