Archive for the ‘Michaels’ tag
Will Vacant Retail Space Fuel the Next Real Estate Bust?
Five years ago I moved from Boston to Southeast Georgia and was
immediately plunged into shoppers’ hell. Not only was there no Costco (70
miles to the closest one) or Crate and Barrel (five hours away in
Atlanta), there wasn’t a major retailer of pet supplies, a decent
department store, or even a whole foods market.
Recently this has
all changed. Within the 18 months a big box mall has attracted Target,
PetSmart, Lowe’s, Old Navy, Office Depot, Michaels; several regional
retailers such as Ross, and hundreds of smaller stores that have sprouted
like mushrooms under the shady umbrella of the big stores. We were
probably the last town in America to get a Starbucks - and now we have
two of them.
So what?