In today's retail marketplace, omni-channel has changed the game, compelling online retailers to gain footholds across physical channels to extend customer reach and increase sales. Several top online retailers have opened brick-and-mortar stores over the past few years – a positive development for both online and brick-and-mortar retail, as well as the industry as a whole.
From Kimco's perspective, we believe we have a role to play in helping fuel this momentum by supporting online retailers' foray into the brick-and-mortar space. We've launched our new Clicks to Bricks Program, which offers qualified online retailers one year of free rent* if they open a store in one of our shopping centers nationwide. Kimco owns interests in 400 open-air, grocery-anchored shopping centers and mixed-use assets primarily concentrated in the top major metropolitan markets, providing locations with the visibility and demographics you'll need for a successful brick-and-mortar store.
We'll also provide retailers a personal business counselor who will assist in site selection, helping ensure business owners are setting up shop in the right location with strong demographics, foot traffic, co-tenancy, visibility, and other key factors. The counselor will also advise on how to build out the chosen space to suit the retailer's business and inventory. After the first year of the lease, the retailer can choose to exercise a four-year extension option.