Exit strategy for Eckerd
Aug 1, 1999 12:00 PM, SHOPPING CENTER WORLD STAFF
When Eckerd drugstores found itself with surplus real estate on its hands, Excess Space Disposition Inc. - based in Lake Success, N.Y. - provided a resolution to the problem.
Eckerd, a wholly owned subsidiary of JCPenney Co. Inc. (NYSE: JCP), operates nearly 2,900 drugstores located in the Northeast, Southeast and Sunbelt regions of the country. Eckerd is the third largest drugstore chain by store count.
Howard Makler, chairman and COO of Excess Space, explains that over the past two years, a variety of retailers have moved into the 8,000 sq. ft. to 10,000 sq. ft. spaces vacated by Eckerd.
"The drugstore industry wants freestanding buildings today with a drive-thru," says Makler. "The industry believes this new format will increase sales by 30%."
The following are some of the reuses of former Eckerd sites as executed by Excess Space Disposition: American Tile; Bargain Busters; Beall's Outlet; Cort Furniture Rental; Dollar General; Edwin Watts Golf Shop; Family Dollar; Global Shoe Warehouse; Goodwill Industries; Linen Supermarket; Natural Food Store; Network Video; Popular Discount; Rainbow Apparel; and a veterinary clinic.
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