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What drives rent? Sales. When tenants do well, they can afford to pay higher rents. That’s why they want to be in markets where their audience already shops, eats, and spends time. Interestingly, e-commerce actually helps with that. When brands like Starbucks, Neiman Marcus, or TJ Maxx open a store in a neighborhood, their online sales in that area go up too. About a decade ago, many e-commerce-only brands like Wayfair, Bonobos, and Warby Parker learned that being online wasn’t enough. Customer
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