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Events
Wednesday April 30th
Bisnow: NYC Retail Real Estate Summit
New York, NY

With the unforgiving polar vortex behind us, and consistent upticks in consumer demand dispelling market anxieties stemming from the Fed’s tapering policies, there is only one direction retail is heading. Up! The consumer is back, and retail is king. Come hear about it from the industry leaders themselves at Bisnow’s 4th Annual NY Retail Summit.

Get 20% off by using this discount code at checkout: retailmls2014

Click here to register!

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May 18-20, 2014
ICSC RECon Las Vegas
Las Vegas Convention Center

RECon is the global convention for the shopping center industry and provides networking, deal making and educational opportunities for retail real estate professionals from around the world. With over 34,000 attendees and 1,000 exhibitors it is the largest industry convention, making it an unparalleled opportunity to do a year’s worth of business in just three days! If you are looking to meet retailers to discuss new or existing leases in your centers, view the latest industry products and services that are critical to your business, attend educational sessions or find the next deal, then you need to attend RECon.

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Wednesday June 11th
ICSC: New York Program and Networking Breakfast
New York, NY

Join us and gain valuable insight into the dynamic retail environment in the outer boroughs of New York City.

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Thursday July 17th, 3-9pm
Social Retail Summit #7
Dumbo Spot, New York

Social retail is the new approach to customer relations developed by next generation omnichannel retail brands, from online community to offline sales.

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Featured Article
Guest Blogger Adelaide Polsinelli: Prime Retail Real Estate Locations Create Spillover Bonus in Values
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By Adelaide Polsinelli, Senior Director, Eastern Consolidated

New York City’s retail real estate market, the bellwether for trends, values and ingenuity, is setting records on every level-even on side streets.

While traditionally strong retail corridors such as Fifth Avenue, Madison Avenue and Broadway have seen overheated retail rents due to increased tourism and consumer spending, better than ever residential demand and retailer confidence in the stability of these markets has helped drive demand beyond traditional “high street” locations.

National brands, luxury retailers and international innovators all understand the need to be in marquee locations with prime addresses, yet the demand is far outpacing the supply which had led to side street spillover, increasing the values and thus the rents for any streets touching these white-hot spaces. What that means for retailers is that the presence of these magnet high street retailers has drawn shoppers and pedestrians to walk around the area and thus spillover to the cross blocks and side streets. The increased traffic allows for new pedestrian street patterns to lead shoppers to these secondary destinations. For example, ever watch the crowds waiting outside Hollister at 666 Fifth Avenue? Once they are done shopping or grow tired of waiting in line, these folks walk around the block and meander to nearby retailers.

Posted on August 29, 2013

Featured Article
Brian R. Dwan
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Brian Dwan has been a key partner for a number of major retail corporations here in the US. He has also been involved in the development of locations for these retailers in Canada, Europe, South America, Mexico and Hong Kong. With over 25 years of experience in the retail community he has been responsible for [...]

Posted on August 28, 2013

Featured Article
Nordstrom Pays $102.5M for Midtown Site
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Nordstrom Inc. is paying $102.5 million for the site of its planned flagship store in Midtown. Nordstrom’s deal amounts to $586 per square foot, and it allows the retailer control of the building. The Seattle-based company will open its doors at the base of 225 W. 57th Street in 2018.

The building, an 88-story residential condominium tower being built by Extell Development, will reach 1,550 feet, placing it above the Empire State Building and making it the tallest in the city. The 285,000-square-foot store will have an entrance on the east side of Broadway, and will occupy two floors below grade and five floors above.

Last week, Gary Barnett, who heads Extell Development, purchased the last piece of land between West 57th and 58th Streets, with other frontage on Broadway that will become the site of the project. Extell is pressing ahead aggressively with its plans, despite the Department of Buildings having not yet approved the plans. The firm recently obtained a new $300 million mortgage from Blackstone, paying off a previous loan from HSBC, and last week it paid $25 million for the Beethoven piano building at 223 West 58th Street—the last piece of land needed in order to move ahead with construction. Nordstrom also took over a $1 million mortgage from a Blackstone entity.

Posted on August 28, 2013

Featured Article
Treat House: New Upper West Side Crisped Rice Treats Retail Concept
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Treat House, founded by Jennifer and Chris Russell, opened up last month on the Upper West Side. This new bakery offers crisped rice treats in every flavor and combination that you can possibly imagine! Creative flavors include lemon zest, caramel sea salt, almond cranberry, s’mores, birthday cake, red velvet, chocolate pretzel, and so many more!

The ideas of the bakery and retail concept were developed in October of 2011. The Russells’ children had a bake sale where they exclusively sold crisped rice treats on a street corner for charity, and they wound up raising way more money than initially intended.

Posted on August 28, 2013

Featured Article
Auto Shops to Relocate
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The “Iron Triangle” is a cluster of several hundred auto-body repair shops and junkyards near Citi Field in Queens that has proven resilient to changes that have transformed other parts of the city, but that might not be the case for much longer.

In an effort to clear space for the first phase of a more than 60-acre redevelopment of Willets Point, around 90 tenants have received letters offering them a payout equal to one year’s rent at their current retail location if they leave by the end of November. City officials believe relocating these tenants is necessary to successfully complete the redevelopment, which will eventually include a school, retail, and housing.
Some tenants are resisting the offer to move individually in favor of pushing to move in large groups. This would allow a recreation of their unique ecosystem of shops, and they are firm in saying that remaining together is essential to their continued survival, because it helps bring in returning customers.

Posted on August 27, 2013

Featured Article
Guest Blogger Michael Stoler: Active Retail Development Around the World, Especially in Dubai
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Dubai in the United Arab Emirates is the home of one of the world’s largest sovereign wealth funds, the Investment Corporation of Dubai with assets in excess of $70 billion. In May, Donald Trump announced plans to expand his golfing empire to the Middle East, opening a golf course in the outskirts of Dubai.

The Trump International Golf Club will be the centerpiece of a 28 million foot project being developed by DAMAC Properties that includes a luxury residential community, hotels, spa and international schools.

In August, Gulf Related will open The Galleria at Sowwah Square, a 50-50 joint venture between Gulf Related and Abu Dhabi-based Mubadala Development Company.

The Galleria will feature brands such as Louis Vuitton, Cartier, Prada, Gucci, Bulgari, Dior, Fendi, Burberry, Ralph Lauren, Tag Heuer, Jimmy Choo and Diane von Furstenberg.

Posted on August 26, 2013

Featured Article
New York Retail Rents Second Highest in the World
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According to CBRE’s global rankings, rents for stores in New York are the second most expensive on the globe, second only to Hong Kong. During the second quarter of 2013, Hong Kong’s retail rents reached $4,328 per square feet per year. The city has the highest representation of luxury retailers in global markets, with 51 new retailers opening stores in the last year.

“Global retailers continue to desire premier retail locations in gateway cities because of the global shoppers those corridors attract and the value delivered for brand visibility,” said Anthony Buono, executive managing director of Americas Retail Services at CBRE, in a statement.

Retail rents in New York averaged $3,050 per square foot. During the last year, New York’s prime shopping corridor on Fifth Avenue saw a 22% jump in retail rents. That strip, which stretches between Saks Fifth Avenue at 49th Street and the Apple store on 59th Street, is still the place to be for brands hoping to cash in on the droves of tourists visiting the area.

Posted on August 23, 2013

Featured Article
Jeffrey D. Roseman
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Jeffrey D. Roseman is an EVP and a founding partner of Newmark Grubb Knight Frank Retail, and prior to that was a partner in its former company, New Spectrum Realty Services.  Mr. Roseman has served as the top producer in both companies for the past 15 years. With more than 20 years of experience, Mr. [...]

Posted on August 21, 2013

Featured Article
Eastern Consolidated Press Release: Prime Third Avenue Retail Corner Development Site Hits the Market
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New York, NY – August 21, 2013 – A 30,000-square-foot development site, improved by a three-story 11,896-square-foot retail building occupied by Rent-A-Center until 2015, is on the market for sale through Eastern Consolidated priced at $5.9 million.

Situated on the northwest corner of Third Avenue and 120th Street, 2202-2210 Third Avenue is ripe for the development of up to 30,000 square feet.

Eastern Consolidated Senior Director Adelaide Polsinelli with Associate Director Chad Sinsheimer and Director, Financial Services Gary Meese are spearheading the marketing initiative for the property, which offers in-place income until 2015 with the near-term potential of constructing a mixed-use building nearly three times the size as the existing structure.

Posted on August 21, 2013

Featured Article
Vornado to Acquire 655 Fifth Avenue for $278M
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Vornado Realty Trust has stated that they are going to acquire 655 Fifth Avenue for $278 million during the fourth quarter of this year. 655 Fifth is a 57,000 square foot retail and office property located on the northeast corner of 52nd street and Fifth Avenue. After this acquisition, Vornado will own 92.5% of the property, while Madison Vapital will remain as a partial owner with 7.5%.

Ferragamo, the high-end designer, leased the retail space for the flagship store through 2028. The retail space features 50 feet of frontage on Fifth Avenue.

Posted on August 21, 2013

Featured Article
Guest Blogger Faith Hope Consolo: Current Trends in Retail Across North America
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Originally seen in CREW Network: https://crewbiz.crewnetwork.org/content.aspx?id=10657

Urbi et Orbi (The City and The World): The phrase is not just the theme of an annual speech from the Pope, but also summarizes what’s taking place in retail across North America: urbanization and globalization. After decades of suburban malls and neighborhood centers dominating retail site selection, our city streets are once again becoming favored locations. And retailers looking at those sites come as never before from around the world, in a variety of rapidly expanding categories.

The urbanization of North American retail is due in no small part to the near-cessation of new shopping center development during the most recent downturn. With credit at a standstill, developers in the United States were unable to refinance projects that were already up and operating, let alone obtain funds for new projects. This may not necessarily have been a bad thing – according to the International Council of Shopping Centers, the United States has 23.1 square feet of retail space per capita, some 7 billion square feet of shopping! The lack of new construction left existing space ready for new retailers to take quickly. In Canada, urbanization has always been a trend, particularly as so much of the population is clustered along the border with the United States.

Posted on August 20, 2013

Featured Article
Chilly Autumn Could Prove Hot for Retailers
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July retail sales fell short of expectations, rising by 0.2% instead of the estimated 0.3%, but cool weather may help kick start a better fall season.

Paul Walsh, vice president of weather analytics at The Weather Channel, said, “Typically in the summer the weather doesn’t have a huge influence on us. But we’ve been experiencing this amazing volatility and I think that’s really started the mojo going for back-to-school earlier than it has in the last three or four years, so it’s actually a really good tailwind for retailers.”

Particularly in the eastern half of the country, August has been cooler than the historical average, and that could be a catalyst for consumers to start buying fall apparel. Additionally, last year Hurricane Sandy put a dent in sales for many retailers who had no choice but to close for many weeks. Walsh does not expect this year’s storms to hinder retailers’ bottom line.

Posted on August 19, 2013

Featured Article
Retail Customers Prefer to Show at Sam’s Club and Amazon
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Costco and BJ’s have the largest presence in the metropolitan area in the warehouse club marketplace. Sam’s Club the warehouse club operation of Wal-Mart has only thirteen locations in Metro New York, New Jersey and Connecticut. Yet, Sam’s Club and Amazon earned top markets in a research report released earlier this year by consulting firm Temkin Group.

According to the 2013 Temkin Experience Rankings which queried 10,000 U.S., consumers about customer services issues across 246 companies in 19 industries, Sam’s Club and Amazon earned the top spots in the retail sector and RadioShack was the lowest rated retailer for the third consecutive year.

Posted on August 19, 2013

Featured Listing
Featured Article
Jeff Winick
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“There is nothing better than watching your company grow,” says Jeff Winick, founder and CEO of Winick Realty Group LLC, the prominent Manhattan-based store leasing company. Since its establishment more than 25 years ago, the company has been expanding both its service range and geographic reach. Having consummated over a million square feet of leasing [...]

Posted on August 14, 2013

Featured Article
Fifth Avenue Retail Rents Break Record
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The average asking rent for the Fifth Avenue retail corridor between West 49th and West 59th streets has crossed over $3,000 per square foot, the highest in New York City. The asking rents hit $3,050 per square foot, up 22% in one year. This is the first time a Manhattan retail corridor has registered average asking rent higher than $3,000.

“There was a time when $600 per square foot was considered outrageous on Fifth Avenue,” Richard Hodos, executive vice president of CBRE Retail Group, told The Commercial Observer. “Putting inflation aside, it speaks to the fact that New York is a world class city.”

Despite the record-breaking high asking prices, demand is still high for retail space in the area, as indicated by deals like Ralph Lauren, which recently took 38,000 square feet at 711 Fifth Ave., and Valentino, which leased 20,000 square feet at 693 Fifth Ave. Additionally, British retailer Topshop has been looking along Fifth Avenue for its second New York City location in order to be near competitors such as UNIQLO and H&M.

Posted on August 13, 2013

Featured Article
Guest Blogger Michael Stoler: More and More Retail Sales Expected to Take Place Online
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Each and every year more and more consumers are increasing their retail sales on the Internet.
Frost & Sullivan and its Visionary Innovation Research Growth Partnership Service program Bricks and Clicks suggests that online retail revenues will reach $4.3 trillion in 2025, accounting for nearly 20 percent of total retail. In leading markets like the U.S. and the U.K., nearly 25 percent of retail will be online.

The media and entertainment segment will witness the highest online sales penetration (82 percent) by 2025, especially with the advent of platforms such as iTunes, e-readers, and Netflix resulting in a huge shift to digital, according to the report.

Posted on August 13, 2013

Featured Article
RetailMLS Releases Retail Real Estate Infographic & Survey Results
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View Full Infographic: http://bit.ly/retailmls_infographic.

NEW YORK, August 6, 2013 – RetailMLS.com, the first multiple listing service dedicated exclusively to the retail real estate market, has published an infographic aggregating valuable industry data and recent survey results. The information comes from a variety of sources including the National Retail Federation, the National Association of Realtors, CoStar Group, Inc. and a proprietary RetailMLS survey responded to by more than 100 retail real estate professionals nationwide.

The infographic reveals just how large the retail sector is compared to the overall commercial real estate market. It also discloses the estimated total number of vacant stores in the U.S., and the amount of money spent each year by shopping center owners, landlords and retail brokers on marketing efforts in order to fill these vacancies.

The infographic data shows that there are 17.3 billion square feet of retail property in the U.S., roughly 20% of the entire commercial real estate market. It highlights the market cap of all retail properties as having an aggregate value of $2.9 trillion – 26% of the commercial real estate market. According to the infographic, there are upwards of 3.6 million total retail stores in the U.S., with an average vacancy rate estimated at 10.7%. That leaves more than 1.8 billion square feet or 377,233 vacant retail stores at any given time. It is estimated that landlords lose approximately $20 billion of annual rental income as a result of these vacancies. In order to recapture lost revenues, it is estimated that retail real estate professionals spend approximately $8 billion per year on marketing and advertising their listings.

Posted on August 9, 2013

Featured Listing
Featured Article
Fairway to Anchor Hudson Yards
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Fairway is moving to the West Side. The supermarket chain announced that it will fill the retail space in the first office tower being constructed at the Hudson Rail Yards. Fairway will take nearly 46,000 square feet in the Hudson Yards South Tower—a 52-story, 895-foot tall spire on the corner of West 30th Street and 10th Avenue.

The 28-acre Hudson Yards site, which includes 1 and 2 Hudson Boulevard, is set to open in 2015. A partnership between the Related Cos. and Oxford Properties Group plans to build $15 billion of office, residential, retail, and public space on the property.

“Hudson Yards is the next great New York neighborhood and we’re excited to be an integral part of the development of this world-class location, and to be an amenity and food destination for the huge numbers of workers, residents, neighbors, and tourists who will visit Hudson Yards,” said Charles Santoro, Fairway Market’s executive chairman. “We continue to believe our growth prospects are outstanding in and around the tri-state New York, New Jersey, and Connecticut metro area, and we are very pleased that Related and Oxford have selected Fairway as their food retailing partner in this historic real estate development.”

Posted on August 8, 2013

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