11/16/2020 | by
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Kimco Looking to Boost Grocery Anchor Component of Portfolio

Conor Flynn, CEO of Kimco Realty Corp. (NYSE: KIM), participated in a video interview in conjunction with Nareit’s REITworld: 2020 Annual Conference.

Flynn noted that October rent collection is tracking in a 90%-plus range, adding that “we continue to think that our product type…is serving the community in a time of need in many different ways.”

With 77% of its portfolio comprised of grocery anchors, Flynn said the company’s portfolio lends itself to reach 85% or 90% grocery-anchored in the next five years. He attributed the projected increase to the fact that Kimco’s tenant grocers are looking to grow store count.

As for longer-term changes, Flynn noted that “the blueprint has been laid out on how to utilize your store as a distribution fulfillment point to make it a profitable endeavor to actually service the consumer in a number of different ways.” Flynn stressed the importance of the last mile. “Trying to solve that last mile has been the big question for retailers now for almost a decade plus,” he said.