ATLANTA, GA – The retail sector has hit bottom, and retailers are starting to expand again, according to experts on the most recent episode of the Commercial Real Estate Show. For companies willing to add locations, there are good real estate deals to be had.
“There are still pockets of weakness going forward, but my feeling is that the worst is most likely already behind us,” Ryan Severino, a senior economist at Reis, told radio show host Michael Bull (top right photo).
“I would characterize the environment as still challenging, but again keeping with the theme from before, we’re not seeing the massive deterioration we once saw in the sector.”
National retailers such as Blimpie are hopeful the market will continue to turn in their favor. Paul Gwin, a Blimpie franchisee and guest on the show, explained the company is promoting growth.
“We’re striving in the next three years to get to 200 locations in Georgia,” said Gwin.
In an effort to reach its goal, Blimpie has implemented the Blueprint 47 plan, which reduces franchise fees from $18,000 to $47 for veteran owners.
Guest Jon Neville, a partner at Arnall Golden Gregory, said national retailers should take advantage of a more tenant-friendly market. “Developers want to get in their centers the best tenant possible, if it has to mean making some concessions to get a national brand like a Blimpie in there, they are willing to do that,” he said.
The retail show aired Saturday on Biz 1190 WAFS in Atlanta and is available for download.
The next Commercial Real Estate Show will air April 2 and include a national office update, as well as a focus on office tenant/user strategies. Guests will include Andrew Zezas, president of Real Estate Strategies Corporation; Philip Skinner, a partner at Arnall Golden Gregory; and Rick Ferguson, a vice president in the corporate office services group at Bull Realty.
