Covina, CA – May 2017, Centers Business Management (CBM) completes new leasing transaction with nation’s second largest off-price retailer in prime retail district.
CBM Valley Division Director, Dave O’Connell recently completed a new 10-year lease with Ross Stores, Inc (off-price retailer) in a sizable community shopping center at the intersection of Arrow Hwy and Azusa Avenue in Covina, CA. Ross is occupying a 26,000+ SQFT former Office Depot location in a well-patronized, supermarket co-anchored shopping center situated amid a thriving retail district. El Super (supermarket), the center’s co-anchor, is the area’s primary Hispanic-oriented grocery outlet, and generates a consistently high-volume of consumer traffic.
Ross Dress For Less, a publicly traded company (Nasdaq: ROST), is the nation’s second largest “off-price” (discount) retailer, behind only TJ Maxx (whose holdings include sister off-price retailer, Marshalls). Ross, based in Dublin, CA, operates 1,561 stores in 37 states, and is aiming to open another 500 stores over the next five year. Ross’s expansion plans include adding 20+ California locations, to complement the 100+ stores the firm currently operates in the Golden State.
“The city of Covina boast strong population demographics with steady growth. Average annual household income, however, skews toward the lower-end of Southern California market,” says Valley Division Director Dave O’Connell. “And this income range is exactly what Ross is looking for. From Ross’s perspective, households in this economic stratum are consistent discount store shoppers and the target audience for Ross’s goods. Additionally, this space, a former ‘big box’ retail store suits Ross’s site requirements, and minimizes their build-out costs,” O’Connell adds in explanation of Ross’s site selection process.
“Covina is the type of community that has long served as CBM’s ‘bread-and-butter’ in retail leasing,” says CBM President, Rick Rivera. “The city’s population is growing. Household income is rising. But the retail market hasn’t completely exploded yet. Thus, both mom & pop operators, and major national retailers, like Ross, can still lease space affordably,” Rivera adds in praise of Covina’s burgeoning retail market.
For more information about CBM and their retail leasing and property management services, please contact: Rick Rivera 310.575.1517 x201 | email@example.com or Dave O’Connell 818-380-9966 | firstname.lastname@example.org