PARSIPPANY — In the last half-year, the Troy Hills Shopping Center has seen a series of retail closures, totaling nearly 74,000 square feet of vacated space. The sequence began with the Dollar Store, followed by Esporta, iStore by St Moritz, Sport Clips, and most recently Berry Bowls. Additionally, a former Subway outlet had already been vacant before these closures.
The sole announced replacement is Phoenix Salon Suites, set to occupy 6,801 square feet within the former Dollar Store space.
The demise of traditional retail has been inexorably linked to the rise of online shopping. As e-commerce platforms burgeoned, offering convenience, extensive variety, and often lower prices, brick-and-mortar stores faced mounting challenges to stay afloat.
Consumers, drawn by the ease of browsing and purchasing from the comfort of their homes, began to shift their shopping habits online. The ability to compare prices, read reviews, and access a vast array of products with just a few clicks proved irresistible.
The respective areas occupied by the closed businesses were: Sports Clips (1,045 sq ft), Berry Bowls (900 sq ft), Former Subway (1,748 sq ft), iStore (1,998 sq ft), and Esporta (61,489 sq ft), totaling over 67,000 square feet.
For context, the total leasable space in the Troy Hills Shopping Center amounts to 211,000 square feet. Among its major tenants are Target, Michaels, Petco, Applebees, McDonalds, Wells Fargo, and Panera Bread.
For retailers, the overhead costs of maintaining physical stores, coupled with the need to adapt to evolving consumer preferences and technological advancements, posed significant hurdles. Many struggled to compete with the agility and cost-effectiveness of online counterparts.
While some traditional retailers managed to pivot successfully by integrating online channels into their business models, others faltered, succumbing to the relentless march of digital disruption. As a result, countless iconic brands shuttered their doors, marking the end of an era in retail history.
