The Real Deal New York

Kimco Realty boss says strip malls won’t die: VIDEO

David Henry says malls will get big boost from e-tailers opening brick-and-mortar outlets
March 24, 2014 01:35PM

Despite increased competition from the online marketplace, strip malls may come out on top — should more web retailers open up actual stores, according to the head of a New York-based portfolio of “community shopping centers.

David Henry, chief executive of real estate investment trust Kimco Realty, reportedly said Internet companies will likely follow the lead of consumer electronics giant Apple, opening hubs for customers to try out products.

“I think someday you’ll see Amazon rent space from us in order to showcase their Kindles and Fires,” Kimco told CNBC. “Apple stores have had huge success being brick and mortar.”

In a move to nix all non-essential businesses, Kimco cut staff and unloaded dozens of non-core properties in the past few years, including a 23-property portfolio for $165 million in 2012, as previously reported. [CNBC]Angela Hunt