Posted 11:07 pm Sunday, July 08, 2012
Send to Kindle
Rue21 To Open Newest Store This Month In South Tyler
By CASEY MURPHY
Business Editor
Business Editor
Teen-oriented fashion retailer rue21 plans to open its newest store this month in south Tyler.
Currently under construction, the new business will take over 4,800-square-feet of retail space formerly occupied by Cato Fashions and Payless ShoeSource, at 6759 S. Broadway Ave., in the Tyler Shopping Center next to Wal-Mart.
"We take enormous pride in our real estate and could not be happier that a quality operation like rue21 has chosen to partner with us and invest in the city of Tyler," Brian Parel, portfolio manager at Schostak Brothers and Company and representative for the landlord, said.
Rue21, one of the fastest growing specialty retailers, offers a broad assortment of the newest emerging fashion trends in apparel and accessories for girls and guys. Using a competitive pricing strategy, rue21 makes a specific, unique statement by offering fashion at a value to customers of all ages, he reported.
The store will have 15 to 20 employees and has scheduled its grand opening for July 26.
With its headquarters in Warrendale, Pa., rue21 operates more than 810 stores in 46 states with an aggressive expansion plan to open 100 stores annually, representatives said.
Rebecca Dragin, a leasing agent for Schostak Brothers and Co., fought an uphill battle to get rue21 to consider the Tyler site, as they traditionally look for larger markets, Parel said. The deal started gaining traction in November, when Ms. Dragin met with Bryan Cornelius and Chris Corbin, of Venture Commercial Real Estate, LLC, of Dallas, who represent rue21 in the transaction, he added.
"As it is common for most retailers, we believe several key factors went into rue21's decision to select the city of Tyler at this site," Parel said. "Specifically, key demographics such as population and annual household income, as well as the property's traffic count and visibility were all considered. I'm sure an opportunity to neighbor with Wal-Mart didn't hurt either."
Cato closed in January 2010 while Payless shut down that location in December 2011.
"Our organization did their homework as well, carefully interviewing the rue21 concept and company's financials before coming to the conclusion that this was the right fit," Parel said. "Supporting our existing tenants with strong neighbors and creating a synergy that makes people want to shop and spending time at our center is just as important to us as filling up our vacancies."
Schostak Brothers, based in Livonia, Mich., owns and operates six retail shopping centers throughout Texas and is currently involved in the development of four large manufactured housing projects in the state, Parel said. It operates commercial properties in 19 states as a full-service real estate development, management, leasing and consulting company.
Four generations of the Schostak family, including founder Louis H. Schostak, his son Jerome, his grandsons Robert, David and Mark, and his great-grandson Jeffrey have established a real estate leadership tradition. Since 1920, the company's activities have included development, acquisitions and leasing of retail, office, industrial, residential and mixed use projects. Schostak's current activities include joint ventures, build to suit projects, mixed use development and a variety of necessity based retail and open air centers located throughout the United States, Parel reported.
Parel, 32, joined the team in 2008, bringing with him nearly a decade of property management and brokerage experience, encompassing the full spectrum of commercial and residential real estate, including low income housing, condominium and apartment management, office, single and multi-tenant industrial, as well as all types and classes of retail properties and mixed-use developments. As the portfolio manager for the Shadow-Anchored Centers Division, Parel and his team are responsible for the asset management of 35 retail properties in 14 states.
