Connect with us

Headlines

Major Retailers Consider a New Way to Make Money

mm

Published

on

There’s opportunity right outside their door.

If your business is in a mall or near a big-box store, you might start seeing some changes soon.

Major retailers are starting to think about how they might cash in on their huge, but often underused, parking lots, the New York Post reports.

The idea is to “either sell the land to a developer or rent it to complementary businesses,” according to the newspaper. Chain restaurants are often good candidates for the space.

On real estate executive told the Post that the retailers have expressed increased interest in the concept over the past couple of months. Macy’s has said publicly that it believes a minimum of 50 of its 840-plus stores could be ready for such parking lot redevelopment.

Faced with competition from e-commerce sites, malls and large stores in many cases don’t need nearly as much parking space as they did in decades past.

The Post quoted Christopher Pappas, director of corporate finance at Fitch Ratings, saying: “People have their pencils out and are trying to figure out what sort of numbers they can squeeze out of their properties.”

Advertisement

Read more at the New York Post

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Wilkerson Helped This Jeweler to Navigate His Retirement Sale Despite a Pandemic

Hosting a going-out-of-business sale when the coronavirus pandemic hit wasn’t a part of Bob Smith’s game plan for his retirement. Smith, the owner of E.M. Smith Jewelers in Chillicothe, Ohio, says the governor closed the state mid-way through. But Smith chose Wilkerson, and Wilkerson handled it like a champ, says Smith. And when it was time for the state to reopen, the sale continued like nothing had ever happened. “I’d recommend Wilkerson,” he says. “They do business the way we do business.”

Promoted Headlines

Most Popular