Hartford Business Journal

www.HartfordBusiness.com • November 11, 2019 • Hartford Business Journal 25 Hartford area's retail market steady amid online-shopping fears By Joe Cooper jcooper@hartfordbusiness.com T he Greater Hartford retail market has been mostly stable over the last year, despite concerns that brick-and- mortar stores are dying in the face of online competitors. New data shows the Hartford area's retail vacancy rate modestly increased over the last year from 10.6 percent to 10.8 percent. Meantime, the region's overall retail footprint grew by a meager 166,300 square feet to 37.6 mil- lion square feet, which is mainly attributed to a few new develop- ments and an increasing number of retail properties being converted into mixed-use and residential space, according to a recent study authored by Massachusetts real estate firm KeyPoint Partners Inc. The report examines market sup- ply, vacancy and retail activity, among other measures, in 26 towns and cit- ies for the year ending Aug. 2019. West Hartford stood out as one of the region's most active retail communities in terms of new de- velopments or tenants taking over vacant space. In August, the town welcomed the debut of Target's first Connect- icut small-format store in the Bish- ops Corner shopping center. The now 59,700-square-foot space was formerly a Wal-Mart Neighborhood Store and Adams Supermarket. Specialty retailer Cost Plus World Market last fall also opened its third Connecticut store in Corbin's Corner retail center, just months after adding a new store in The Manchester Collection plaza. A buybuy Baby furniture and toy store also opened in Corbin's Corner last year, occupying space adjacent to World Market. The new retailers, among others, helped West Hartford significantly lower its retail vacancy rate to 6.5 percent. That ranks as Greater Hartford's fourth lowest retail vacancy rate; the year prior West Hartford was ranked No. 12. Manchester, which has the region's largest retail footprint with more than 5.4 million square feet, also saw active retail development in 2018-19. In addition to World Market, Manchester added national super- store retailer At Home in the Burr Corners plaza, and CVS opened a new 14,600-square-foot store on Main Street. Other towns and cities, however, didn't fare as well. Hartford's retail vacancy rate climbed the most last year from 13 percent to 14.3 percent, although the city has the lowest inventory in the region and has little impact on Greater Hartford's overall market, Keypoint said. Vernon jumped from ninth to fourth this year in highest retail va- cancy rate (15.3 percent) due in part to Kmart closing its 84,200-square- foot store in town. It marked the region's second-largest store closure last year. Wethersfield's vacancy rate in- creased to 12.1 percent after a Fallas women's clothing store closed on the Berlin Turnpike, marking the third largest retail departure in the last year. Keypoint says Greater Hartford's market last year didn't feel the effects as much as the rest of the country of the continuing shift toward online purchasing at the expense of brick-and-mortar retail. Nationally, the number of retail stores closing in 2019 has already surpassed 2018 totals. "It should be comforting to know that in Greater Hartford the num- ber of occupied tenants actually experienced a nominal gain this year," the study said. Deal Roundup Personal injury law firm Trantolo & Trantolo has moved its Hartford office from 50 Russ St. to the Capitol Place building at 21 Oak St., suite 605. The more than 80-year-old firm said it added several new trial attorneys and additional staff to support its expansion into a larger, 7,000-square-foot space. Its new office has a multi-media center, conference rooms, kitchen facilities and an associated parking garage for staff. • • • A pair of therapy centers have leased space in an office building on Silas Deane Highway in Wethersfield. Physical therapy clinic Pedia Flex LLC will occupy 1,751 square feet and occupational-therapist Advanced Therapy Solutions has signed for 2,900 square feet at 936 Silas Deane Highway. Some 4,800 square feet remains available on the third floor. Global real estate firm Colliers In- ternational brokered the leases. Joe Cooper is HBJ's web editor and real estate writer. He pens "The Real Deal" column about Greater Hartford's commercial real estate industry. THE REAL DEAL Greater Hartford's 2018-2019 retail market Highest vacancy* Prior rank Lowest vacancy* Prior rank Enfield (20.9%) 1 Rocky Hill (4.5%) 3 East Windsor (19.4%) 2 Glastonbury (5.4%) 1 South Windsor (15.9%) 4 Farmington (6.1%) 6 Vernon (15.3%) 9 West Hartford (6.5%) 12 East Hartford (15.2%) 3 Newington (6.5%) 2 Hartford (14.3%) 5 Plainville (7%) 5 Berlin (12.5%) 6 Avon (7.8%) 7 Wethersfield (12.1%) 14 Simsbury (8.9%) 9 Windsor (10.5%) 11 New Britain (9.3%) 6 Manchester (9.4%) 7 Bloomfield (9.3%) 4 *For cities and towns with 500,000 square feet or more of retail space. Source: Keypoint Partners Buybuy Baby is one of several retailers that debuted in West Hartford over the last year. The town now holds Greater Hartford's fourth-lowest retail vacancy rate. PHOTO | HBJ FILE

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