Black Friday’s Impact on Retail Real Estate
Black Friday 2022 was undoubtedly one for the books. Despite concerns about inflation, Black Friday sales raked in a record $9.12 billion worldwide. What’s more, in-person shopping increased nearly 3% this year compared to last, and visits to physical stores on Thanksgiving Day alone leaped 19.7%. Each holiday season is crucial to retailers’ success. … Continued
Read moreStorefronts and Retail Space: 3 Reasons They Are Here to Stay
While the COVID-19 pandemic was ravaging retail businesses in 2020 and into 2021, many assumed that the increase of e-commerce would change the retail landscape, thus eliminating the need for storefronts and retail space. In the first two quarters of 2022, retailers have opened more than 4,200 stores, exceeding this year’s store closings by 240%. … Continued
Read moreWhat on Earth is Going on in the Flats South?
We’ve been promised revitalization of the Flats South and the city of Cleveland is ready for it. The gentrification of a rust belt neighborhood written off as an urban casualty needs something to prime the pump and establish it as a destination. And that something is whiskey! Enter Cleveland Whiskey. In 2020 the local distiller … Continued
Read moreResilience of Retail
Everybody loves retail. It’s the most tangible, most visible, most experienced form of commercial real estate. From teens loitering at a coffee shop to Grandma’s visit at a bakery, everyone has an insight about “what they should do” when it comes to retail. E-commerce and COVID demonstrated retail’s resilience; it’s a stronger asset class today … Continued
Read moreWarehouse Space in Cleveland and Northeast Ohio
When it comes to real estate investment, the Northeast Ohio area is not lacking in warehouse space. It’s not a secret that the pandemic has led to some major retail stores closing their doors, causing a shift in the need for retail space to a need for other types of commercial spaces such as warehouses. … Continued
Read moreGreater Cleveland Shopping Centers: Key Retail Real Estate Trends
Simon Caplan, a partner at CRESCO Real Estate, recently sat down with Smart Business to discuss the current commercial real estate market, including the state of retail and Cleveland shopping centers. He discusses how some retail spaces were converted to warehouses or used for non-retail purposes due to the COVID-19 pandemic, highlighting how retail property … Continued
Read moreCleveland Property Spotlight: The May Company Building
Property Address: 200 Euclid Ave, Cleveland, OH 44113 The historic May Company Building is one of Cleveland’s architectural gems. Listed in the U.S. National Register of Historic Places, the building opened its doors in 1915 as the May Department Store. At the time, it was said to be the third-largest store in the nation. The … Continued
Read moreA Retail Tenant’s Market: COVID-19’s Impact on CRE
The pendulum has swung. Just a few short months ago, the future of commercial real estate looked bright and landlords had little trouble keeping their vacancy rates low. Now, in the wake of the COVID-19 pandemic, tenants have the upper hand. As economic uncertainty sweeps across the nation, small businesses are being hit hard. Many … Continued
Read moreBlend and Extend Lease Amendments
Navigating lease terms in the face of large-scale economic uncertainty can be immensely challenging for both Northeast Ohio commercial landlords and tenants. During the COVID-19 pandemic, there have been many discussions about rent reductions, abatements, and evictions. Commercial tenants and landlords alike are concerned about declining income, and many are unsure how to move forward … Continued
Read moreCleveland Real Estate: Power of the Pop-Up Store
There’s no doubt about it—from a commercial real estate perspective, 2019 will go down as the year of the pop-up. Traditionally, pop-up stores have been viewed a type of “placeholder” tenant; a consolation prize for landlords struggling to fill their retail spaces. It’s true that in decades past, pop-ups have been primarily comprised of seasonal … Continued
Read moreSelecting Retail Space: 7 Things to Consider
Whether you’re a retailer searching for the perfect storefront or an investor looking to purchase a new retail property, selecting the right retail space to rent or buy can be tricky. How can you know whether you’re choosing the right location to appeal to your target demographic? Which factors are most important to consider when … Continued
Mall Real Estate – The Future of America’s Malls
According to Coresight research, 5,994 stores have announced they will close their doors while 2,641 have announced openings as of April 2019. U.S. retailer store closures so far this year surpass the number of closures from last year: 5,684. With all of the mall closings in the U.S., it is easy to think that retail … Continued
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