Bed Bath & Beyond is shuttering 400 stores as it tries to stave off bankruptcy. Already, chains including TJ Maxx, HomeGoods and Ross have scooped up the vacant locations.
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.
Particularly in a tight commercial real estate market, bad news for one brand means opportunity for another. In some cases, landlords are also eager to replace old Bed Bath & Beyond leases because the company was paying below-market rent in certain locations, Telsey Advisory Group analysts said.Bed Bath & Beyond has fallen to the “retail apocalypse” over the past decade, but many chains are still growing.Other companies are using their stores to ship online orders to customers, which can be more efficient than delivering orders from warehouses.
“We feel pretty bullish based on the demand that we’ve seen that we’ll be able to release all of these spaces to other retailers,” said Lance Billingsley, the company’s senior vice president of anchor leasing.
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