In recent years, the retail landscape has witnessed the closures of major brands like Sears, Toys “R” Us, and Circuit City. These closures have left empty storefronts across the country, presenting an opportunity for other retailers to step in. One of the latest trends in this retail space takeover is the swift occupancy of former Bed Bath & Beyond stores.
The Opportunity of Empty Storefronts
When well-known retailers like Bed Bath & Beyond faced bankruptcy and closure, it created a unique opportunity for other businesses. These empty storefronts have become coveted real estate for retailers and companies seeking expansion.
Burlington’s Success Story
Burlington Stores, among others, has seized this opportunity with gusto. Burlington’s CEO, Michael O’Sullivan, has praised the conversion of former Kmart or Sears locations into some of their best stores. Burlington has successfully taken over 44 former Bed Bath & Beyond spaces, breathing new life into them.
The Vanishing of Bed Bath & Beyond
The closure of Bed Bath & Beyond marked the end of an era. In one of the largest retail bankruptcies in years, the chain shut down its final 360 stores, leaving a void in the market. This holiday season is the first in over 50 years without physical Bed Bath & Beyond stores.
Overstock.com’s Relaunch
While Overstock.com bought Bed Bath & Beyond’s brand out of bankruptcy and relaunched it online, hundreds of empty store locations went up for auction. These spaces turned out to be highly sought-after assets for businesses eager to expand their physical presence.
The Desirability of Bed Bath & Beyond Spaces
Retailers like Burlington, Michaels, Barnes & Noble, Ollie’s Bargain Outlet, Macy’s, and HomeGoods have replaced old Bed Bath & Beyond stores. What was once known for home and bedding products is now transforming into a diverse range of retail experiences.
Diverse Retailers Moving In
Interestingly, it’s not just traditional retailers taking over these spaces. Indoor pickleball courts, trampoline parks, and bowling alleys have also filled some of the vacancies, showcasing the versatility of these locations.
Unexpected Transformation
One notable example is Restoration Hardware Outlet, a luxury furniture chain, which is set to occupy a former Bed Bath & Beyond store. This transformation of spaces reflects the changing retail landscape.
Factors Driving the Trend
Several factors contribute to this trend, including limited new big-box store construction since the 2008 financial crisis and the impact of online shopping on physical retail.
Retail Vacancy Rates at Historic Lows
As a result, retail vacancy rates are at historic lows. The majority of Bed Bath & Beyond’s stores are in suburban areas of mid-size and large cities, making them attractive for retailers looking for smaller, more cost-effective spaces.
Appeal of Smaller Spaces
Some companies prefer smaller spaces to save on rent and labor costs, especially as more shoppers turn to online purchasing. Retail giants like Macy’s are exploring smaller store formats in former Bed Bath & Beyond locations.
The Discount Segment’s Growth
In the retail industry, growth has been most pronounced in the discount segment, where budget-conscious consumers seek lower prices.
The Role of Brick-and-Mortar Stores
Despite the rise of online shopping, brick-and-mortar stores continue to play a crucial role. Some businesses use their physical stores to efficiently fulfill online orders.
Swift Occupancy and Competitive Rents
Former Bed Bath & Beyond spaces are in high demand, with rents reaching up to 50% lower than what Bed Bath & Beyond paid. Landlords are seizing the opportunity to divide these spaces into smaller units.
Dynamic Retail Industry
In conclusion, the transformation of former Bed Bath & Beyond stores reflects the dynamism of the retail industry. These spaces have quickly found new life, attracting diverse businesses and experiences. As retail continues to evolve, these locations remain a testament to adaptability and opportunity in an ever-changing marketplace.
This article was published on FODMAPeveryday.com.
FODMAP Everyday® provides evidence based content and inspiration through our website, newsletter and social media funnels to the millions of irritable bowel syndrome sufferers around the world – who are seeking support as they undertake the evidence based low FODMAP diet. This includes content written by accredited gut health experts and professional recipe developers focused on low FODMAP recipes, traditional and complementary health care practices, self care practices.
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