Shopping Centers Today

SEP 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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kinsleyconstruction.com MASTER BUILDERS Transforming storefronts into shopping destinations. That's just one way Kinsley delivers. Talk with our specialists in booth #932 at ICSC PA/NJ/DE Conference & Deal Making. CENTER\WEST REDEVELOPMENT - BALTIMORE, MD S T O R E F R O N T S I n a panic over Amazon.com's plan to buy upstart online pharmacy PillPack, shareholders drove down the aggregate market value of CVS Health, Walgreens Boots Alliance and Rite Aid in late June by about $11 bil- lion. Retail real estate professionals and at least one of the executives of these drugstore brands have displayed a bit more poise. "I don't think it's any surprise that Amazon wants to get into the phar- macy space," said Randy Blankstein, president of e Boulder Group, a net-lease brokerage based in Wilmette, Ill. "But it's step one for Amazon, and I think people are questioning what steps two and three are going to be as they get in and learn the business." Even before Amazon announced its acquisition of PillPack, net-lease investor demand for drugstores had softened, except for well-located and high-performing properties, Blankstein says. Uncertainties over Walgreens' acquisition of some 1,900 Rite Aid stores and over the now canceled merger between Albertsons and the rest of the Rite Aid portfolio were behind that softening. Indeed, Walgreens in March formulated a plan to close some 600 stores over 18 months as part of the integration By Joe Gose Amazon's drug bet puts spotlight on conventional pharmacies

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