Retail real estate recovery still on, says CBRE
Los Angeles — For the second consecutive quarter, the retail availability rate has fallen 30 basis points, according to the latest analysis from CBRE Group. The rate now stands at 12.2% and testifies to improved retailer confidence as consumer spending continues to rebound.
The availability rate tracks space that is actively being marketed and available for tenant build-out within 12 months.
All but three markets are seeing availability rates improve or stabilize compared with the second quarter of last year. Top performing markets, according to the report, include Louisville, Kansas City, Columbus, Charlotte and Memphis. Each of these markets recorded a decline of 70 basis points or more.
At the other end of the spectrum, markets such as Denver, Raleigh and Edison, N.J., recorded increases in availability rates of 30 or more basis points during second quarter 2013.
That aside, sales growth at retail centers across the U.S. has gained momentum in recent months, says the report. While growth remains slightly below long-term trends, consumers seem to be maintaining spending across most categories of goods.
The report also notes projections that the housing recovery will likely improve in coming months and benefit retailers that sell housing-related goods.
In addition, discretionary and necessity retailers have reached and surpassed pre-recession sales highs.
CBRE says that a slow but steady recovery has taken hold in all commercial real estate property sectors.
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Dick’s Sporting Goods opens Chico mall store
Pittsburgh — Dick’s Sporting Goods is opening a new store at the Chico Mall in Chico, Calif. on July 12. The Chico location will be the retailer’s 29th store in the state of California and its 525th nationwide. The new store will feature more than 40 in-store services performed by expert associates.
"We look forward to becoming part of the Chico community and serving all athletes by providing the equipment they need to help them excel," said Lauren Hobart, Dick’s Sporting Goods chief marketing officer.
Please check this store also. Soon to open: Air Purifiers Store
Shaw’s plans six store closings
West Bridgewater, Mass. — Shaw’s plans to close six stores operating under its namesake banner by Aug. 3. The locations targeted for shuttering include four stores in the Massachusetts towns of Fall River, Fairhaven, Stoughton, and Taunton and two stores in the Rhode Island towns of Westerly and Woonsocket.
“The stores identified have not been profitable for quite some time, and despite the best efforts of the company and our associates, we have not been able to reposition them to better compete in the marketplace and don’t anticipate being able to change this trend,” stated a Shaw’s press release.
Shaw’s operates 155 Shaw’s stores and 14 Star Market stores in New England.
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