An Underserved Market
While the retail real estate market across the country has been challenged by the combination of on-line shopping and an oversupply of retail stores and centers, the highly dense urban markets have proven to be the exception. The graphic below provides one measure of how the outer boroughs of New York City, home to more than 6.5 million people, remain an underserved retail market.
Retail sq. ft. per person in U.S.
United States 56 sq. ft.100%
Brooklyn 26.5 sq. ft.47%
Queens 24.8 sq. ft.44%
Bronx 21.8 sq. ft.39%
Staten Island 31.2 sq. ft.56%
The principals of Bridges Development Group have spent their careers developing and leasing projects that have helped to address this gap. The tremendous success of these projects, which all include stores that are among the highest producing in their chain, is what inspired them to create their own firm dedicated to pursuing projects that will bring retail services to these growing neighborhoods.