Fairfield County Business Journal 041116

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FAIRFIELD COUNTY

BUSINESS JOURNAL April 11, 2016 | VOL. 52, No. 15

3 | COLLEGIAL ADVICE YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS

15 | SPECIAL REPORT westfaironline.com

Home and condo sales on the rise statewide

DOOR TO DOOR

BY KEVIN ZIMMERMAN kzimmerman@westfairinc.com

A

pair of new reports indicates that home sales throughout Connecticut are on the rise — good news for a state still feeling the effects of the Great Recession. “Falling prices and increased sales have been the trend in Connecticut for over two years now,” said Timothy M. Warren Jr., CEO of real estate sales and ownership data firm The Warren Group. “Clearly there’s a strong demand for housing and residents are snapping up deals all over the state while prices remain below the peak of a decade ago.” According to Warren, single-family home sales in the

Head chef and founder of Zone Manhattan seasons dishes for cooking before being sent to clients in the tristate region. SEE PAGE 2 Photo by Bob Rozycki

state increased 29.9 percent in February, with 1,788 single-family homes sold compared with 1,376 sold in February 2015 — making this year’s figure the highest sales mark since February 2007, when 1,860 homes were sold. Year-todate, sales were up 27.6 percent with 3,509 transactions compared with 2,751 during the same timeframe a year ago. The median price of a singlefamily home fell by almost 1 percent in February to $222,750 compared with $224,900 a year ago. In the past 24 months the median price has increased only once, in March 2015 when it showed a 3.1 percent increase. Year-todate, prices increased by 1.3 percent to $228,000 compared with $225,000 during the same time » HOME, page 6

Low prices, big gamble

IRISH CLOTHIER PRIMARK COMING TO DANBURY BY KEVIN ZIMMERMAN kzimmerman@westfairinc.com

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hen Ireland-based discount clothing retailer Primark opens its store in the Danbury Fair Mall this summer, it can probably expect

strong sales from its target consumer demographic: Fashionconscious shoppers who usually patronize stores like Forever 21 and H&M, and who are cost-conscious enough to be pleasantly surprised by its Walmart-esque approach to pricing. As evidenced on its U.S. web-

site — where men’s, women’s and children’s clothing typically cost less than $10, and home décor and bedding offerings go for less than $20 — Primark’s products are priced to sell. Given the entry into home goods by Zara and H&M, and the long-established JCPenney and Kohl’s in the same space, it would appear that Primark is hitting the ground running. “With U.S. shoppers increasingly seeking budget-friendly merchandise that doesn’t compromise on fashion or quality, there is an ideal opportunity to introduce our well-regarded for-

mula of up-to-the-minute designs at value-for-money prices to the Northeast region,” remarked José Luis Martínez de Larramendi, president of Primark U.S. Corp. In addition to the 53,600-square-foot store in Danbury, Primark is also opening outlets through 2017 in the Willow Grove Mall (Willow Grove, Pa.), Freehold Raceway Mall (Freehold, N.J.), Burlington Mall (Burlington, Mass.), Staten Island Mall (Staten Island, N.Y.), South Shore Plaza (Braintree, Mass.), and American Dream Meadowlands in East Rutherford, N.J. It already has stores open

in Boston’s Downtown Crossing and Pennsylvania’s King of Prussia Mall. Primark is carefully selecting its locales to avoid competing in major cities (Boston being the exception). Martínez said the Danbury location was chosen because it “offers an ideal and convenient location in Connecticut, with an impressive mix of retail offerings and a strong level of customer demand.” As is the case with most of its U.S. locations, Primark’s Danbury store is being carved out of an existing Sears store via a lease » PRIMARK, page 6


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