Tuesday, January 28, 2014

Newport Pavilion Announces New Tenant; Analysis on Big Retailer Opportunities

Since the announcement of retailer TJ Maxx coming to the Newport Pavilion last August, the reception for the latest retailers signing leases have been met with a resounding shoulder shrug by the online masses.

There is now signage up for Sport Clips, which will be next to Chipotle facing Carothers Road. FTM broke that story in November. Dr. G's Weight Loss Clinic was also announced in November. 


The online consensus seems to have a passionate yearning for an organic or healthy grocery, a steakhouse, a family dining eatery, another clothing outlet or a yogurt shop among many others wishes. Without the big retailer or restaurant headline signing, the most recent signee of the Pavilion may suffer through the same mediocre greeting as Sport Clips and Dr. G's received.

Without further adieu, the latest tenant to sign a lease is Family Allergy and Asthma. 

Bigger picture: Newport, Dayton and Fort Thomas all have potential large parcels of land available.

Kmart's closure opens up a possibility for a large retailer, as does the Newport Shopping Center. Earlier this month, we addressed a rumor that Walmart could be interested in either of those two land parcels.

Dayton's Manhattan Harbour has finally started construction this month and along with the high end residential lots and condos, there will be 80,000 square feet of commercial space available there.

Lost in all of this is the potential to attract big retailers to the Fort Thomas Plaza. Last May we talked about the future of the plaza and since then, more retailers have left the fledgeling development. Only two possibilities can explain this.

1) Developer, Myers Y. Cooper, is utilizing the Fort Thomas Plaza as a loss leader for its other commercial properties portfolio.
2) Myers Y. Cooper is waiting for its current tenants' leases to expire to attract one big retailer to the development.

The second scenario is the most likely, however they may not get the best deal they could have with similar spaces available in the Newport Shopping Center and soon-to-be former Kmart location.

11 comments:

  1. We need a Dennys somewhere around Campbell County!!

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  2. No we don't! No Denny's

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  3. We do NOT need another Walmart.

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  4. Weight Loss and Allergy Clinic...BLAH!! We need some new exciting restaurants and retail in the Pavillion.

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  5. We definitely need a new good, and I repeat good, family-style restaurant, and yes, the old Block Buster would be a great location! Hopefully, someone will bring something to the plate!

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  6. @Judy - While nothing has been announced, I know there has been extreme interest in that location for a sports bar and grill (think 915/BW3).

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  7. Based on the smashing success of BW3, Chipotle, Chick-fil-a, and Panera, my thought would be that a First Watch would satisfy demand for breakfast / lunch / brunch dining / business meeting spots. Based on the mistakes made by Chipotle, Chick, and Panera, the clue phone will hopefully encourage greater capacity from whichever family-friendly dining might have the good sense to build in this untapped market. While I hesitate to say Olive Garden, Macaroni Grill, Buca di Beppo, PF Changs, etc., something like that would be good. I would also agree that something like a brew pub would do well. On the retail front, the upper and lower Newport Shopping center venues need something that will draw to these slightly out of the way locations and there is a need for a big box in the area, (as much as Walmart makes people cringe). Kmart has not really met that need for decades, (hence, they are going out of business nationwide) and the most plausible rumor for that site is a new "home" football field for NCC so that the school can stop paying a fortune to Newport for home field use of their facility. BTW, who shops at Target anymore? That site could soon be available. While I have always been a huge fan, they are obviously under all-to-typically delusional corporate management. Between having credit card numbers blatantly ripped off from over 100,000 shoppers and having ridiculous amounts of perishable food rotting on the shelves because nobody buys groceries at Target, (especially next to a bursting at the seams Kroger Marketplace) I would wonder out loud how long that once well-positioned chain can continue to bleed at the ears. At a minimum, Target will need to drop the food line and go through major financial / merchandising repositioning. On the restaurant front, something of the caliber of Chipotle or Panera, but different, would be good, some family friendly / some adult friendly, while some kind of general purpose big box would satisfy a need that is not currently being met in this market.

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  8. How about a Culver's? As far as the Kmart space, I heard that NCC is going to purchase the land.

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  9. Why does everyone blame Target for the breach, yet Nieman Marcus and other higher-end stores' coverups or late admissions go by unnoticed and the stores remain unscathed? I love Target. I DO buy groceries at Target. For many items (cleaning, paper products, pet food, pasta/rice, salad dressings, etc.) they are MUCH cheaper than Kroger. Plus, that Kroger, altho less than a mile from my house, is so crowded that I frankly find it stressful to shop there.
    As to restaurants, I heard Olive Garden doesn't feel that there is a large enough lot left in the Pavilion development. How 'bout a Red Robin? Or Taste of Belgium. Or even an IHOP!

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  10. IHOP going in next to Tire Discounters.

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