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By Pia Singh, CNBC •
Updated 3 hours ago
Smith Collection/Gado | Archive Photos | Getty Images
Foot traffic at Kimco Realty s shopping centers has returned to pre-pandemic levels, CEO Conor Flynn told CNBC on Thursday. We re in a nice spot in terms of supply and demand. Our pricing power is quite strong, Flynn said.
Kimco, which operates about 400 shopping centers in the U.S., reported strong second quarter earnings earlier Thursday.
Foot traffic at Kimco Realty s shopping centers has returned to pre-pandemic levels, CEO Conor Flynn told CNBC on Thursday. Traffic is back to 2019 levels, and we have a real playbook now that we can follow thanks to all the lessons learned through the pandemic, Flynn said on The Exchange. We launched curbside pickup and . the last-mile shopping center typically that we own is grocery anchored, and it gives the consumer the way that they want to shop, the optionality that I think is so important to consumers today.
By Reuters Staff
2 Min Read
(Reuters) -Shopping center owner Kimco Realty Corp said on Thursday it would buy rival Weingarten Realty Investors for about $3.87 billion, adding heft to its business just as more parts of the U.S. economy reopen with the rollout of COVID-19 vaccines.
The deal will create a company with 559 open-air grocery-focused shopping centers one of the better performing parts of the commercial real estate sector during the pandemic as people rushed to stores to stock up on essential items.
The company’s tenants will include Kroger, Whole Foods and Walmart Inc, as well as discount retailers such as TJX Cos Inc, Ross Stores Inc and Burlington Stores Inc.