Lisa Simpson
Dec 18,2009
In: Real Estate

In a Decreasing Rental Market Pet Shops are Finding Space to Expand

The rental market is getting squeezed with landlords finding tenants getting scarce. But this is giving an opportunity for pet shops to expand. The residents of New York may be shy to purchase luxuries but they are not hesitating to meet the needs of their pets. Consequently according to reports coming in from realtors there is a splurge of retailers dealing with pets in New York City.

This is not because of any outburst in pampering the pets. In a slow rental market the previous hesitant landlords are more amenable to talk with pet shop dealers – in particular those who keep animals on their premises. They are making hay while the sun is shining and trying to expand.
The instance of Spot can be citied. Previously it was a Paw Stop. It inked a ten year lease in December. The business deals with providing boarding and grooming together with day-care for dogs. It s owners comment that they are on the look out for more retails area to expand their business. Anisha Khanna, the co-owner of the Spot was happy that their business was doing well. She said, “People don’t stop spending on their pets and their kids in a recession. I guess with the emotional connection, they’re spending more than ever.”

Rent rates of offices have fallen by nearly 25% in the past one year. This is encouraging other pet retailers for space hunting. Last October a dog day-care enterprise named Fetch NYC inked a lease for occupying 6,000 square feet in Lower Manhattan. Another firm named Paws and Relax rented 1,300 square feet on 220 Avenue B and East 13th Street. Both the deals were steered through by JDF Reality – brokers in commercial real estate.
A lease was contracted last November by Dogmatic Products (dog product manufacturer sold on the net) for leasing 2,850 square feet for office purposes on Broadway and Broome Street.

Victor M. Menkin of Menkin Reality Services said, “The pet industry is a real niche business that has established itself in New Hork”. He has been dealing with retail real estate for more than 30 years in New York City and has noted this expansion in demand for space for pet related business. He added, “The fact that this niche is continuing to show strength in times of strife is a real statement about the importance of pets to people. There are a lot of single people in New York, and an animal becomes, to a certain extent, an interim connection emotionally for people if they don’t have a child, spouse or mate.”

Share and Enjoy: