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There will soon be more than 700 empty Toys "R" Us stores across the United States. Many of these showcases will soon be occupied.
There will soon be more than 700 empty Toys "R" Us stores across the United States. Many of these storefronts will soon be occupied.
Despite the closing of stores in recent years and the growth of online shopping, many retailers are looking to add brick and mortar locations.
While store closures more than tripled last year, to a record 7,000, this number was partially offset by 3,400 store opening announcements, a rise of 50%, according to Coresight Research, a think tank specializing in retail. In 2018, there were 4,100 announcements of store closures and 1,900 planned store openings
After the closing of its last US stores on Friday, most will remain empty for at least the rest of the year. ;summer . But some will likely be used again during the holiday season, and many could have new tenants within a year, according to Ana Lai, a real estate analyst at Standard & Poor's.
Lai says Toys "R" Us The chain has been heavily concentrated in the Northeast, California and Florida markets, where real estate remains expensive and expensive to develop. Thus, empty stores are particularly attractive.
Party City has already announced that it plans to rent 50 empty Toys "R" Us stores this fall for Halloween and Christmas stores.
TJX, parent company of TJ Maxx, HomeGoods and Marshalls, announced earlier this year its intention to open 238 stores in the country. 2018 adding to the approximately 4,000 stores already in operation
Ross Stores plans to add 100 stores and Burlington Stores has announced the addition of 60 new stores and the relocation of 30 other stores in new local this year. [19659004] A Burlington spokeswoman confirmed that she has already entered into an agreement to enter two former Toys "R" Us stores in California, and that she is considering other potential sites. The chain took over 30 different locations that were released by the Sports Authority after its bankruptcy and closure two years ago.
"This type of situation, like the winding up of the Sports Authority, is a fluid dynamic process that will evolve over time. Burlington CEO, Thomas Kingsbury, at a recent call for investors
The non-price brands have been most active in opening new stores,
Dollar General plans to d & # 39; open 900 stores this year and delocalize another 100. plans to open 650 Dollar Tree and Family Dollar stores in 2018. But they will probably not move into a vacant property by Toys "R" Us because both chains typically use much smaller spaces. If a Toys "R" Us owner is ready to subdivide a store, then one of these chains could be a candidate to move in.
The spokespersons of Ross, Dollar General and Dollar Tree declined to comment In the vacant slots of Toys "R" Us.
Landlords also find non-traditional tenants for some of their properties, including Health clubs and even offices for start-ups, Lai said. could be demolished and replaced by some kind of new development. But for the most part, vacancy rates are not high in the retail sector, despite the many store closures. The low unemployment rate and the strength of the economy help landlords find new tenants.
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