Things are looking up for the shopping center industry. The ChainLinks Retail Advisors Spring 2012 Retailer and Restaurant Expansion Guide compiled the individual expansion and contraction plans of a different retail chain. The news was generally positive for retail landlords, in particular, the owners of shopping centers.
In all, retailer demand for space has increased from 2011, in particular from discount stores.
“Demand is being driven by discounters, grocery store chains, off-price apparel, retailers, fast food and fast casual dining concepts,” according to ChainLinks National Retail Research Director Garrick Brown.
Here are a few statistical highlights:
- Subway is geared to open 2,500 stores worldwide this year
- Dollar General is planning 650 new stores in 2012
- Family Dollar is planning 500 new stores this year
- 7 Eleven is planning at least 300 new stores over the next 12 months
- CVS is planning 300 new stores
- Dollar Tree is planning 300 units in 2012
If the chains proceed with their expansion goals, occupied retail space could increase by 5% as much as 230 million square feet in potential growth. However, the study does not account for any planned store closures or relocations.
The growth projections bode well for the shopping industry. As a business that invites thousands of consumers to come through its doors on a daily basis, you face an innumerable amount of exposures. These can include problems related to damage to your buildings, slips and falls can lead to personal injury lawsuits, or a single instance of purse snatching can lead to theft claims.
At Newman Crane, we offer comprehensive coverage to protect your operation. Our Shopping Center insurance services include options that are tailored specifically to fit your business needs. Contact us today for more information.