Kimco CEO Conor Flynn on Retail Real Estate Trends and Future Growth

Retail Real Estate Evolution

• 🎯 Kimco's shopping centers are anchored by grocery stores like Kings, Whole Foods, and Trader Joe's, which drive cross-shopping.
• ⚡ The dominant trend in retail is a shift towards services, with over 80% of Kimco's new deal flow coming from this sector.
• 💡 This includes urgent care facilities and other e-commerce-resistant businesses that are driving vacancy rates to all-time lows.

Mixed-Use Development Strategy

• 🏘️ Kimco is transforming its properties by incorporating mixed-use developments, integrating retail with residential spaces.
• 📈 The company views its large parking lots as significant upside potential, with plans to develop them.
• 🚗 Future developments are influenced by trends like driverless cars and robo-taxis, which could lower parking ratio requirements.

Future Growth and Upside

• 🏗️ Kimco has already entitled 12,000 apartments to be built on its parking lots, showcasing its mixed-use strategy.
• 🤝 The integration of retail and apartments is seen as a harmonious relationship that drives mutual traffic and enhances the overall property value.
• 📍 Kimco's strategy focuses on first-ring major metro markets, leveraging existing infrastructure and demand.