In the wake of the home goods retailer’s bankruptcy, Bed Bath & Beyond is closing all of its hundreds of shops around the country, including its remaining three in the area.
According to commercial real estate firm CBRE, the upcoming store closings will free up more than 150,000 square feet of retail space in the Portland metro region and roughly 300,000 square feet across Oregon. By the end of June, we will have shuttered all of our stores.
It may seem like a lot of storefronts are coming into the market at once, but industry insiders assure us that they will all be quickly absorbed.
You can also check out the tweet that was published by The Oregonian here:
Closing Bed Bath & Beyond stores in Portland area aren’t expected to be empty for long https://t.co/X4qaSP0X4A
— The Oregonian (@Oregonian) May 25, 2023
“Bed Bath & Beyond locations in the Portland metro are generally in very great markets in suburban centers with a lot of activity and great real estate,” said Austin Cain, a vice president specializing in retail brokerage at CBRE.
Cain noted that the home improvement chain’s typical store size of 30,000 square feet makes its real estate a valuable commodity for businesses such as gyms and other businesses that require large amounts of space. Since the economic downturn of 2008, he said, few new retail developments have been built because of fears of competition from online retailers.
Since 2011, he noted, the suburban market has seen increased demand for retail space due to the closure of Bed, Bath & Beyond stores in areas including Happy Valley, Tigard, Lake Oswego, Hillsboro, and Vancouver.
Another home products business, Tuesday (23 May 2023)Morning, has also shut down this year, closing more than 250 stores across the country. Cain argued that stores situated in huge suburban shopping complexes were also prime targets.
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Suburban markets are booming, while “downtown area continues to flounder,” according to CBRE’s most recent study on the retail real estate industry.
“Restaurants and retailers aren’t faring well in their downtown locations, and they’re finding out that they can move out to a nearby suburb and still meet their customers there,” Cain said.
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