Bergen County boasts the highest-grossing zip code in the country (07652 Paramus)
Bergen County boasts the highest-grossing zip code in the country (07652 Paramus) and its retail continues growing strong. The retail real estate continues to be very much in demand. Evidence of this trend is the multi-million dollar renovations and expansions going on or, completed recently at the Garden State Plaza Mall in Paramus, The Shops at Riverside Mall in Hackensack, and The Outlets at Bergen Town Center in Paramaus.
When Triple Five, the Canadian-based owner of the Edmonton Mall and the Mall of America in Minnesota, considered taking over the failing project in the Meadowlands now known as American Dream, its Bergen County site was a major plus. A spokesperson for the company notes that ?because it?s located so close to Manhattan and it?s central to the tri-state area, Bergen County is the perfect location.?
The question on everybody’s mind is, can this Bergen boom keep on going in the age of online shopping?
Why Is Bergen County Retail Hot?
Bergen County is the perfect location for real-estate retail for a number of reasons.
- The county is very densely populated with high disposable income (median of $94,107 per household) people who also have the time and ability to shop.
- Bergen’s infrastructure is a key reason. Major highways goe through towns and prime commercial space making it easily accessible to shoppers from surrounding counties such as Essex.
- The concentration of regular priced shops as well as ” off the rack” discount outlets all within minutes of each other.
- The number of stores under one roof.
- The proximity to Manhattan that draws shoppers who want to take advantage of New-Jersey 0% tax on clothing
Fighting Back The Click & Check Out Ease
to entice shoppers off the ?net and into the shops, retailers are increasingly incorporating ?experiential? elements?everything from fashion shows to live music to how-to demonstrations and food giveaways?that online shopping can?t provide.
American Dream is leaning even more on the allure of experiential offerings, which will make up 55 percent of the mega mall?s attractions and include the world?s largest indoor water park, a National Hockey League regulation-size skating rink, two indoor ski trails, and a massive indoor theme park.
The upscale Shops at Riverside eschews the food court model in favor of high-end eateries like Houston?s, The Oceanaire Seafood Room and Rosa Mexicano, a draw to well-heeled diners.
Downtowns Are The Exception To The Bergen Boom – Can They Adapt?
With the rise of mall shopping and later the onset of online shopping, most town’s downtown districts fell behind. Declining foot traffic and store closings are now common sights in many towns such as Englewood and Tenafly.
Upscale communities manage to pick up some traffic with a combination of specialty boutiques, restaurants, and higher-end franchises. In Englewood, Ridgewood, Tenafly and other towns, the chambers of commerce initiate “getting Together “events that incorporate art, music, shopping, and eateries to attract shoppers. The key, once again, is the attraction of an experience unavailable online.
Read the full article by LESLIE GARISTO PFAFF on Bergen Magazine