RadioShack’s exit could trigger retail space grab in North Jersey
FEBRUARY 4, 2015 LAST UPDATED: WEDNESDAY, FEBRUARY 4, 2015, 11:42 AM
BY JOAN VERDON
STAFF WRITER |
THE RECORD
The expected news that RadioShack will close or sell all of its stores is likely to have a significant impact on shopping centers throughout North Jersey.
A decision to close locations in the region could put sought-after locations back in play in the neighborhood strip malls favored by RadioShack. And if Amazon, reportedly one of the bidders interested in RadioShack stores, moves into those shopping centers, it will mean a whole new ballgame for the country’s largest online retailer.
RadioShack, the 93-year-old company created to sell supplies to ham-radio enthusiasts, is on the brink of filing for bankruptcy after numerous failed attempts to turn the chain around. RadioShack was able to survive, and at some times thrive, through waves of new technology — from ham radios, to do-it-yourself phone installations, to citizens band radios, to the first personal computers. But it is being outmaneuvered in the digital age by more nimble competitors.
The company announced in March 2014 that it planned to close about 1,000 of its more-than 4,000 stores, but investors vetoed that strategy, pressing instead for liquidation.
Bloomberg News reported Tuesday that Amazon, telephone service provider Sprint, and the investment group behind the Brookstone stores are all possible bidders for RadioShack locations, if they become available.
North Jersey retail real estate experts said any empty RadioShack stores not locked up as part of a bankruptcy bid probably would be easy to lease.
https://www.northjersey.com/news/business/north-jersey-real-estate-may-see-new-retail-game-1.1263984
