Throughout the different neighborhoods of the city, grocery stores are experiencing success. The empty spaces left by closed big-box retail stores, which were forced to shut down due to the pandemic, are now providing great opportunities for businesses that sell fresh and perishable products.
“COVID has contributed to the circumstances that have made this a prosperous time,” said Peter Ripka of Ripco Real Estate, referring to the increase in grocery sales.
New Yorkers learned during the pandemic years what the four-eyed appliance in their kitchen was for, and they learned to use it enthusiastically. Today, even someone without professional culinary training can make soufflés and fricassées like the famous chef Escoffier. They also support local businesses because they have more flexible office hours.
There has been a big increase in the need for food in the Brooklyn and Queens waterfront areas because of the new residential towers. Many people have found it beneficial to have their food delivered, and ecommerce has actually helped instead of causing harm.
“According to real estate analyst Green Street in February, the current perspective highlights a combination of e-commerce and physical stores as important parts of the supply chain for growth.”
Whole Foods recently opened a new store in the Financial District, located at 1 Wall St. It occupies a large space of 42,000 square feet. Additionally, Whole Foods has plans to open smaller stores called Whole Foods Daily Shop in urban areas. These stores will range from 7,000 to 14,000 square feet. The first of these smaller stores will open later this year at 1175 Third Ave.
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“COVID has contributed to the creation of circumstances that have made this a highly favorable period.”
Peter Ripka is a real estate agent at Ripco Real Estate.
“It is always difficult for supermarkets that are expanding to find available space in Manhattan,” said Jeffrey Roseman of Newmark. He leased the first Whole Foods in Chelsea in 1999. “Rent is very important – they are unable to afford high rent.”
Finding a 50,000 square foot space that meets all the requirements and is affordable can be difficult. “That’s why Whole Foods has switched to a smaller size.”
But some people are not afraid to take risks and aim for big achievements. CBRE is advertising 42,009 square feet of retail space on two floors in Taconic’s new apartment building on West 42nd Street, opposite the Port Authority.
“We have received a few letters of intent from various supermarkets,” said Lon Rubackin of CBRE. “A few years ago, if you had asked me if we would have a supermarket on this site, I wouldn’t have believed it.” Everyone is competing for the same spot, but there are now many residential areas and the grocery stores are aware of the high demand.
Brooklyn Fare, a local market, will be opening its biggest store this spring. The store will be located at the base of One Manhattan Square at 227 Cherry St. It will have two floors and cover an area of 25,000 square feet. This information was shared by Alan Oppenheimer from Extell.
The opening of Wegmans in the Brooklyn Navy Yard was a cause for celebration among New Yorkers who were looking for high-quality options. However, you might have been very excited when the upstate New York chain opened a second location at Vornado’s 770 Broadway in Astor Place last October. It was as if the Yankees had won the World Series. There were many fans waiting in a line that went all the way around the block.
There will be a third location at 1932 Broadway, near Lincoln Center, in the 51,000-square-foot space left by Bed Bath & Beyond, owned by Glenwood Management.
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