Some of the nation's largest retailers are buying property to build their own big-box stores while others are snapping up shuttered locations out of necessity due to the general lack of available shop spaces, SRS Real Estate Partners' CEO said.
"You're starting to see some of the bigger boxes, Walmart and Target, that are going out and buying land, and there'll be adjacent retail going next to them," Chris Maguire said in an interview at the ICSC industry convention this week. "So you're going to start to see some new opportunities."
For instance, this year Target bought an 8.9-acre parcel at The Village at Myrtle Grove shopping center in Wilmington, North Carolina. The retail giant plans to build what would become Target’s second store location in the Wilmington area, according to Big V Property Group, which sold the development site to Target.
Other retailers are turning to stores left behind by "these retailers that are going dark" or are being closed by retailers opening new outlets in the same market because they have few other choices, Maguire said. As an example of the trend, SRS is marketing for sale several Macy's locations in the Sun Belt.
Watch the video to hear the latest on the effort by SRS to bring Asian food and beverage establishments to the United States.
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