Gambling on Grocery-Anchored Shopping Centers: Retail’s Safest Bet
People crave fresh foods. Amazon knows it, and even they can’t ship it to you fast enough. So, they’ve opened stores faster than Santa’s elves open letters from children. A recent report by IT solutions provider, Coresite, suggests there are several grocery real estate trends to watch, including the growth of grocery discounters. According to commercial real estate website, GlobeSt.com, though grocery-anchored retail properties have been the most resilient retail category, that could change post-COVID. “Grocery anchored retail has been the safest bet in the retail sector throughout the pandemic, but the driving force influencing grocer performance is switching from COVID to inflation,” said Lisa Knee, Partner, EisnerAmper. “Higher food and restaurant prices will keep people eating at home. At the same time the local grocery store chains are becoming more expensive relative to savings-oriented options like Walmart and Costco,” Knee added. Find out more about how COVID is affecting retail and the data you need to stay ahead, click here for the ShoppingCenters.com exclusive, “Covid Changed Everything. Do You Have the Shopping Center Data You Need?”
Over in Connecticut, in Aisle Three…Apartment 3G?
The folks behind the Connecticut Post mall in Milford, CT — while not exactly outlining a road map just yet, and no shovels yet in the dirt — are hinting residential could be in the mix for redevelopment there. That’s where a 179,000-square-foot Sears closed in 2019, and a recent article on Hearst Connecticut Media’s CTinsider.com noted some non-retail tenants could take over vacant areas where big boxes once stood. “We have proven success in other markets redeveloping spaces like this into mixed-use projects that have included residential, entertainment, dining, health-and-wellness and park-plaza space among other diverse offerings, and we envision doing something similar with the former Sears space,” said Jon Meshel, vice president of development, Centennial Real Estate Co.
Pandemic-Era Trends Retailers Are Likely to Keep Post-COVID
The pandemic has made your humble e-newsletter editor a lot more aware of cleanliness routines and personal space. For example, nowadays, upon entering an escalator in a shopping mall, he is loath to hold the handrail (though the recommendation is to hold on), he is also more likely to select buttons in an elevator (if he gets in one at all) with his knuckles rather than his fingers, and shopping carts get many a wipe-down with store-supplied wipes (Niles from Frasier was, indeed, way ahead of his time). While most shops aren’t likely to get rid of their hand sanitizer kiosks too soon, there are other trends that retailers will likely stick with in the coming years. The folks at BizTech Magazine cite Susan Reda, the National Retail Federation‘s VP of education strategy, who suggested retailers use technology to provide innovative and personalized in-store shopping experiences. “Personalization matters. Customer expectations for an experience that is relevant across physical and digital channels is the 2022 iteration of loyalty. Show them you know them, and they’ll stick with you; mess up and they’re out.”
The Fashion Mall at Keystone
8702 Keystone Crossing
Indianapolis, IN 46240
Gross Leaseable Retail Area
716,555 sq. ft.
Simon Property Group, Inc.
Crate & Barrel, Nordstrom, Saks Fifth Avenue, Englin's Fine Footwear, Bunny McQueen, Michael Kors, J. Benzal, GapKids, Urban Outfitters, Starbucks, PANDORA, Paper Source, La Biotique, See's Candies, West Elm, Apple
The Fashion Mall at Keystone is the premier luxury shopping destination for the Indianapolis metro area, and Indiana. The Fashion Mall at Keystone serves a primary market population of 1,311,583 with an average household income of $102,736.
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