Suburban Square
Ardmore, Pennsylvania
Kimco’s 2007 acquisition of the tony Suburban Square shopping center in the Main Line community of Ardmore, Pa., was somewhat of a departure for the company. Unlike most of Kimco’s shopping centers, Suburban Square does not feature a national big-box retailer or major grocery anchor. What it does have in common with many of Kimco’s other properties, however, is that it embodies the company’s strategy of owning high-quality centers in high-profile locations with high barriers to entry.
Built more than 80 years ago, Suburban Square enjoys a rich heritage as one of America’s first lifestyle shopping centers in a suburban setting. With all that history, though, the property is far from dated or stodgy, thanks to its attractive art-deco architecture, eclectic array of high-end national retailers and local boutiques, and a recent multimillion-dollar courtyard renovation that has brought in St. James Place, a new upscale restaurant fronted by noted chef Michael Schulson.
St. James Place is the latest draw to suburban Philadelphia’s most famous shopping mecca. At Suburban Square, shoppers also enjoy the experience of such high-end retailers as Macy’s, Banana Republic, J. Crew, Ann Taylor, Williams-Sonoma, Gap, Chico’s, Lilly Pulitzer, Apple, and Urban Outfitters, among the 61 shops within the center’s 358,000 square feet of retail and office space. And with Trader Joe’s, Suburban Square is not without a grocery component.
During the recent downturn, Suburban Square held its own, maintaining high occupancy rates above industry averages. The center’s current occupancy stands at 96 percent, and it continues to command above-market rents due to its prime location in one of America’s most affluent, upscale communities.