While not bullet-proof to the struggles of the overall retail sector, open-air and neighborhood shopping centers haven’t faced the same immense struggles that enclosed malls have. Experts agree they’re a different animal, with a tenant mix that’s typically more e-commerce-resilient. Of course, they’ve been hit by bankruptcies like those of Kmart and Toys ‘R’ Us, which left big vacancies to backfill.
Such store closings, however, pose an opportunity to land stronger-performing tenants, says Ross Cooper, president/chief investment officer of Kimco Realty Corp.. . . more