Memphis Retail Trends: Brick-and-Mortar and Online Worlds Collide
Over in Memphis, shopping industry leaders have a phrase for the merger of online and physical shopping worlds: “omni-channel retailing.” One of the speakers at the annual Commercial Property Forecast Summit presented by the Memphis Area Association of Realtors (MAAR) Commercial Council, according to a recent report in the Memphis Business Journal, was Dustin Jones of The Shopping Center Group. Jones said the worlds of online and real-world retail are beginning to “merge together. The online moving to brick and mortar, brick and mortar moving to online.” He also predicted growth in specialty fitness areas, such as trampoline parks and cycling studios. So, next time you go to your neighborhood mall, you may find yourself watching a movie, buying some new business attire and learning how to successfully do a double back flip. And if that's the case, check out the next story: chances are the mall will also have a healthcare provider in the house.
Shoppers to Hit the Mall for Some Sneakers, Lunch, and a Check-up?
Utter the word “Obamacare” and you're likely to get a variety of opinions, some of them very loud and passionate. Regardless of the politics behind it, the Affordable Care Act has indisputably increased the number of Americans with insurance coverage. That, in turn, necessitates an increase in facilities to care for the increase in the number of patients. Cheryle Powell of Colliers International commercial real estate, writing for the Colorado Real Estate Journal, points out that the “retail sector is expected to benefit as medical clinics, urgent care centers and other outpatient facilities lease space in vacant retail spaces in shopping centers. These properties offer favorable lease terms, great visibility and convenient locations to patients.”
South Florida: Great Weather, Beaches and Lots of Shopping Center Projects
If you're in southern Florida, look around you: chances are there is shopping center construction underway or planned for the area. The Miami Herald reported recently on what the paper called it a “gold rush” in development, a combination of new, renovation and expansion projects. The Herald lists a number of projects, including Brickell City Centre, Aventura, Dadeland Mall, Bal Harbour Shops and the proposed “largest mall in the U.S.”, American Dream Miami, waits in the wings. “It's really unprecedented,” Alan Esquenazi, a commercial real-estate broker at Continental Real Estate Companies, told the Miami Herald. “The South Florida market is on fire. The demand from national retailers, as well as local and regional, is intense.”
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