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