Updates in Port Jefferson Village Retail:
We ended the 1st quarter (Q1) of 2019 bidding farewell to two iconic retailers in Port Jefferson Village: Once Upon A Christmas and The Gap. After 25 years of bringing year-round holiday cheer to the Village, Once Upon A Christmas, a retailer of Christmas decorations announced its plans to close in early March. In a stunning February 28th 2019 press release, The Gap announced it would be closing 230 stores including its location on Main Street in the heart of the Village The Gap plans to officially close its doors on April 25th.
In brighter news, during Q1 we welcomed several new businesses to the Village. Women’s fashion boutique, Origin of Era opened at 20 Chandler Square. The space was previously home to TUMI, which sold women’s clothing and jewelry.
Another new business coming to the Village is, The Shelf. It was announced in February that the owner, Diana Walker, plans to open the store on Friday April 19th at 218 East Main Street. The store looks to provide shelf space for small-business owners to display their products. 218 East Main Street was previously asking $29.14 per-square-foot (PSF) before it was leased to The Shelf for an unknown amount.
Lastly, welcome to the Village, Prohibition Kitchen. The American-style restaurant will be run by Lisa Harris, who co-owns the donut shop, East Main & Main. Prohibition Kitchen will be opening at 115 Main Street, which previously housed long running Kimi Japanese Restaurant. We wish the incoming retailers longevity and success.
Port Jeff Commercial Real Estate Leasing:
In Q1 2019 there were four new leasable retail spaces brought to market. 25 Chandler Square, 100 Mariners Way, 404 Main Street, and 100 Arden Place. These spaces are being offered for lease rates ranging from $20.38 PSF to $40.00 PSF. Two of those spaces were listed in the final month of Q1.
Port Jeff Commercial Real Estate Outlook for Q2 2019:
On a national level, in January, Real Capital Analytics (RCA) released a report highlighting the slow growth of sale prices for retail properties since the beginning of 2017, at a rate of 1.5-2.5% This should be no cause for concern considering the fact that the 4th quarter of 2018 (Q4) saw a significant increase in retail sale volume when compared to the year prior.
Narrowing our focus to the local level, given the Q1 unveiling of a free shuttle service between Stony Brook University (SBU) and downtown Port Jefferson, we expect to see an increase in individuals spending time in the Village. This predicted influx takes into account the large percentage of students at SBU who, previously did not have a convenient means of travel to the downtown area of the Village. There have already been anecdotal reports of businesses having strong March sales and the Village seeing a lot of foot traffic. The service will run on Thursdays from 3:00 p.m. to 9:00 p.m., Fridays and Saturdays from 11:00 a.m. to 9:00 p.m., and on Sundays from 11:00 a.m. to 6:00 p.m. There is plenty to look forward to for the 2nd quarter (Q2), and we eagerly await any new businesses that will come to claim Port Jeff Village as their new home.
Attention Port Jefferson Village Business Owners: Do you own a business downtown that you would like to spotlight? The Port Jefferson Retail Expert is seeking to give local business owners in the Village an opportunity to showcase their businesses in his monthly “Port Jeff Business Spotlight.” Here is a chance to tell everyone what makes your store so unique. If interested, email Naji at Naji.Nizam@SVN.com with the subject line “Port Jeff Business Spotlight.”
Please contact me with any questions about the above report or the real estate market in general.
Naji Nizam is the “Port Jefferson Retail Expert.” He handles leasing and sales of retail, medical, and professional office space in Port Jefferson Village and throughout Suffolk County. He relies on his depth of market knowledge, responsiveness to inquiries, and professionalism to give his clients an edge in this competitive market. Naji is active in community affairs and is in constant contact with local business owners and landlords.