New Hyde Park, NY-based Kimco Realty revealed that it has launched Pop It Up Here!, a new program to streamline the process for pop-up shops to find potential locations within the Kimco portfolio. A growing consensus of consumers are showing an interest in retail events or experiences, such as pop-up shops, and retailers are capitalizing on the trend, according to a prepared statement from the REIT.
According to a release from the company, the National Retail Federation and Forrester’s recent State of Retailing Online study shows that 24% of online and brick-and-mortar retailers are testing pop-up stores. “Pop It Up Here! gives retailers and brands the ability to search online through Kimco’s portfolio, either by specific location or geographic range, for pre-approved pop-up locations that are move-in ready,” the release states.
To start, Pop It Up Here! is available in six markets – Denver, Colorado; Dallas, Texas; San Francisco, California; Phoenix, Arizona; Bellevue, Washington; and Wilton, Connecticut – with 34 units available across 13 Kimco shopping centers. COO David Jamieson explains, “Many retailers find the freedom of a shorter-term lease appealing.”
He adds that “Kimco centers offer instant customer access and foot traffic along with a wide array of sizes and floor layouts and flexible terms. Pop-up shops have become a way for retailers to test market ideas, create a customer following, or transition from clicks to bricks without the liability of a long-term lease, and we’re proud to offer a program that assists them in their journey.”
Pop It Up Here! is a product of Kimco’s LABS (Leaders Advancing Business Strategy) Program, the company’s entrepreneurial idea incubator and leadership development program, launched in 2015. The idea was formally developed after identifying pop-up ready units and recognizing that there is a pool of inventory in operable condition, ready to lease to short-term retailers. Pop It Up Here! will more easily identify and lease smaller pop-up shops within Kimco’s portfolio, whether it be to an offshoot of a major seasonal retailer or a small local business.
As of December 31, 2017, Kimco owned interests in 492 US shopping centers comprising 83 million square feet of leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for 60 years.
As The REIT Wire previously reported, last year, the REIT’s leasing volume was the highest the company had seen in 10 years. At the time, according to Paul Morgan, analyst at Canaccord Genuity Inc., despite occupancy headwinds from recent retail bankruptcies, “Kimco’s core metrics remained solid.”