U.S. brick-and-mortar retailers have been shuttering hundreds of stores, a trend highlighted by last month’s announcement that Englewood, Colorado–based Sports Authority will close all of its 460 locations. Despite the carnage, investors who own retail space are faring better than would appear at first glance.
根据纽约的商业房地产服务公司Cushman＆Wakefield的数据，2016年第一季度，美国零售业的空置率达到2016年第一季度，下降至2015年的同期下降了7.9％。一年同比，平均租金在第一季度上涨至每平方英尺26.08美元，从248美元起。
同时，据华盛顿的全国房地产投资信托协会，零售房地产投资信托基金会在2016年前四个月获得了5.37％的回报率为5.37％。
为什么断开连接？虽然老式商店面临着电子商务的僵硬竞争，但一些商家的消亡是由其他商人的扩张抵消 - 主要是折扣百货商店，美元商店和特色杂货店。
那些相互矛盾的趋势为Kimco Realty Corp.的投资者关系和战略高级副总裁David Bujnicki，该趋势是一家位于纽约新海德公园的REIT，理由解雇可怕头条新闻。
“这是一个关于零售死亡的媒体驱动的事件，而不是其他任何东西，”Bujnicki说，其公司拥有119亿美元的市值。“对零售空间仍有大量需求，您正在看到很多零售商希望打开商店。”
Bujnicki承认存在挑战：基础科拥有25个体育权限的地方，房东在挣扎的商家上保持标题。“我们真的必须在观察名单上监控这些租户的健康状况，”他说。
纽波特海滩商业物业研究公司Green Street顾问的分析师Jay Carlington同意，周围的商店关闭的阴霾不会捕捉到零售市场的全部现实。“零售环境仍然相当健康，反映了良好的消费者支出和稳定的就业市场的背景，”卡灵顿说。
Overall, the retail market is robust, contends Michael Moriarty, a Chicago-based partner with consulting firm A.T. Kearney’s consumer products and retail practice. “Occupancy rates look good,” Moriarty says. “Square footage sales look good.” But the pressure on lower-performing retailers and their landlords will continue, he adds: “I’ve heard estimates that there is 30 to 35 percent too much retail space. That’s only going to get worse.”
在印第安纳大学的Kelley业务学院零售业中心助理和研究中心副主任John Talbott，低表现购物中心受到了打击。诸如普通增长属性和西蒙属性集团之类的Reits从他们的投资组合中解释了糟糕的表演者。“他们做得很好地卸下了第三层购物中心，”Talbott说。“好商场还是满了。”
这些肯定不是繁荣的时间。认识到零售商处于压力之下，投资者已经减缓了性质的发展。根据Cushman＆Wakefield的说法，在第一季度，在第一季度，大约2150万平方英尺的新美国零售空间正在建设中，从2015年前三个月的2580万下降。
This retreat owes much to the fact that so many prominent retailers are struggling, even as the economy keeps growing. Tight supply creates a “tailwind” for Kimco’s 96 million-square-foot portfolio, Bujnicki says. “You’re going to see very limited ground-up development.”
Ronald Friedman, a partner and head of the retail and consumer products practice at New York–based accounting and advisory firm Marcum, doubts that the climate for landlords is as rosy as it seems. In response to growing competition from online retailers, many tenants have negotiated rent concessions that keep them in their space while paying less, Los Angeles–based Friedman says: “Amazon is just beating the pants off everybody.”
梅西百货,双总部在辛辛那提and New York, announced in January that it would close 36 stores. In April regional chain Sport Chalet of La Cañada Flintridge, California, said it would shutter all 47 of its locations. Office Depot is concluding a program to close 400 stores in the wake of the Boca Raton, Florida–based company’s 2013 merger with rival OfficeMax. Larger competitor Staples, based in Framingham, Massachusetts, closed 73 stores last year and plans to mothball another 50 in 2016.
然而，对于拉回的每一个零售商，另一个是蔓延的翅膀。例如，T.J.MAXX和MARSHALLS由基于Massachusetts的TJX COS拥有。，2015年增加了69名美国地点。根据其年度报告，TJX计划今年开设60家商店。折扣员罗斯商店，美元树和美元总公司在2015年扩大，最后增长了694个地点，Goodlettsville，基于田纳西州的公司年度报告说明。
杂货店也在扩大。根据its annual report，并宣布计划1,200位较小商店网络，由整个食品市场称为365。
丹麦堡北卡罗来纳州北卡罗来纳州的北卡罗来纳州北卡罗来纳州的42个出口商场的运营商总裁兼首席执行官Steven Tanger表示，工厂网点也在崛起。“广泛的刷子标题是他们关闭了商店，”唐先生说。“但出口仍然是一个高回报，低成本的分销渠道。”
许多砖和迫击炮的商人发现他们不仅与西雅图为基础的竞争Amazon.combut also with their own e-commerce operations. “E-commerce share gains will continue to put pressure on the traditional brick-and-mortar retail industry for the foreseeable future,” Green Street’s Carlington says. “That said, this is not a new challenge.”
Tanger waves off e-commerce as similar to the rise of catalogue retailers. “People said, ‘Why in the world would you get in your car and go to the shopping venue when you could just walk to the mailbox?’” he recalls.
Brick-and-mortar merchants ended up outlasting the catalogue companies. Still, Amazon poses a more existential threat to physical retailers than catalogues did. Over the past decade the rise of the Internet giant and the popularity of digital media hastened the demise of movie rental chain Blockbuster, bookseller Borders Group, music chains Tower Records and Virgin Megastore and electronics seller Circuit City Stores. Office Depot and Staples say Amazon has hurt their sales too.
But Amazon hasn’t killed every category just yet. Groceries remain a viable brick-and-mortar business, as shown by the expansions of the Fresh Market, Trader Joe’s and Publix Super Markets. For now, at least, food sales have proved Amazon-proof. “The ability of e-commerce to make the last mile of delivery profitable remains a significant challenge for the Amazons of the world,” Carlington says, referring to the difficulty of getting groceries to consumers’ homes.
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