Photo: Wikimedia Commons
DJM Realty won the job of disposing of 259 full-line Borders and over 100 express stores. The company expects to get low prices for these locations in this market, co-president Andy Graiser told Retail Traffic.Graiser said the dollar stores were the most likely to move into the locations. He also suggested Best Buy and H&M.
Borders are particularly hard to dispose of because many stand alone, not part of a strip mall, and many have two floors.
Graiser estimates that to re-lease a two-level Borders store to two retailers operating on separate levels, a developer might have to spend up to $1 million in construction costs. In certain instances, a retrofit might be impossible to undertake, either because the developer can’t get the necessary permits or because of the store’s layout.
“It’s still a challenge, I have to be honest,” Graiser says.
Commercial landlords should expect a big drop off from leases signed in the chain’s 2007 expansion.
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