Wayfair Continues Physical Store Rollout in New Jersey

Home goods specialist Wayfair has inked a deal with landlord Bridge33 Capital to open a new large-format retail store at Nassau Park Pavilion in Princeton, N.J. The store will measure 135,000 square feet and is slated to open in 2027.

The 760,000-square-foot retail center is anchored by TJ Maxx and Burlington. It is located adjacent to New Jersey’s US Route 1, that ensures a direct route from Trenton to the New York City area. The store represents further expansion by Wayfair, which started off as an e-commerce venture and maintains a major online presence, while increasingly embracing physical stores in line with broader retail trends.

In more recent years, the company has opened physical stores, including its first in Wilmette, Ill.,—a 150,000-square-foot store in the affluent North Shore of the Chicago area—and another early this year in Atlanta. Wayfield has announced upcoming locations in Cincinnati and Columbus, Ohio; Denver; Fort Lauderdale, Fla., and Westchester, N.Y.

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Wayfair CEO Niraj Shah said on the company’s April earnings call that physical retail locations are proving to be an effective way to attract new customers. He noted that the recently opened Atlanta store has outperformed the initial launch of the company’s Wilmette, Illinois location.

According to Shah, Wayfair expects to expand its store footprint further, with new locations planned for Columbus, Ohio—to open this summer—and Denver—to be launched in November—along with several additional openings scheduled for next year.

Bridge33 Capital’s active investor activity

Bridge33 Capital is a specialist in retail real estate investing with more than $2.5 billion in assets under management. Its portfolio includes more than 50 properties in the Northeast, Southeast, Midwest, Texas, California and other markets.

In January, Bridge33 Capital acquired Crosspoint Shopping Center, a 170,000-square-foot power center in Hagerstown, Md. The shopping center features Ross, Michaels, DSW, Petco, Kohl’s and Old Navy.

Late last year, Bridge33 acquired Sparks Crossing in metro Reno, Nev. The 329,000-square-foot property includes Ross, Trader Joe’s, Best Buy, Michaels, PetSmart, Ulta and Dollar Tree among its tenants.