The 71,000-square-foot store will be the chain's second New York City location and first in Manhattan.
Crain's New York Business’ Post
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Bed Bath & Beyond had 480 stores when it filed for bankruptcy on this date last year But just 1 year later its real estate is filling quickly So what tenants have moved into the #BedBathandBeyond real estate? ▪️Burlington Stores, Inc. has already taken 64 sites and wants more ▪️ALDI USA, Barnes & Noble, Inc., Macy's‘s, Havertys Furniture, Ollie's Bargain Outlet, Inc. and TJMaxx have all opened at multiple #BigBox sites ▪️Several have even been made into indoor #pickleball centers via adaptive reuse And as for the Bed Bath & Beyond brand? Well it also hasn’t gone away Overstock - since re-named Beyond - has re-launched the Bed Bath website for #ecommerce sales And on an earnings call earlier this year, Beyond’s CEO Marcus Lemonis even commented that people frequently ask him "Is Bed Bath & Beyond going to have stores again?" Lemonis indicated that there are no plans to open #retail stores any time soon But he made a point to not rule it out in the future ⬇
The Bed Bath & Beyond Real Estate One Year After Bankruptcy: A Lot Of Burlington, A Little Barnes & Noble...and Even Some Pickleball
jasonmiller15.substack.com
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CITY OF NORTH BRANCH, MN. showing the world that a coordinated effort between some ambitious parties can make all the difference in the world to a struggling community. HEADLINE: Brian Scholten, Caspian Group Real Estate and 4 other investors are breathing new life back into this Minnesota mall. After the previous owner priced out the tenants and almost sealed the shopping mall's fate, these folks have stepped in to unselfishly right the sinking ship. Axios Nick Halter Thanks very much for giving many of us a better feeling about the economy and some people's and / or Real Estate company's attempts to save another dying mall. Terrific news all around. Your piece starts out with North Branch which people like myself can only assume it's either a rural neighborhood or a locale descriptor of a small chain of outlet malls in Anywhere, U.S.A. Did a reasonable job in scanning your Article for the location of the mall but none was to be had. On the one hand I love abandoned buildings, churches, malls, airports and the like but on the other hand I also love the comeback stories of these pieces of Real Estate. The pandemic obviously did a number all around and it's deeply appreciated that people like yourself give society the hope for a better tomorrow, it so richly deserves. Thanks again Nick. #wholesale #retail #mall #shopping #comeback #reopening #business #commercial #commercialre #commercialrealestate https://lnkd.in/dKvC2KjZ
The North Branch Outlets mall was nearly empty, but new owners are filling it back up
axios.com
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Business and Technology Transformation Strategist | ICMI Top 25 CX and Contact Center Thought Leader
What a future of retail should look like and what’s being done right.
In 2019, it was called the “Retailpocolipse” - while it is actually a transformation. In 2023, one thousand more stores opened than closed (despite some major bankruptcies). This goes into what Bass Pro has done right. This harkens back to Wannamaker’s view when he made his flagship store in Philadelphia a destination for entertainment where people would embrace the brand - and indulge. Two words: Customer Experience. This touches online, store features, returns, help, and a a bought-in, well-equipped staff. https://lnkd.in/gqEZgcfY
Retailers Bet Wrong on America’s Feelings About Stores
theatlantic.com
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Follow the link below to view the article. Scheels opens first AZ store https://lnkd.in/g36WaFYF Clear evidence that bricks and mortar retail is not “dead”. Retail is in a perpetual state of reinvention therefore it is the most rapidly changing type of real estate. To many it may appear that physical retail locations are in decline when the reality is that the industry is in a state of positive change.
Scheels opens first AZ store
arizonadailystar-az.newsmemory.com
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In our latest alert, Travis Jeffries discusses the challenges and opportunities in reletting space vacated by major tenants. With major brick-and-mortar retailers like 99 Cents Only, Bed Bath & Beyond, and Party City all filing for bankruptcy since the beginning of 2023, and potentially more on the horizon, here are some important things to consider. #retail #cre #brickandmortar
Navigating the Void: Challenges and Opportunities in Reletting Space Vacated by Major Tenants
coxcastle.com
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Henrico County, VA - A Big Apple firm has taken a bite out of Richmond’s West End as part of its entrance into the Commonwealth. Asher Group, an investment and development firm based in New York City, recently purchased the Tuckernuck Square shopping center at 9004 W. Broad St. for $14.5 million. Anchored by Chuck E. Cheese and book and collectible store 2nd & Charles, Tuckernuck Square has stood along Broad just west Parham Road since 1983. The 86,000-square-foot center is 90 percent occupied and houses other tenants like Stories Comics and Zorba’s Greek & Italian Cuisine. Ben Asher, Asher Group president, said the deal was his firm’s first in Virginia, and that Tuckernuck joins about a dozen other properties in the company’s portfolio. “We loved the area and tenancy at the plaza and think we can make improvements to better the plaza for us as an investment and for the local town and residents,” Asher said in an email, noting that they view the property as a long-term hold. The deal closed Aug. 7. Tuckernuck Square sold for just below its most recent county-assessed value of $14.9 million, per county records. The outparcel buildings occupied by Arby’s, Truist Bank, Starbucks and KFC along Broad Street were not part of the deal. Deals for shopping centers had been scarce through the first half of 2023 but have picked up in the summer months. In addition to Tuckernuck Square, other shopping centers to change hands in recent weeks include Village Marketplace and Stonehenge Village in Midlothian, and Parham Plaza, Staples Mill Square, and Ridge Shopping Center in Henrico. #escrowcredirt #newmarktitleservices
Chuck E. Cheese-anchored Tuckernuck Square under new ownership after $14M deal
https://richmondbizsense.com
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I just got my hair cut at my barber's shop. Without much hair left, it's a quicker visit in the chair these days. I have been going to this barbershop for over 20 years. I was heartbroken today when he told me, "I have to close the shop because the Landlord is doubling my rent." It was only a few years ago, that he invested $30,000 of his savings into a complete remodel of his shop. I gave him a hug, offered to help him move out in November, wished him the best, and went on my way. I walked down the sidewalk of the shopping center and saw four vacant spaces. Do they really need his 900 square feet? What are landlords thinking? I have seen this cycle numerous times over the past 30 years. The late 1980's, early 90's, and 2008... Landlords make these moves thinking they can find replacement tenants for their spaces, and they remain vacant for months or more. Then, the landlord can't make their debt service, the bank takes it back, and the next buyer gets a discount. I started my commercial real estate career with the best company in the world, as they always sought win-win leases and helped our tenants with rent reductions in times of need. We remained 100% leased in over a million square feet of Publix anchored shopping centers in the 1990's and early 2000's. And, our owners still earned A LOT of money. Somethin's got to give y'all... #notapopulartake #thisisreallife #momandpopshops #shortsighted #doomedtorepeat #letsgo
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We all look for simple narratives and singular theories in life and business. The reality is almost always more complex and nuanced. Case in point is the continuing narrative around the death of bricks and mortar retail. This week Simon Property Group and Brookfield Properties, joint owners of JCPenney, suggested they may start building ground-up new JC Penney Stores, this follows a triage $1 billion remodelling and repositioning program that they undertook a couple years back. At the close of 2020, Simon and Brookfield outright bought JC Penney for a number for reasons 1) they saw continuing value in the brand 2) they saw strategic value in owning the properties, many of which were a part of the jigsaw of ownerships in their own malls 3) JC Penney failing could and was putting drag on their own brands and businesses. Simon, Brookfield, Kimco Realty Corporation and other retail-developers have had a steady drumbeat of positive investor days and are seeing a strengthening and resurgent market for outdoor and indoor shopping centers. Most every retail developer have over the last few years, gone through their portfolios and divided them into various categories- the big binary being those with potential (and need) for mixed-use redevelopment and those that can continue to be retail-only assets with some repositioning/remodeling. I imagine given a brightening outlook for bricks and mortar retail there will be some reversion to the mean, and some of the properties slated for mixed-use redevelopment may fall back into the retail-only category, or at least some pumping of the brakes on the redevelopment program, particularly given the current costs of financing ground-up development and construction, they may wait for a more positive real estate cycle (see Hines: Riverwalk). Live-work-play, mixed-use redevelopment will continue to be a likely path for many retail centers. And especially as the traditional retail developers have re-tooled themselves as multi-asset developers or/and have formed joint-ventures and collaborations with positive results. But there’s a lot of optionality in what live-work-play means, and there’s complexity on both the asset side and the development side. While the development model is generally portable between properties, most all these redevelopment opportunities have unique circumstances in funding, ownerships, partnerships, catchment demographics, and physical opportunities and constraints. #retail #shoppingmalls #shoppingcenter #mixeduse #liveworkplay
J.C. Penney remains profitable, could open new stores
retaildive.com
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For years, retailers have flocked to set up shop in “it” neighborhoods in New York City. Before the #pandemic, as well as during the first couple years of its recovery, #Soho and #Nolita reigned supreme, with Valentino, Wilson Sporting Goods Co. and Vuori all opening stores there. #Williamsburg has also been buzzy among #DTC businesses, thanks to its chic cafes, thrift stores and waterfront views. Now, tides are shifting, and brands of all types and sizes — not just high-end ones — are making the move to #Midtown. Much of this is due to a major revamping of Rockefeller Center, which encompasses six square blocks. All in all, it’s a promising sign for the continued post-pandemic recovery of New York City, one of retail’s biggest markets and a major business capital. Read more: https://buff.ly/4aBhrPp
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