When Kmart shut down its only remaining Manhattan store last month it almost seemed as if another shoe was yet to drop. Sure enough it did with the announcement late last week that Wegmans, the upscale grocery chain, would be taking the space to open its first store in Manhattan (second in New York City following a location in Brooklyn that is several years ago). Neither move is a shocker but the transition says a lot about the overall state of retailing as well as the prospects for urban retailing. It’s a Smart move for Wegmans, which is betting on the returning strength of the city shopping scene. For Kmart it’s just another Sad moment.
Find out what all of this means in my new Forbes.com report: https://www.forbes.com/sites/warrenshoulberg/2021/08/01/wegmans-in-kmart-out-but-its-about-so-much-more-than-that/?sh=5ace415a1a04