Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/109754
R E T A I L I N G T O D A Y Patterson read, because it's only $5," said Doyle Thomas. That value model resonates with landlords too. Half Price Books is among those retailers that are, like Dollar Tree and some of the consignment stores, very much in demand now. "The world has changed a lot for the value players," said Deborah Carlson, a director at Cushman & Wakefield/ NorthMarq. "Landlords see those as good draws for their centers." Landlords see Half Price Books as a good risk, too, because the chain has relatively small space needs and some good credit, says Carlson. "The fact that they are a large WEST VENTURA COUNTY, CALIFORNIA anything but ordinary Target & Century Theatres Now Open Phase One Retail Now Open Whole Foods & REI Open Spring 2013 California Style Open-Air Shopping Highway 101 Frontage Established Trade Area CA DRE 01382566 For Info: call 858.526.6650 or visit ShoppingTheCollection.com 22 SCT / M A R C H 2 0 1 3 company with a track record is pretty appealing to a landlord," she said. The chain is expanding into new geographic areas and raising its profile in many of its existing markets as well. The short list for expansion includes the San Francisco Bay area and St. Louis. "If we can get a good rent, then we will look at a lot of different states," said Doyle Thomas. Half Price Books prefers to enter a market with one store and then add a second within six months, followed by one new store per year going forward. With about 20 leases expiring each year, the retailer also seeks opportunities to relocate existing stores. "With some of the rent deals that retailers have enjoyed over the last couple of years, we have been able to move effectively and make the numbers work," said Doyle Thomas. To be sure, the Borders exodus has opened up some real estate opportunities. The new Algonquin store, for instance, will open inside a portion of a former Borders. The company uses local brokers and encourages them to consider a variety of space options. The chain likes power centers, often near the likes of T.J.Maxx or Michaels, but will also look at pad sites, and it does operate some freestanding stores. Typically, the stores measure between 8,000 and 10,000 square feet. The company has a website where some 20,000 clients can list new, used and rare books, music and movies. Some 120 million titles are available currently there. The online marketplace provides an added service to customers who shop the stores. Merchandise from all the Half Price Books stores around the country are listed there, for instance. "This is a big concept for us," said Doyle Thomas, "because we have so many one-of-akind and unique items." SCT