In the Geo-Spotlight: Fort Lauderdale, Florida
When people hear the words Fort Lauderdale, Florida, they often think of pristine beaches and relaxing days at the shore. For others, thoughts of retail come to mind. A recent Miami-Herald article summarized the Fort Lauderdale shopping and restaurant scene this way: “in full bloom.” According to the article, 96.9 percent of the city’s 612,000 square feet of retail space along Las Olas Boulevard and Federal Highway, is leased. With numbers like that, referring to the city as a retail heaven is not a stretch. Taylor Fuentes is the owner of Ann’s Florist & Coffee Bar in Fort Lauderdale, and she encourages more businesses to make her town their home. “I love new business. If they work out, that’s more people coming to the street and more business for everyone,” Fuentes said. If you think you’re missing out on this or the next Fort Lauderdale, make sure you check out DMM’s Geofences & DMM Retail Boundary Polygons, which can help you identify geographical trends, visitor traffic patterns, and help you discover active retail environments around and including specific DMM shopping centers or malls. For more information, click here.
Beyond “Build It, and People Will Come” – Retail in the 21st Century
The mantra in the 1989 film “Field of Dreams,” about an Iowa farmer’s quest to create a baseball field in a corn field, is “build it and they will come.” That may work for baseball (though if you ask the Tampa Bay Rays and the Oakland A’s, maybe not), but retail can be more complicated. Companies like Forever 21 understand and recognize they need data to help them understand their customers better, calling it “the future of retail.” The company has partnered with Amperity, an enterprise customer data platform, to “create unified customer profiles and actionable insights we need to scale,” Jacob Hawkins, Chief Marketing, Digital and Omni Officer at Forever 21, recently told Retail Technology Innovation Hub, a website for the global omnichannel retail technology community. The company believes the move, thanks to Amperity’s AI powered technology, will help provide their customers with more relevant, personalized experiences. “Forever 21 is addressing the demands and expectations of the omnichannel shopper,” said Barry Padgett, Amperity’s CEO. We’re not sure if DMM’s data will help make baseball any better, but it is sure to help guide retail in the right direction. Take a turn at bat by logging in to your account and checking out our comprehensive new property details, including chain stores and independent retailer tenants at each property. If you’re here for the first time, contact us to request FREE trial access!
Big Plans for San Fernando Valley Mall in California
Major renovation plans are in the works for The Commons at Calabasas, a shopping center in California’s San Fernando Valley. According to a recent article by KTLA channel 5, the proposal includes up to 10 new stores, new restaurants, and more than 100 new apartments. The plans also call for the demolition of a movie theater complex. “Many community members requested [housing] be added to The Commons, including young professionals and families who may have grown up in Calabasas and wish to return, and seniors looking to stay in the community,” said a spokesperson for Caruso, the real estate developer that developed the proposal. The Commons has 200,000 square feet of retail GLA and has been open since 1998. The project does not yet have an estimated cost or date of completion.
Spotlight on a Top 10 Growth Market Center:
Torrance Promenade
Torrance Promenade
19800 Hawthorne Blvd.
Torrance, CA 90503
Website
Owner/Developer
Kimco Realty Corporation
Gross Leaseable Retail Area
270,749 sq. ft.
Year Opened
1972
Retailers Include
Ashley Furniture, Bob's Discount Furniture, Boot Barn, Burlington, Marshalls, Ross Dress For Less, Trader Joe's, UFC Gym, Phenix Salon Suites, Supercuts, The Vitamin Shoppe, Old Towne Lock, Photo World, Spectrum
According to the trade area analysis available on ShoppingCenters.com:
- Primary Market Population: 613,561
- Average Household Income: $125,256
- Number of Households: 216,767
- Average Shopper Age: 40.3
- Projected Five-year Income Growth: 13.05%
Two of the Top 5 PRIZM® consumer segments at Torrance Promenade include: Multi-Culti Families: (age 25-44, they represent a Midscale Younger Family Mix, own a Nissan, and attend Mexican League soccer games) and Urban Elders: (age 55+, they are Upper Midscale older mostly w/o kids, eat at organic/health food restaurants, and fly JetBlue). More details on segmentation can be found here.
Click Image to View Larger
Face It: When Kids Get Older, They’re Going to Ask Questions…
For generations, parents have dreaded the question that children inevitably ask. Call it curiosity, a growing awareness of oneself or their own mortality, but children are just curious by nature. So, when the time comes (and you know it will), with DMM you can be prepared for the big talk.
“Where do Shopping Center visitors come from?”
Thanks to our strategic alliance with B I Spatial, Near, Inc. & Claritas, we’ve created powerful and unique proprietary metrics that facilitate faster and quantifiable data analytics that organizations need to extend their brands beyond the traditional radius ring methods of analyzing locations.
So, when you’re asked the potentially uncomfortable question, with DMM you can be sure you’re ready to tackle it. Just look them straight in the eye and tell them:
- DMM’s strategic partnership with BI Spatial’s, LLC® leverages their proprietary Trade Area methodology to deliver the most accurate geographic representation of residential origination points for 70% of the customer visitor traffic to a shopping center.
- The precision built into the retail observation data integration means no more guesswork about seasonality shifts or wasted marketing spend towards areas in a radius or drive time ring.
- Detailed breakdowns of the differences between primary and tourist traffic also distinguish and refine strategic plans to target the RIGHT consumer with the RIGHT messages.
And if you need to learn more, don’t be embarrassed! Contact us today for more details and to request a trial access account on ShoppingCenters.com!
