Business Courier – by Tom Demeropolis: Retail space is being gobbled up by discount retailers. The trend of discount retailers back filling space that emptied during the recession spans the nation and the Cincinnati market is experiencing it, as well.
Business Courier subscribers can read about a new-to-market discount retailer signing leases for two stores and looking for at least two more in this week’s print edition.
Eric Abroms, partner/broker with retail brokerage firm OnSite Retail Group in Sycamore Township, said discounters like TJX Cos., Inc. see the Tri-State as a growth market. He’s been doing a lot of work finding spots for its Marshalls, Home Goods and T.J. Maxx locations in the market.
“These retailers are doing very well today,” Abroms said.
And while they may not be top-tier retailers, they represent a segment that is growing as the economic recovery has slowed. Abroms said TJX Cos. (NYSE: TJX) has opened more stores in the past two years than in any two-year period in the company’s history.
The story in Cincinnati is being played out in other parts of the nation, as the Wall Street Journal reports.
While these discounters have performed well during the recession, with shoppers tightening their belts and trading down on everything from shoes to soda, Abroms said the plan for discounters is to keep these customers after the economy picks up.
“They plan to gain them with customer service and keep them as time goes on,” he said.
Read the full story here: Discount Retailers Filling Up Vacant Space