Wednesday, December 6, 2017

Density is the Northeast’s retail calling card

The Northeast market has always had lots of what both retailers and retail center developers want — density — and the most densely populated region of the country continues to pack them in. Boston added more than 55,000 jobs in the past year, and high-paying ones at that. Median household income there is $85,000. New York City neighborhoods continue adding residential high-rises and rezoning street-fronts for the retail sure to follow. Average retail sales per month in Gotham top $7,000. The population has risen by more than a quarter-million in Washington D.C. and median household incomes approach six figures.

The tenant mix is changing at successful, secondary-market malls, too, such as DLC’s quarter-million-sq.-ft. Mid Valley Mall in Newburgh, New York. Catering to consumers’ more exacting food and beverage demands, DLC partnered with the Price Chopper on an $8 million renovation of the supermarket chain’s 74,000-sq.-ft. location there. The new concept, called Market 32, presents a quality food-focused approach using contemporary displays and design.. . . more

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