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Kimco (KIM) Announces Sprouts Store Opening at Lincoln Square
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Kimco Realty Corp. (KIM - Free Report) is making every effort to add value to its properties. Recently, the company announced the opening of the 32,000-square-foot store of the natural food grocer — Sprouts Farmers Market, Inc. (SFM - Free Report) — at its iconic mixed-use development, Lincoln Square, at Philadelphia’s Center City District. This marks Sprouts Farmers Market's foray into Pennsylvania.
Apart from Sprouts Farmers Market, other tenants that have already opened for business at this project include PetSmart and Sprint Corporation, while Target (TGT - Free Report) and Starbucks (SBUX - Free Report) will soon join the league. Further, with the dining additions of Chipotle and Insomnia Cookies, the retail part of the project has now achieved 97% leasing. For the residential part, the leasing activity is taking place ahead of schedule and resident move-ins have already commenced this summer.
Admittedly, online retailing has been grabbing market share of store-based retailers and retail landlords are challenged with shrinking footfall, as well as alarmingly rising store closures and retailer bankruptcies. However, retail REITs are fighting hard to bring the mojo back in the market. These REITs are investing billions to transform their properties and creating multi-use destination to drive footfall at their properties.
Lincoln Square too happens to be one of such projects of Kimco. It includes 322 residential units consisting above 100,000 square feet of retail area. An additional 50,000 square feet of space has been reserved for amenities, including fitness club, outdoor running track, dog run and green roof with outdoor kitchens and living space. Further, this nearly $150-million Lincoln Square project is very conveniently located, just two blocks away from the Septa subway station.
Ultimately, the aim of retail REITs, including Kimco, is to transform retail shopping centers in such a way that the spaces appear as one-stop destinations where people can not only shop, live and work, but also entertain, socialize and exercise. Eventually, such measures will likely help boost traffic and drive sales.
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Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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Kimco (KIM) Announces Sprouts Store Opening at Lincoln Square
Kimco Realty Corp. (KIM - Free Report) is making every effort to add value to its properties. Recently, the company announced the opening of the 32,000-square-foot store of the natural food grocer — Sprouts Farmers Market, Inc. (SFM - Free Report) — at its iconic mixed-use development, Lincoln Square, at Philadelphia’s Center City District. This marks Sprouts Farmers Market's foray into Pennsylvania.
Apart from Sprouts Farmers Market, other tenants that have already opened for business at this project include PetSmart and Sprint Corporation, while Target (TGT - Free Report) and Starbucks (SBUX - Free Report) will soon join the league. Further, with the dining additions of Chipotle and Insomnia Cookies, the retail part of the project has now achieved 97% leasing. For the residential part, the leasing activity is taking place ahead of schedule and resident move-ins have already commenced this summer.
Admittedly, online retailing has been grabbing market share of store-based retailers and retail landlords are challenged with shrinking footfall, as well as alarmingly rising store closures and retailer bankruptcies. However, retail REITs are fighting hard to bring the mojo back in the market. These REITs are investing billions to transform their properties and creating multi-use destination to drive footfall at their properties.
Lincoln Square too happens to be one of such projects of Kimco. It includes 322 residential units consisting above 100,000 square feet of retail area. An additional 50,000 square feet of space has been reserved for amenities, including fitness club, outdoor running track, dog run and green roof with outdoor kitchens and living space. Further, this nearly $150-million Lincoln Square project is very conveniently located, just two blocks away from the Septa subway station.
Ultimately, the aim of retail REITs, including Kimco, is to transform retail shopping centers in such a way that the spaces appear as one-stop destinations where people can not only shop, live and work, but also entertain, socialize and exercise. Eventually, such measures will likely help boost traffic and drive sales.
Kimco currently has a Zacks Rank #3 (Hold). The company’s shares have appreciated 17.6% in the past six months, while the industry has inched up 1.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>