Retail Vacancies

One man's junk is another man's treasure. As this article featured on San Diego's Union-Tribune website points out, expanding retailers are finding real estate gold amongst troubled retailers' abandoned store fronts.

Real estate 101 teaches us that it's all about location, location, location, and many store closures are happening in some very desirable markets. Couple that with landlords' eagerness to fill vacancies and retailers that are lucky enough to still be in expansion mode are finding some incredibly favorable lease opportunities in areas that were once nearly impossible to get into.

Unfortunately, the article also points out that the number of retailers looking to expand has dropped in the past year and not all vacancies will fill as quickly if at all. Referring back to the "location, location, location" lesson, filling vacancies will hinge largely on the surrounding neighborhood's desirability. Shopping centers in "established neighborhoods" have a better chance of attracting new retail than those storefronts surrounded by "a lot of foreclosures or delayed subdivision developments."

Depending on which way I take to get to the local mall, I pass empty stores once filled by Steve & Barry's, England Furniture, and Linens-n-Things. There's also a soon-to-be empty Circuit City. It'll be interesting to see which, if any, retailers find these locations desirable enough to set up shop.