By Bill Read
April 10, 2024
Stein Mart’s backfilling
Who is filling the vacancy?
Retail Specialists took a deep dive into who is filling Stein Mart‘s 34,000 sq ft (avg) spaces.
218
spaces leased
22%
available space
Apparel
top use category
In June of 2023 we looked at what retailers leased their former space. Now, almost a year later, we are
updating our tracking of these former anchor spaces.
Bill Read of Retail Specialists’ latest report sheds light on the current state of these spaces, revealing a significant rebound in leasing activity. This report delves into the progress made in re-leasing these properties, listing out the types of businesses that are moving in, which sheds light on the factors that are shaping the retail real estate market today.
Report Highlights
- Leasing Progress: As of Spring 2024, 78% of the space previously occupied by Stein Mart has been successfully re-leased, reflecting a notable improvement from the 32% vacancy reported in June 2023. The remaining 22% of the space is yet to be accounted for in terms of new leases.
- Category Breakdown: The primary sectors occupying the re-leased spaces include Apparel, Furniture/Home Décor, and Grocery stores. This distribution indicates a diverse range of businesses taking over the former retail spaces.
- Factors Influencing Leasing: The size and quality of the locations, as well as the financial capabilities and connections of the landlords, have significantly influenced the pace and success of leasing. Larger landlords with established retail relationships and financial resources have been more effective in re-tenanting the anchor spaces.
If you or your clients are aware of any of the spaces on the list being filled, please send Bill Read the information and he will add it for our next update.
For a map of all previous Stein Mart locations labeled with use or availability: Google Maps
The Read Report
Industry report on trends with commercial retail real estate. Researched and written by Bill Read.
About Retail Specialists
Retail Specialists, LLC (RSI) is the premier retail real estate services firm in the south. We are committed to long-term relationships in property management, retail representation, development, and leasing and brokerage. Founded in 2005, we’ve thrived through tough times and shine under pressure. A unique mix of experience, technology, and data have proven successful in a business we love.
Bill Read
Executive Vice President
CORPORATE SERVICES, LEASING
404.307.2116
bill.read@retailspecialists.com
