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.”
Read more at the New York Post