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Kimco (KIM) Announces Opening of ShopRite at The Boulevard
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Kimco Realty Corp. (KIM - Free Report) recently announced the opening of ShopRite — the 70,000-square-foot grocery anchor at The Boulevard. This marks the first tenant opening at this roughly $200-million Signature Series® redevelopment project on Staten Island, NY.
Notably, The Boulevard, Kimco’s redevelopment of the former Hylan Plaza shopping center, is an approximately 400,000-square-foot open-air center and will feature a multi-level “main street” format. The newly-constructed, multi-story center will have a “town square” feel. Site work is significantly complete, and other anchors like Marshalls, Ulta (ULTA - Free Report) , and PetSmart are scheduled to open in 2021.
With solid trade area demographics, this property is likely to witness decent demand for space and healthy footfall. It is positioned along Hylan Boulevard, which is a major commercial corridor that sees more than 50,000 cars per day and is easily accessible from all parts of Staten Island. Moreover, the densely-populated island has a population of more than 475,000 and an average household income above $100,000.
Notably, over the recent years, mall traffic has continued to suffer, with e-commerce gaining market share from the bricks-and-mortar stores, and store closures and retailer bankruptcies becoming rampant. This has raised concerns over the fate of cash flows of physical stores and landlords, as the trend is considerably curtailing demand for the retail real estate space. This downside has hugely affected Macerich (MAC - Free Report) and Taubman Centers besides major players like Simon Property (SPG - Free Report) and Kimco.
Also, with the coronavirus pandemic and the social-distancing requirements, there were massive store closures and higher e-commerce adoption. However, the reopening of the retail sector in several parts of the United States comes as a breather as tenants now stand in a better position to generate revenues and meet their rent payments, thereby reducing pressure on retail landlords.
For Kimco too, reopening of additional tenants and higher footfall at its properties will reduce its concerns over rent collection and deferral payments. In fact, 97% of its portfolio’s tenants are now open and operating amid the pandemic, and the company’s focus on essential retailers seems to be effective.
In these uncertain times, having a grocery component has been the saving grace of retail REITs. And Kimco has a superior-quality, mixed-use portfolio concentrated in the top U.S. markets, with a significant portion of its rents derived from grocery-anchored centers. As such, this addition of grocery anchor tenant ShopRite at Staten Island seems a strategic fit.
ShopRite’s omni-channel approach makes it a perfect fit in today’s world, and particularly amid the current crisis, with social distancing being an utmost preference to keep the viral infection away. ShopRite’s new store concept features convenient in-store pick-up, online orders that can be delivered curbside as well as home delivery options. These are likely to woo shoppers both during the ongoing health crisis and beyond as well.
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Kimco (KIM) Announces Opening of ShopRite at The Boulevard
Kimco Realty Corp. (KIM - Free Report) recently announced the opening of ShopRite — the 70,000-square-foot grocery anchor at The Boulevard. This marks the first tenant opening at this roughly $200-million Signature Series® redevelopment project on Staten Island, NY.
Notably, The Boulevard, Kimco’s redevelopment of the former Hylan Plaza shopping center, is an approximately 400,000-square-foot open-air center and will feature a multi-level “main street” format. The newly-constructed, multi-story center will have a “town square” feel. Site work is significantly complete, and other anchors like Marshalls, Ulta (ULTA - Free Report) , and PetSmart are scheduled to open in 2021.
With solid trade area demographics, this property is likely to witness decent demand for space and healthy footfall. It is positioned along Hylan Boulevard, which is a major commercial corridor that sees more than 50,000 cars per day and is easily accessible from all parts of Staten Island. Moreover, the densely-populated island has a population of more than 475,000 and an average household income above $100,000.
Notably, over the recent years, mall traffic has continued to suffer, with e-commerce gaining market share from the bricks-and-mortar stores, and store closures and retailer bankruptcies becoming rampant. This has raised concerns over the fate of cash flows of physical stores and landlords, as the trend is considerably curtailing demand for the retail real estate space. This downside has hugely affected Macerich (MAC - Free Report) and Taubman Centers besides major players like Simon Property (SPG - Free Report) and Kimco.
Also, with the coronavirus pandemic and the social-distancing requirements, there were massive store closures and higher e-commerce adoption. However, the reopening of the retail sector in several parts of the United States comes as a breather as tenants now stand in a better position to generate revenues and meet their rent payments, thereby reducing pressure on retail landlords.
For Kimco too, reopening of additional tenants and higher footfall at its properties will reduce its concerns over rent collection and deferral payments. In fact, 97% of its portfolio’s tenants are now open and operating amid the pandemic, and the company’s focus on essential retailers seems to be effective.
In these uncertain times, having a grocery component has been the saving grace of retail REITs. And Kimco has a superior-quality, mixed-use portfolio concentrated in the top U.S. markets, with a significant portion of its rents derived from grocery-anchored centers. As such, this addition of grocery anchor tenant ShopRite at Staten Island seems a strategic fit.
ShopRite’s omni-channel approach makes it a perfect fit in today’s world, and particularly amid the current crisis, with social distancing being an utmost preference to keep the viral infection away. ShopRite’s new store concept features convenient in-store pick-up, online orders that can be delivered curbside as well as home delivery options. These are likely to woo shoppers both during the ongoing health crisis and beyond as well.
This Zacks Rank #3 (Hold) stock has appreciated 30.6% in the past six months compared with its industry’s rally of 22.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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