Before Teachers Village could attract out-of-state-retailers, its developers thought they needed to look locally.
That led RBH Group to find Newark businesses to fill much of the project's 70,000 square feet of retail space, offering them a chance to relocate or expand. And it paid off, allowing them to offer “a continuous retail experience that just currently doesn't exist in the downtown” — something they could use to draw interest from outside.
“You have some good retailers, but they operate in these pockets,” said Ron Beit, managing partner of RBH Group. “And if they coalesced and clustered within one region, they would individually be better off … collectively, they'd create this unique destination that would be attractive to retailers outside of the state.”
The names of most of the retailers were not available at press time, as many of their leases are not finalized. But Beit said Teachers Village will feature everything from a laundry service and convenience store to a “cardio studio” and medical offices.
To help lure some of the tenants from elsewhere in Newark, Beit said developers offered “the advantages of being part of a larger cluster.” Having a single owner gives retailers the chance to cross-market, not to mention providing security and parking, he said.
“You're really getting the benefits of being in a mall and the benefits of being in the center of a historic city, with all the mass transit opportunities and the walkability of your customer,” Beit said.
E-mail to: email@example.com
On Twitter: @joshburdnj