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Empty spaces left by closures of Bon-Ton, Sears, Toys 'R' Us and other ailing retailers have created an era of opportunity, retail landlords say. Vibrant, expanding retailers and e-tailers have been snapping up those spaces, helping to stabilize mall occupancy rates and to boost landlords’ financial outlooks.
"We're actively negotiating deals right now with at least 20 major, national, healthy companies, ranging from off-price — like Burlington, Ross, the TJX brands — all the way over to specialty grocers like Lucky's and Sprouts," said DDR Corp. President and CEO David Lukes on a call with analysts and investors, according to CNBC.
Off-price retailers such as Ross Stores and T.J.Maxx are opening hundreds of stores, as are Dick’s Sporting Goods and former e-tailers Warby Parker and Untuckit.
“We are working through the bankruptcies and putting in better retailers”
Kimco has already signed deals for seven of the 22 spaces Toys 'R' Us vacated last year, CNBC reports. "These efforts have produced significant interest from major retailers in off-price, furniture, fitness, specialty grocery, and arts and crafts," said Kimco CEO Conor Flynn.
The pace of filling those empty stores is, in fact, accelerating, according to Simon. "We are working through the bankruptcies and putting in better retailers," said CEO David Simon in an earnings conference call on Monday. "I think retailers were playing defense, and now they are playing a little more offense."
By Edmund Mander
Director, Editor-In-Chief/SCT
