[ad_1]
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 closure 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, an increase of 50%, according to Coresight Research, a think tank on retail. In 2018, there were 4,100 store closure announcements and 1,900 planned store openings.
After Toys "R" Us closes its last US stores this Friday, most will remain empty for at least the rest of the 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 New York. 2018 adds to some 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 more stores to new locations this year .
A spokesman for Burlington confirmed he has already entered into an agreement to enter two former Toys "R" Us stores in California, and he is looking into other potential locations. 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 Toys "R" Us sites. Landlords also find non-traditional tenants for some of their properties, including health clubs and even offices for start-ups, says Lai.
Some stores in less desirable locations could be demolished and replaced by 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.
AlertMe
Source link
