MIAMI TODAY — SEPTEMBER 2, 2020 — BY KYLEA HENSELER
Cultural institutions and new retail shops may find temporary homes on Lincoln Road this winter, as the Lincoln Road Business Improvement District is hoping to bring in a series of pop-ups to boost business and fill vacancies.
The improvement district’s executive committee has unanimously voted to support and promote pop-ups during the upcoming season.
“We’re looking to work with local cultural organizations that may want a space on Lincoln Road during the holidays,” Timothy Schmand, the committee’s executive director, told Miami Today last week. Additionally, he said, the committee would like to work with retailers, including clicks-to-bricks stores that operate primarily online and want to try out a physical space.
According to Mr. Schmand, site occupancy on Lincoln Road is currently around 74%.
“We have empty storefronts,” improvement district Vice President Lyle Stern told the committee Aug. 20, “(and) I think we have to use the opportunity right now to fill every single vacancy we can on Lincoln Road this year.”
“We as a group,” he continued, “should encourage all of our owners to make (vacancies) available for appropriate – and we’ll have to define appropriate – vendors to come to Lincoln Road and occupy this space subject to some conditions.”
The committee would have to discuss these conditions, Mr. Stern said, which could include requiring a security deposit or insurance policy.
“I think it’s a great idea,” said Mindy McIlroy, committee treasurer and president of real estate firm Terranova. “Terranova has done a lot of work on this already – we have been actively soliciting for fashion boutiques for our vacancies to fill our spaces from October through January. Just to your point, we want to have a very active holiday shopping season.”
Retailers in the fashion industry, she added, may have a lot of inventory as few people shopped for spring and summer styles this year.
Indeed, Terranova’s founder and Chairman Stephen Bittel told Miami Today that the corporation plans to target local and regional retailers and is already communicating with two possible short-term tenants: a plant store and a vintage boutique.
To boost business and bring people back to the street, he continued, Terranova is willing to be “uniquely flexible” when it comes to rent. At the height of business, Mr. Bittel said, rental rates were in the $300s per square foot per month. Now, he said, these rents are in the $200s, and for short-term rentals his company is talking to some tenants about making rent “the cost of occupancy plus a percentage of sales.”
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Terranova’s Stephen Bittel on Revitalizing Lincoln Road Shopping for a Pre-Holiday Boost
/in In the newsPROGRAMMING INSIDER — OCTOBER 6, 2020 — Miami’s Lincoln Road has become a hotspot for world-class shopping, dining, and entertainment. Along the famed street, hundreds of desirable retailers, chef-centric restaurants, and conceptually-driven bars have seen countless tourists, locals, and adventurers alike. With continued development and improvement from commercial real estate companies like Terranova, this area became a mecca for day trips, shopping, dining, and celebrating. As the global spread of the COVID-19 pandemic has continued to affect the retail, hospitality, and travel industries, these once-booming businesses worked to stay afloat against constantly changing conditions. Stephen Bittel, Founder, and Chairman of Terranova touted that many businesses remained flexible during this time. Restaurants transitioned to take-out models, while retail stores welcomed “buy online, pick up in-store” models. Now, as conditions continue to evolve, businesses along Lincoln Road are working to revitalize the famed hotspot. In time for a pre-holiday boost, Lincoln Road is preparing for pop-up shops that will attract customers, and welcome back shoppers.
The Pre-Holiday Pop-Up Program
To help small businesses regain foot traffic and increased activity, and simultaneously fill vacancies created by long-term shutdowns, the Lincoln Road Business Improvement District has announced the launch of a new pre-holiday pop-up shop program. The program will rely on short-term leases, allowing seasonal small business owners the opportunity to occupy a premium space for a shorter amount of time. For fledgling business owners, and seasonal specialty owners, this opportunity allows small business owners to open up in a highly desirable shopping destination. According to Stephen Bittel, pop-up shops are a great way to bring in exciting new retailers that will drive activity, without the requirement of a long-term lease commitment. Bittel’s Terranova Corporation owns and manages several retail locations along Lincoln Road, and welcomes the pre-holiday pop-up program.
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Pre-holiday pop-up shops bring new life to Lincoln Road – and fill empty spaces
/in In the news, LeasingMIAMI HERALD — SEPTEMBER 28, 2020 — BY REBECCA SAN JUAN Lincoln Road is getting a trio of new pop-up shops.
To help small businesses and fill a growing number of retail vacancies, the Lincoln Road Business Improvement District has launched a pre-holiday pop-up program. So far, three small business owners have signed leases.
The Lincoln Road BID approved the program in early September. Retailers submit an application for a 90-day lease, said Tim Schmand, BID executive director. Schmand reviews applications and connects applicants with landlords. Lease rates are often less than the going price for annual contracts.
The BID is aiming to fill vacant storefronts before the holiday season. Although Lincoln Road signed several new retailers last year, occupancy rates have dropped by 8% since December 2019, from 82% to 74%, Schmand said. Of its total 250 storefronts, about 60 spaces are empty.
“The goal of the program is to get interesting, cutting-edge retailers onto Lincoln Road. If we get four interesting retailers on Lincoln Road, then that’s a home run,” Schmand said.
Some landlords are charging less for pop-ups than the current average asking rates. Stephen Bittel, chairman and founder of Terranova and owner of several commercial spaces on Lincoln Road, is asking for about $80 per square foot for short-term leases versus $250 per square foot for annual contracts.
“It pays for the operation costs but we make no profit,” Bittel said. “[But] if the tenant wanted to enter in a long-term lease, we could extend the pop-up for the next 90 days. Our goal is to keep the street as occupied as possible.”
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To fill vacant stores, Lincoln Road seeks pop-up businesses
/in In the news, LeasingMIAMI TODAY — SEPTEMBER 2, 2020 — BY KYLEA HENSELER
Cultural institutions and new retail shops may find temporary homes on Lincoln Road this winter, as the Lincoln Road Business Improvement District is hoping to bring in a series of pop-ups to boost business and fill vacancies.
The improvement district’s executive committee has unanimously voted to support and promote pop-ups during the upcoming season.
“We’re looking to work with local cultural organizations that may want a space on Lincoln Road during the holidays,” Timothy Schmand, the committee’s executive director, told Miami Today last week. Additionally, he said, the committee would like to work with retailers, including clicks-to-bricks stores that operate primarily online and want to try out a physical space.
According to Mr. Schmand, site occupancy on Lincoln Road is currently around 74%.
“We have empty storefronts,” improvement district Vice President Lyle Stern told the committee Aug. 20, “(and) I think we have to use the opportunity right now to fill every single vacancy we can on Lincoln Road this year.”
“We as a group,” he continued, “should encourage all of our owners to make (vacancies) available for appropriate – and we’ll have to define appropriate – vendors to come to Lincoln Road and occupy this space subject to some conditions.”
The committee would have to discuss these conditions, Mr. Stern said, which could include requiring a security deposit or insurance policy.
“I think it’s a great idea,” said Mindy McIlroy, committee treasurer and president of real estate firm Terranova. “Terranova has done a lot of work on this already – we have been actively soliciting for fashion boutiques for our vacancies to fill our spaces from October through January. Just to your point, we want to have a very active holiday shopping season.”
Retailers in the fashion industry, she added, may have a lot of inventory as few people shopped for spring and summer styles this year.
Indeed, Terranova’s founder and Chairman Stephen Bittel told Miami Today that the corporation plans to target local and regional retailers and is already communicating with two possible short-term tenants: a plant store and a vintage boutique.
To boost business and bring people back to the street, he continued, Terranova is willing to be “uniquely flexible” when it comes to rent. At the height of business, Mr. Bittel said, rental rates were in the $300s per square foot per month. Now, he said, these rents are in the $200s, and for short-term rentals his company is talking to some tenants about making rent “the cost of occupancy plus a percentage of sales.”
CLICK HERE FOR THE FULL ARTICLE