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Kimco Launches Program to Make Pop-up Shop Leasing Easy

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Kimco Realty (KIM - Free Report) has initiated a program, Pop It Up Here!, which will help retailers discover locations for pop-up shops from within its portfolio.

With the increased demand for pop-up shops among consumers, retailers are trying to benefit from the growing trend. Generally, pop-up shops are meant to occupy a vacant space for a short period and that’s how retailers can test the demand for the particular product.

David Jamieson, chief operating officer of Kimco Realty, thinks retailers like the idea of short-term leasing.  He further added, “Pop-up shops have become a way for retailers to test market ideas, create a customer following, or transition from clicks to bricks without the liability of a long-term lease, and we’re proud to offer a program that assists them in their journey.”

Pop It Up Here!, developed by Kimco’s LABS (Leaders Advancing Business Strategy) Program, enables brands to look through the available spaces online that are pre-approved and ready to be moved in. Currently, 34 units across 13 shopping centers are available in six markets for this initiative. The markets include Denver, CO; Dallas, TX; San Francisco, CA; Phoenix, AZ; Bellevue, WA and Wilton, CT.

To make its shopping malls more appealing, Kimco is leaving no stone unturned to attract consumers in its shopping malls with such initiatives.

Although such revolutionary initiatives are encouraging for the company, retail landlords, including Kimco, Regency Centers Corp. (REG - Free Report) , Simon Property Group (SPG - Free Report) and Taubman Centers , have felt the heat due to consumers’ preferences increasingly shifting toward online retail. This has also resulted in widespread store closures and bankruptcy filing.

Amid the lackluster retail environment, this Zacks Rank #5 (Strong Sell) company has underperformed its industry in the past six months. Shares of Kimco have depreciated 26.1%, as compared to the industry’s decline of 8%.


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