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Daily Real Estate News | July 2, 2009 |
Retailers Experiment with Short-Term Rentals
Short-term rental deals that allow retailers to experiment with a concept without committing to a long-term lease are growing more popular, especially in urban areas.
Known as “pop-up” stores, these deals are being reluctantly accepted by landlords because they are better than nothing. “It's not something they really . . . like. But considering the economic conditions now, it's something they're forced to accept," says Amir Korangy, publisher of the Real Deal, a real estate trade magazine.
J.C. Penney, which doesn’t have stores in New York City, has been experimenting with pop-up stores there. It is a way of reaching "all key stakeholders – customers, investors and associates – and creating buzz," says company spokeswoman Kate Parkhouse.
Source: The Wall Street Journal, A.D. Pruitt and Karen Talley (07/01/2009)
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