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We love stories about weird, non-traditional uses taking up former big-box stores.
A couple years back we wrote a piece in Real Estate Forum, about this subject. A woman working in a office building that replaced a former Sears where she used to shop estimated that her desk was in what used to be "pots and pans."
As quirky as these stories can be, they don't make landlords too happy. Who would you rather have paying rent? A tenant like Target or non-profit organization?
Apparently, the trend isn't over. According to the Wall Street Journal, a Colliers study found that 51% of the major big-box closings, including those by Circuit City and Linens 'n Things that took place in 2008 and 2009 are still empty. In the ones that leased up, rents were down nearly 18%.
Apparently all of the retailers we hear about that are expanding, like TJX Cos. and Hhgregg, aren't filling enough of these vacancies. However, a recent GlobeSt.com article was hopeful about the situation in New Jersey, where some retailers that were looking to grow in the state for a long time are now finding opportunities.
Are empty boxes getting filled in your areas or are you still seeing a lot of vacancies?
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