Kimco Realty CEO Conor Flynn discussed the evolving landscape of shopping centers, emphasizing a strategic shift towards service-oriented businesses that are resistant to e-commerce. Flynn stated that 80% of the company's new deal flow is now derived from service-oriented businesses, including health and wellness facilities.
The CEO highlighted Kimco's success in adapting to market changes and managing tenant transitions. He noted that the company has backfilled half of the vacancies resulting from Party City's bankruptcy, with new tenants securing leases at rents 40% higher than what Party City previously paid.
Flynn also outlined plans to convert parking lots at shopping centers into apartment dwellings, anticipating a decrease in municipal parking ratio requirements due to the rise of robotaxis and driverless cars. This strategy aims to create harmonious mixed-use environments where retail and residential components mutually enhance traffic and value.
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