4A — June 24 - July 14, 2016 — M id A tlantic
Real Estate Journal
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S hopping C enters By Tatiana Swedek, Llenrock Group
Landmark Commercial Realty Inc. Central PA’s premier commercial real estate brokerage firm since 1988.
Llenrock reports: Why pop- up shops aren’t just a trend
I
t’s funny how the overall needs of urban communi- ties translate through-
o u t m o s t s e c t o r s o f commercial real estate. Just think of the current needs of peo- ple today! We place a high level of value
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Tatiana Swedek
on characteristics like walk- ability (urban) and want all of our experience to be unique, nontraditional, convenient and tech-savvy. We see this impacting sectors such as multifamily, hotel, office, and retail. When it comes to the re- tail sector, it seems like we’re overwhelmed with headlines like “Clicks Defeat Bricks.” Figures from Black Friday showing online shoppers total- ing 103 million people over the four-day weekend, compares to 102 million who ventured to brick and mortar stores, have stuck with people for months. You know what people aren’t talking about? How the sector is actually improving. After all, change isn’t always bad. Gravitating away from chains This past year, big main- stream retail companies like Target and Macy’s an- nounced that they’d be closing a number of stores due to low sales. The companies have blamed store closures on every- thing from the popularity of e-commerce to global warm- ing for causing a decrease in sales of winter apparel. But, maybe people (especially in more urban environments) just don’t want clothing that is mass-produced anymore. Enter: Pop-up Shops . Good for big AND small brands These temporary retail spac- es can sell everything from beer to yogurt to clothing. They essentially “pop up” in an unused space for a few days, weeks or months without
a long-term lease required. They’re the Airbnbs of Retail. Pop-ups are good for start- up designers and brands who have a strong online customer- base but are looking to expand into brick-and-mortar every so often. But it’s not only the small start-ups utilizing these spaces, big names like Walmart and Hermes have turned to this strategy to help better reach their customers. Think Global: Good for the community & economy We all know about financial crisis in Greece. What we may be less well-versed in is the alternative ways Athens is attempting to revitalize their economy. In a city crippled by debt and vacant shops, initiatives like nomadic bars and cinemas are traveling throughout the city to provide temporary entertainment and pop-up restaurants are provid- ing the community with low- cost food venues, according to The Guardian. In Oakland, companies like Popuphood are using pop-up shops to not only help busi- nesses profit but to help revi- talize a community. According to Be A localist, Popuphood is “a for-profit small busi- ness incubator that creates pop-up retail clusters to de- velop entrepreneurs, activate unused spaces, and stabilize the local economy by revital- izing neighborhoods block-by- block.” Pretty cool idea. Good for landlords, too! ground floor space above the 10-plex National Amuse- ments theatre, which is locat- ed on the center’s lower level. Terms were not disclosed for the 10-year lease. Feil expects the tenant to move into the space in July. “With the limited number of fast casual restaurants in the area, this space was
So, these shops are opening doors for smaller self-made brands and creating a need for space-finding organizations to take wasted urban spaces and turn them into something posi- tive for the community. But what about landlords? How does this help them? Withmany retail companies, like Circuit City and Borders, going out of business, pop-up shops are giving landlords an alternative to compensate for the rent lost between long- term tenants. A traveling market allows retailers to reach more con- sumers. Imagine how many more customers you can at- tract by opening shop for a couple of days in New York City then, three days later, being in business in Philadel- phia. It’s a guerrilla marketing tactic for a lot of online-based brands who want to make an impact beyond the screen at a feasible price. As the Hightower Blog says: “We live in a weird world. Major corporations want to seem like small businesses, and small businesses want to seem like major corporations.” Too true. When it comes to pop-ups, these temporary retail spaces are a concept that is here to stay. Tatiana Swedek is a com- munications associate at Llenrock Group. This article was originally published on the Llenrock Blog ( Llenrock.com/blog ) n perfect for the large lunch crowd coming from the Bronx County Court House as well as evening diners coming in to shop at Concourse Plaza and visit the movie theater,” said Nicholas Forelli , director of leasing for Feil. “There is nothing better than shopping, dinner and a movie right in the same complex.” n
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Hibachi Grill & Supreme Buffet joins Feil’s Concourse Plaza NEW YORK, NY — Hiba- chi Grill & Supreme Buffet has signed a lease for 10,000 s/f at Concourse Plaza in the Bronx, adding a much-needed dining option to one of the busiest areas in the borough, announced The Feil Orga- nization , the center’s owner and manager. The restaurant will occupy
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