DMM Retail Industry e-News Issue #200

Charlotte Shopping Center to Get Apartments, More Pedestrian-Friendly Look

The Metropolitan Shopping Center of Charlotte, North Carolina, will be getting a new, fresh look and will become more pedestrian-friendly. That’s according to a recent article by Axios Charlotte, formerly known as the Charlotte Agenda. Writer Katie Peralta Soloff noted commercial real estate company Northwood Investors plans to give the mixed-use center a refresh this year. “Areas of focus include improving the retail and dining ‘front door’ atmosphere, strengthening connections among the outdoor spaces, and transforming the pedestrian experience with engaging design elements,” said Jonathan Stewart, VP of leasing, Northwood Retail. Northwood bought the center and the land around it in 2020 for just over $92 million. The company also reportedly has plans to add a 28-story apartment tower to the site.

COVID Recovery to Come Mid-2021 as Natural Disaster-like Recession Wanes

A prominent real estate law firm is predicting shopping centers are well-positioned for a COVID recovery by mid-2021. That’s according to Gary Glick, a partner at Cox, Castle & Nicholson in Los Angeles. Glick recently told commercial real estate website GlobeSt.com (free registration is required) the pandemic has created not a financial recession, but one more akin to a natural disaster. “[A] hurricane or earthquake…typically interrupts the supply of goods and services. When a disaster of this sort ends, a V-shaped recovery typically ensues,” Glick said. Some retailers are doing well already. As more people have been staying closer to home, Hoods Discount Home Center, has been doing well. They’ve acquired a vacant shopping center in St. Peters, MO, not far from St. Louis, to open a new store and is looking for others to fill the space it doesn’t use. KSDK.com recently reported the company “…project[s] their new store will open this spring and employ about 30 people.”

Mall Space: Not Just for Retail Anymore

Shopping centers and malls are evolving, in many cases retail isn’t a mall’s primary occupant as it was in the 80s. Mall owners have shown a number of ways they can adapt during this time of COVID. Some ideas are more creative than others. “Retail Dive” jumped in with both feet recently and found the top five creative ways malls are using their space. They include COVID vaccination sites and medical spaces, churches, and office space. Retail editor Kaarin Vembar notes that, in the case of office space, “…landlords and remaining stores largely hope that those efforts will drive traffic to stores and restaurants that are in the same location.”