ICSC Rebrands to Reflect Changing Shopping Demographics
In an effort to broaden its umbrella, the International Council of Shopping Centers has changed its name, while keeping the same initials, to now be known as the “Innovating Commerce Serving Communities” organization. CNBC reported the group hopes to expand its membership base to include businesses outside the traditional real estate industry, including technology start-ups and real estate service providers, while also targeting a younger workforce. “It’s reflective of what’s happening in the industry as a whole, and within our membership. And we’re evolving with the industry,” ICSC President and CEO Tom McGee told CNBC. The group expects to return with their annual trade event this December in Las Vegas, NV, for the first time in two years.
Mixin’ It Up: Two Development Projects Focus on Mixed Use
Two new development projects are looking to capitalize on the mixed-use trend, combining traditional retail with non-traditional mall staples. In upstate New York, the former ShoppingTown mall in DeWitt near Syracuse is expected to undergo significant changes, bringing in housing, entertainment, restaurants, hospitality, retail and office space. Syracuse.com reported that the DISTRICT EAST project will create five distinct, blended areas on the property. “We could not be more excited to celebrate this new chapter for the ShoppingTown mall site. [O]ur community can finally look forward to reading about grand openings, job openings and progress,” said Ryan McMahon, County Executive, Onondaga County. Near Atlanta, GA, the Emerson Center will have 37,000 square feet of retail space for restaurants and shops accompanied by a Hilton hotel and 300 apartments in east Smyrna. According to the Atlanta-Journal Constitution, the developer, RASS Associates, estimates the project’s cost at up to $137 million. “I think we’ve finally got a product that the community will be happy for. It’s a huge economic investment into our city,” said ward 1 Councilman Glenn Pickens.
Ulta Lines up Target; Bed, Bath & Beyond Re-Develops NYC Flagship
The store-within-a-store concept still has its fans, as several big-name brands are looking to develop such symbiotic relationships. One is a partnership between beauty brand, Ulta, and doing-well-in-the-pandemic retail juggernaut, Target. As RetailDive.com reported, for Target, the goal is to strengthen its place with the beauty category. For Ulta, the move lets it reach new customers while enhancing loyalty from existing ones. “With two powerhouse retailers, our collective brand love, loyalty and omnichannel expertise will inspire guests and raise the bar for the beauty shopping experience,” said Target’s Christina Hennington, executive VP and chief growth officer. The Ulta stores are expected to open in August. Meanwhile, Bed Bath & Beyond opened its redesigned flagship store in New York City. RetailDive.com reports the 92,000-square-foot store features an improved layout and in-store shopping tools via BB&B’s mobile app. There’s also an interactive vacuum display, a SodaStream “Bubble Bar” and a Casper (“the Sleep Company”) shop-in-shop. “Our Chelsea flagship has served [the] local community for decades. We’re proud to invest here and add to New York City’s ‘return to normal’ to serve residents and visitors alike,” said BB&B CEO Mark Tritton.
Bayshore Town Center
5800 N. Bayshore Dr.
Glendale, WI 53217
Gross Leaseable Retail Area
999,996 sq. ft.
Barnes & Noble, Kohl's, Target, Trader Joe's, Journeys, Express, Lane Bryant, Orvis, Five Guys Burgers & Fries, PANDORA, Magical Nails, Erik's Bike Shop, U.S. Cellular, First Citizens Bank, LensCrafters, Total Wine & More
Formerly known as Bayshore Mall, Bayshore Town Center’s GLA reflects the retail portion of this enclosed and open-air center. The complete size of this mixed-use project is 1.2 million sq. ft. Bayshore Town Center serves a primary market population of 736,396 with an average household income of $78,146.
The Winds of Change Favor Retail
We can’t deny that the period between 2008 and 2020 was one of the most challenging for retailers. With the retail sector facing two major structural headwinds, demographics and homebuilding, big spenders are back, and how! Learn more in this article about retail re-emerging to meet the demands of “new roofs” with the growth of the big spender population, the surge in retail sales, development from last year, and more!