In a recent edition of the Illinois Real Estate Journal, Michael Havdala, an experienced surplus retail real estate broker, identified some of the non-traditional users that have occupied the shuttered boxes left behind by failed brands like Borders, Circuit City, and Linens N’ Things.
Despite the improvements in consumer confidence and the business environment, few traditional retailers are actually expanding in the current marketplace. For the most part, national retailers are still holding back and contemplating their business and real estate strategies before committing to new locations.
To accomplish the goal of leasing or selling surplus real estate today, brokers have to be a little bit more creative and think outside the big box. In many cases, that means exploring the possibility of non-retail uses. Non-retail entities are finding it feasible to lease or purchase quality property at prime locations given the lack of competition among potential users, especially traditional retailers.
In the article, Michael points to medical uses, fitness clubs, religious groups, among others as potential occupants of these vacated stores. To read the full article, please visit the Illinois Real Estate Journal website.