Kimco Realty CEO details how shopping centers are changing: ‘It’s all about services’

Kimco Realty CEO Conor Flynn told Jim Cramer that the changing business environment at shopping centers features services in addition to traditional retail storefronts.
"Services is all about in person, all about the e-commerce-resistant type use, and that's what's driving vacancy rates to all-time lows," Flynn said, adding that service businesses are often related to health and wellness, like urgent care and veterinary facilities.

In a Monday interview with C온라인카지노사이트's , CEO Conor Flynn described the changing business environment at shopping centers, saying "it's all about services" rather than just traditional retail storefronts.

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"Services is all about in person, all about the e-commerce resistant type use, and that's what's driving vacancy rates to all-time lows," he said, adding that service businesses are often related to health and wellness, like urgent care and veterinary facilities.

There's more demand for shopping centers than there is supply, according to Flynn. He said that most Kimco shopping centers are dominated by a "grocery anchor," like Kings, Whole Foods, , Trader Joes as well as stores, which combine to hit "the sweet spot in retail." He added that 80% of his company's "new deal flow" is coming from service-oriented businesses.

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Flynn suggested vacancies are being offset by these more "resilient" businesses. He claimed Kimco has backfilled half of the vacancies caused by , with new tenants paying 40% more than what Party City paid. He also said Kimco's "watchlist" of tenants — ones with credit issues vulnerable to bankruptcy — is small. The pandemic helped to weed out those businesses, he added, as ones with poor models or bad balance sheets couldn't endure the economic climate.

Flynn said new apartment developments make him positive about the future. The company has plans to turn parking lots at shopping centers into dwellings, he continued. As robotaxis and driverless cars gain popularity, Flynn said he expects municipalities' parking ratio requirements will decrease and make it possible to build on the lots.

"That's where mixed use comes in to play," he said. "Retail enhances the apartments, apartments enhance the retail. It's a harmonious situation where they can drive traffic to each other."