2B — April 13 - 26, 2018 — New Jersey — M id A tlantic
Real Estate Journal
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N ew J ersey
SEBCO The Finest In Metered Laundries Laundry Systems
By Steve Niggeman, Metro Commercial Empty department stores become popular destinations
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ears. Macy’s. JC Penney. These iconic department stores have played a big
the former Macy’s at Suburban Square in Ardmore, an area whose affluent residents are just the clientele that Life Time wants. The new multi-level facility will be near successful retailers like Apple, and ser- vices like Drybar. The Edge, a more affordable option, takes up a smaller footprint of 35K s/f but still fits in goodies like a smoothie bar and childcare. With an empty department store coming in at approximately 200K s/f, an Edge location can be one of four to six businesses to retrofit and occupy the structure. Also willing to reuse a por- tion of large retail space is The Cliffs Climbing + Fitness. The Cliffs creates indoor “boulder- ing facilities” of 15K s/f or more; their business model is another example of the boutique fitness trend popular with the millen- nials. We’ve written before that the large cohort known as millen- nials values experiences over things. They are huge drivers of what’s happening in com- mercial real estate today, and spend discretionary income on fitness, dining out and ac- tivities with friends. It’s no surprise then that “eater-tain- ment,” a recently coined term,
is another category that’s mov- ing in when traditional retail moves out. The Dave &Buster’s chain has benefited from this trend and has taken 48K s/f in a former Sears at Willowbrook Mall in Wayne, NJ. With all that space there’s room for 165 arcade games, billiards, dining room and a large sports bar sur- rounded by flat screens. There’s even a boardroom that can be rented for corporate meetings. That being said, there is still always room for retail. Com- panies such as TJX, owner of Marshall’s, HomeGoods and TJ Maxx have been attracted to the vacated spaces rather than building new. Using up to 60K s/f of a former depart- ment store, TJX can combine two of its concepts to create a discount shopping destination. When you do it right and wrap together fitness, dining, enter- tainment and shopping, you build a real synergy—and cre- ate a destination that appeals to many people for many differ- ent reasons. Before you know it that big, empty department store is a popular destination. Steve Niggeman is ex- ecutive vice president of brokerage services and principal in the firm Metro Commercial. n
1-800-SEBCO-88 (1-800-732-2688)
part in Amer- ican culture. (ThinkMacy’s Thanksgiving Day Parade.) Unfortunate- ly for the re- tailers, the digital revo- lution has not
http: www.SEBCOLaundry.com e-mail stevebreitman@sebcolaundry.com
Steve Niggeman
been kind, and many are clos- ing locations just to stay afloat. All of which leaves big empty spaces in malls and towns across the country. Landlords and property own- ers are resourceful, and they’ve found businesses ready to rush in and fill the space that re- tailers have left behind. One popular reuse is the fitness category. Chains like The Edge Fitness Clubs and Life Time Fitness are finding that de- partment store locations are optimal for accessibility, foot traffic and plenty of free park- ing. In the case of Life Time, 75K to even 140K s/f of space lets them create a high-end fit- ness experience, complete with free weights, cardio equipment, classes, spa services and a café serving healthy food. Metro guided Life Time Fitness to
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