Soon the facade of Riverdale North Shopping Center will be able to shed the shadow of suffering box retailers when the Office Depot and Sports Authority spaces are filled with a new tenant: Floor & Decor.
Earlier this month the Atlanta-based hard surface flooring retailer signed a lease for approximately 80,000 square feet in Riverdale, Utah. This will be Floor & Decor’s second location in Utah (their first store being in Draper) and will join over 70 operating physical locations in twenty different states. Founded in 2000 the company is still relatively young, but they see their growth continuing with the expectation to have 400 operating stores in the United States by fifteen years’ time.
It is ambitious of Floor & Decor to chase such a growth plan when it seems that retail store closings and bankruptcies are the dominating the headlines? Many may say yes, believing strongly that “retail is dead” and Amazon, along with other e-retailers, are causing brick-and-mortar stores to become obsolete. However, that argument seems to ignore the movement of purely-online retailers who are now opening physical stores, as they recognize the strength that exists in having a physical presence in various markets.
These retailers are recognizing something that many major news outlets are failing to recognize, retail is not dying, rather it is evolving to match the current market. Many of the retailers who have announced they are struggling are concepts that have struggled to adapt to this new market where e-commerce and physical stores work hand in hand to provide a full and complete experience for their consumers.
Floor & Decor’s concept is to have the largest amount of products in stock at the lowest price available by buying straight from the source. Their website allows customers to browse products, have a sample sent to their home, and reserve products in store, or have them shipped straight to their home.
Steve Bowler, team lead of Bowler Retail Team at Coldwell Banker Commercial Advisors in Salt Lake City, represented Floor & Decor in the transaction. “New tenants are emerging with businesses that have evolved with the changes in consumer habits, as we are seeing with retailers such as Floor & Decor. Also, established tenants who are able to adapt to the presence of e-commerce, such as Burlington, are also seeing continued success and expansion,”
Bowler Retail Team was also involved in the filing of another vacant Sports Authority space in one of their listings, the Commons at South Towne, located at 10400 South State Street in Sandy, Utah. That center will now house a new Burlington location, proving that business is going well for that retailer.
So, we urge you to be weary of click-bait-type articles claiming the “death of retail” and insteadbe mindful that with each retailers that closes, an opportunity is presented for a new concept to fill the gap and keep retail alive and well.