Landlords Lure Retailers
Property owners can do a lot to attract retail tenants, according to experts interviewed for “Insights: In the NY Retail Space,” the latest new video from Connect Media.
“We are trying embrace the retailer to see what their needs are, not just what their wants are, and trying to make the landscape embracing for their use,” said Faith Hope Consolo, chairman of Douglas Elliman’s Retail Group.
Many landlords are also lowering their effective rents. Also “spaces that are closer to turn-key are being delivered to the tenants, to take some of the risk out of the development,” says Matt Seigel, executive vice president of Thor Retail Advisors.
Retail tenants are also broadening their horizons by choosing some surprising locations. “Many of the secondary cities have become popular… we’ve seen a rebirth in Cleveland, we’ve seen a rebirth in Detroit… but for a retailer that wants to create a brand there is really nothing like New York. This is the city where where brands are made,” said Consolo.
Retailers are also more willing to locate their stores next to wider range of other stores. Fashion tenants are more willing to locate next to settings like boutique fitness, for example. “There is a broadening of the co-tenancy,” said Seigel.
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