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RIPCO leases 10,000 s/f of East Village retail space rew-online.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rew-online.com Daily Mail and Mail on Sunday newspapers.
(iStock illustration by Alexis Manrodt) By the look of things, Best Buy had a great winter. Domestic revenue surged 11 percent in November, December and January to $15.4 billion. But in announcing the good news, the electronics retailer said it would lay off 5,000 full-time workers and ramp up store closings. In the crosshairs are 450 locations with leases expiring in the next three years. “There will be higher thresholds on renewing leases as we evaluate the role each store plays,” CEO Corie Barry told analysts on an earnings call. Best Buy isn’t alone. Across the country, retailers with great earnings are consolidating stores. ....
Why Retailers Close Stores Despite Great Earnings therealdeal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from therealdeal.com Daily Mail and Mail on Sunday newspapers.
This year’s most lucrative retail leases look different from the usual Manhattan fare. Generally an apparel or beauty store appears at the top of the list. Or, like last year, a luxury retailer. But this year, decidedly unsexy big-box operators dominated the charts. And though many retailers were wary of expansion, some were bullish. Target, for example. The big-box retailer had four of the 10 most valuable retail leases this year, ranked by annual rent. “While the transaction volume was down significantly in 2020, the deals that were done, they all have a common thread, and that is spaces that were leased were of the highest quality,” said Richard Skulnik of RIPCO, who represented Target in the deals. “I would say there was a flight to quality during 2020 for transactions that were completed.” ....