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Brixmor CEO says open-air retail momentum supports its asset repositioning
Brixmor has invested more than $1.5 billion since launching its reinvestment program and cited a near-4% rise in center visits last month.
Brixmor Property Group CEO Brian Finnegan said conditions in open-air retail remain favorable, pointing to consumer resilience and strong tenant performance. Speaking on the REIT Report podcast, he linked Brixmor’s ongoing asset repositioning efforts to that backdrop, saying small shop success reflects demand for more services and dining in suburban shopping areas.
Finnegan said Brixmor’s second-quarter results showed continued operational strength, with small shop occupancy hitting a new record. He also highlighted elevated brands at its centers, including Sephora, Warby Parker, Williams Sonoma, and Pottery Barn, and said visits to Brixmor centers rose almost 4% last month.
He added that Brixmor’s off-price tenants, such as TJX, Burlington, and Ross Stores, benefit from a continued focus on value as some consumers trade down on purchases. Finnegan also said the company has brought a record number of outparcels into its active reinvestment pipeline, noting municipalities have been more willing to approve additional density and building in parking lots.
Finnegan said Brixmor has invested more than $1.5 billion in the portfolio since starting its reinvestment program, and he described an additional $1.0 billion-plus tied to assets in its active and future pipeline. Nareit’s interview also discussed how work-from-home trends and technology, including AI, are influencing retail real estate decisions.