Proactive management of the tenant mix has enabled Kimco Realty Corp. to minimize its exposure to such retail disruptions as the closure of Toys ‘R’ Us and the struggles of Kmart, says Kimco COO David Jamieson.
“Toys ‘R’ Us is something that we watched and monitored for an extended period of time, so, in turn, we started to sign leases that were contingent on recapturing those boxes,” he told National Real Estate Investor. “If and when the inevitable did occur, we were already in a position to act and bring in that new tenant and get them operating as soon as possible.”
Kimco Realty COO David Jamieson
Kimco has replaced shaky tenants with stronger retailers, such as those from the thriving discount sector, including TJX. The firm has also made its open-air centers more productive by bringing in tenants that extend the business day, such as restaurants and entertainment providers.
Kimco's Suburban Square, in Ardmore, Pa., offers a mix of strong retailers and non-retail tenants
“I think that’s a big testament to the quality of our leasing and management teams,” said Jamieson, "in that they’re constantly looking at where our risk may arise, and then [at] how … we proactively counter that by reaching out to retailers that are actively expanding."
By Edmund Mander
Director, Editor-In-Chief/SCT
