Borders Liquidation Will Hit Power and Strip Center Landlords
Elaine Misonzhnik / Retail Traffic
Among the retail players most likely to go into the smaller Borders boxes would be the dollar stores, in Graiser’s view. Supermarkets and furniture sellers might be looking to lease the larger stores. It’s also a possibility that electronics chain Best Buy, which has been concentrating on opening stores in the 30,000-square-foot range, would be interested in relocating to vacant Borders boxes from some of its existing locations, according to Jeff Green, president of Jeff Green Partners, a Phoenix, Ariz.-based retail real estate consulting firm.
In addition, fast fashion retailer H&M might be looking at Borders stores, according to Steve McClurkin, senior vice president with brokerage firm Grubb & Ellis. Earlier this year McClurkin negotiated a deal for H&M to go into an approximately 20,000-square-foot Borders store in Carlsbad, Calif. McClurkin notes that the majority of Borders’ portfolio is made up of desirable real estate that should be quickly absorbed based on the quality of the assets and the market.
“H&M has been pretty selective in their growth in regards to urban markets and they are still aggressively expanding in the U.S.,” he says. “I am sure they are going to be looking at those locations throughout the rest” of the country.
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