Size Matters: Smaller is Better (Demand for Little Shopping Centers Booming)
A retail expert says interest in smaller malls and shopping center properties is on the rise, particularly those in the vicinity of 50,000 square feet. That’s according to Real Estate Weekly which recently posted an interview with Joseph Lowry, director of acquisitions / business development for Levin Management, a retail real estate services firm. In the interview, Lowry noted that with low interest rates, “leasing, investment demand and pricing all are quickly returning to pre-recession levels, presenting an ideal time for owners to stabilize or reposition their properties and test the market.”
Where are you in the Development Chain? How to Design a Mall
The world has become a very small place. People get ideas and inspiration from all over the world when they dream up a project. A specialist with Beyond Squarefeet, a mall advisory company based in Mumbai, India, has penned an article for The Economic Times of India’s retail website, ETRetail.com. Susil S Dungarwal described the basic process that developers go through when designing a mall. “A common mistake is that while designing a mall, a lot of emphasis is given to the look and feel or exterior finishes of the mall, but not as much to the basic circulation planning,” he wrote. “Look and feel undoubtedly are important factors, however an efficient Design Planning & Circulation is most critical.” Do you agree with his assessment? What did he leave out? Tell us by sharing and Tweeting your ideas to us.
New Project News: Lifestyle Shopping Center coming to King of Prussia, PA
Despite more than four hours round trip of driving to do, if there is a great Cheese Steak sandwich to be eaten, your humble e-newsletter editor may find himself taking I-95 to Route 276 once this place opens in 2016. The movement to “lifestyle centers” is reportedly continuing near the streets of Philadelphia, with a 20-acre development called the King of Prussia Town Center. Philadelphia Magazine takes a look at a new project for the area that it said is slated to feature a lively Town Square that offers “a green space for free yoga sessions in the morning or seating for relaxing or taking in live entertainment” with “modern architectural structures” that “mesh with water features that dot the landscaped grounds.” Oh yeah, there’ll be retail there, too.