Kimco Announces the Grand Opening of ShopRite at The Boulevard® Signature Series® Redevelopment
Kimco Realty Corp. (NYSE: KIM) announces the grand opening of ShopRite, a 70,000-square-foot grocery anchor at The Boulevard in Staten Island, part of a $200 million redevelopment project. ShopRite’s opening is a significant milestone as it is the first tenant at the newly constructed shopping center, which will also feature tenants like Marshalls and Ulta in 2021. Kimco's strategy focuses on essential retailers in high-demand areas, showcasing 97% tenant operational success during the pandemic, bolstered by strong liquidity and a solid balance sheet.
- Grand opening of ShopRite as the first tenant at The Boulevard, indicating successful redevelopment.
- 97% of portfolio's tenants operational amid the pandemic, reflecting strong demand for essential retail.
- The Boulevard's strategic location on a high-traffic commercial corridor with an average household income above $100,000.
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JERICHO, N.Y.--(BUSINESS WIRE)--Kimco Realty Corp. (NYSE: KIM), one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets, announces the grand opening of ShopRite, the 70,000-square-foot grocery anchor at The Boulevard, the approximately
“Despite extraordinary circumstances surrounding the global pandemic, our team was able to push forward and help deliver this state-of-the-art grocery store to the Staten Island community,” said Conor Flynn, Kimco’s Chief Executive Officer. “With 97 percent of our portfolio’s tenants now open and operating amid the pandemic, our strategy of owning well-located assets in densely populated, high-barrier-to-entry markets with a focus on essential retailers and density-add opportunities is proving effective. This strategy, combined with our strong liquidity position, favorable debt maturity schedule, and overall balance sheet strength will enable us to thrive post-pandemic.”
The Boulevard is a newly constructed multi-story open-air shopping center with a “town square” feel. Ground-level retail shops and restaurants face a main street plaza with sidewalks and outdoor dining. The second level accommodates larger anchor tenants and entertainment attractions, with multiple access points and connectivity between the two levels. The project sits along Hylan Boulevard, a major commercial corridor that sees more than 50,000 cars per day and is easily accessible from all parts of Staten Island. The densely populated island boasts a population of over 475,000 and an average household income above
The new ShopRite features a plethora of enhanced in-store offerings, including specialty prepared foods from Valducci’s pizza, Loon Chuan Asian cuisine, Saladworks, Juice Press, and Dunkin’ coffee, as well as access to a registered dietitian and beauty consultant onsite. ShopRite will also offer flexible shopping options with ShopRite from Home, where online orders can be delivered curbside or directly to shoppers’ homes.
“ShopRite’s grand opening is just the first in a long lineup of exciting tenant openings at The Boulevard through 2021,” said Josh Weinkranz, Kimco’s Northern Region President. “We’re proud to bring ShopRite’s new store concept to Staten Islanders, and we’re confident that their omnichannel approach featuring convenient in-store pickup and home delivery options will be a benefit to community members both during the pandemic and beyond.”
“We are excited to open this spectacular supermarket that offers our fantastic ShopRite shopping experience,” said Kevin Mannix, store owner and operator along with his son, Timothy Mannix, of Mannix Family Supermarkets. “We paid a lot of attention to design and amenities and look forward to serving the community at the brand-new Boulevard shopping center, where our ShopRite will also employ close to 450 associates.”
Kimco owns four additional properties on Staten Island with a combined occupancy of 99 percent, for a total portfolio size of over one million square feet. Kimco has successfully redeveloped three of its Staten Island assets in recent years, in addition to The Boulevard.
About Kimco
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets. As of June 30, 2020, the company owned interests in 400 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 60 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
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