As Bed Bath & Beyond permanently closes hundreds of stores, other major chain retailers are finding the empty real estate attractive as new locations for their own stores.
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: TJMaxx.com and CNN.com.
I write extensively about the state of U.S. retail chains for NewsBreak. Of the chains that regularly garner my attention, Bed Bath & Beyond is perhaps currently in the most delicate state due to permanently closing hundreds of stores to stave off bankruptcy.
Now comes word that other major U.S. retailers are moving into Bed Bath & Beyond’s vacant stores, and will continue to do so for the immediate future.
Let us explore further.
U.S. Retailers, 2023
According to a March 21st report from CNN.com, entitled “Bed Bath & Beyond is Closing Hundreds of Stores. But They Won’t be Empty for Long,” the real estate being left behind is of prime value to those other retailers.
As excerpted from the report: Bed Bath & Beyond is stripping down its big blue signs, clearing out aisles of linens and closing 400 stores as it tries to stave off bankruptcy. Already, chains including TJ Maxx, HomeGoods and Ross have scooped up the vacant stores. Burlington, Five Below, Nordstrom Rack and budget gym Planet Fitness may also fill up the spaces, say retail landlords and real estate analysts.
The report goes on to state: Bed Bath & Beyond (BBBY)’s real estate is a precious, scarce resource for retailers, gyms and anyone else who needs ample space. There’s been little new retail development since the 2008 financial crisis and the rise of online shopping, and vacancy rates are at historic lows.
This is a developing story. In the event of pertinent updates to this matter, inclusive of progress and official announcements of milestone dates, I will share them here on NewsBreak.
Thank you for reading.
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