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When Toys 'R' Us finally liquidates its U.S. stores, it will be good news for many landlords that have been hoping to recapture space for more-profitable tenants. Others will launch overdue redevelopments of their properties once Toys 'R' Us moves out.
Publicly traded REITs, which tend to own many of the strongest retail properties, are particularly well-positioned, experts say. Toys 'R' Us owns many of its own stores in the weaker areas, research firm CoStar told Bloomberg. Meanwhile, GGP is landlord to some of the stronger stores, while Simon and Kimco are the chain's landlords in midrange markets, CoStar said.
Power center stores would be easier to fill than stand-alone locations, writes Ed Reardon, an analyst for Deutsche Bank, in a note to clients. Expanding chains such as Dick's Sporting Goods, Michaels, Ross Dress for Less and the TJX department stores are the likeliest takers for the best locations, Reardon says.
At lower-traffic locations, landlords could split up the space for occupancy by smaller tenants, said RBC Capital Markets analysts in a note Wednesday. Landlord DDR Corp. has indicated that two of the closures in its portfolio would trigger redevelopments, according to RBC analyst Wes Golladay.
By Brannon Boswell
Executive Editor, Commerce + Communities Today