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NAPERVILLE, IL-Despite widespread contraction as a result of the current economic climate, some businesses have continued to grow in spite, and perhaps because of market instability. Market experts point to discount variety store Dollar Tree’s growth in recent months as one example of a business that is capitalizing on the recent emphasis on frugality. The Chesapeake, VA-based national retailer recently signed a five-year lease for 9,000 square feet at west suburban Ogden Mall, a location which adds to the 180 stores the company has already opened in just the last year.

“Dollar Tree offers basic consumer items on a discount and I think we’re seeing that discount retailers are benefiting from the global recession,” says Katie Hennegan, leasing representative with Mid-America Asset Management Inc., which represented the shopping center’s owner, Newcastle Properties, in the lease. Kyle Mayberry of Zifkin Realty & Development represented Dollar Tree in the lease.

“Dollar Tree is experiencing huge amounts of growth and saying store sales are up significantly over last year. Other businesses along those same lines, dollar stores in general and all discount retailers whose business model is based on offering products for lower price points, will see strong success in this market,” Hennegan says.

Hennegan says Naperville has not been hit as hard as some other submarkets have by the economy. “General vacancy has increased across the board for retail,” Hennegan tells GlobeSt.com. “We’re seeing a decrease in occupancy in the larger Fox Valley Corridor market further west of this location more so than here in Naperville. Ogden Mall is a community-anchored intersection, with more of a community feel.”

Asking lease rates range between $10 to $12 per square foot, net, for spaces of this size in Ogden Mall, which is on the northwest corner of Ogden Avenue and Naperville Road at 1199-1295 E. Ogden Ave. Close to Interstate 88, the 273,000-square-foot Ogden Mall is 80% occupied. When it opens in July, Dollar Tree’s new location will join another store in Naperville along Route 59 on the community’s west side.

Dollar Tree, which sells everything for $1 or less, is the nation’s largest discount variety store chain, operating nearly 3,600 stores in 48 states. The company saw an almost 12% year-over-year increase in sales for Q3 in 2008, reporting total sales of $1.1 billion.

“The company is focused on expansion in the Chicago area and this location really enhances their presence in the western suburbs and the large trade area that Naperville encompasses,” Hennegan says. “We expect this store to be a significant draw for the shopping center, and something that will compliment and be a help to our existing tenants.” Other tenants at the shopping center include Kmart, Citibank, H Mart, Panera Bread, Ogden 6 Theatres, Ginny’s Hallmark and Cuisine of India.

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