Memphis Seminar: Retail is Evolution, not Extinction
In the Disney animated classic, “The Lion King,” Elton John sang of the circle of life. Whether on the African continent among the jackals, hyenas and lions or in Memphis working in e-commerce, commercial real estate or retail, it’s safe to say that circle of life has some ups and downs along the way. Though Memphis is no stranger to retail ups and downs, Shawn Massey, a partner with The Shopping Center Group, was a panelist this month at a retail seminar and said, “For every store that closes, 2.7 open up. Retail is evolution, not extinction. Retail is always transforming.” At the Memphis Daily News’ “Commercial Real Estate Review & Forecast” Massey emphasized that industry bankruptcies “were examples of retail companies that were unable or unwilling to evolve to meet the changing needs of consumers, not a harbinger that in-store retail shopping faces extinction.”
Shopping Center Owner Hopes Mall Singers Make People Linger
The Lewisville Vista Ridge Mall near Dallas, Texas, has a new owner who is not content with tradition. In their quest to evolve and adapt to the new retail realities, Odessa-based ICA Properties is renaming the shopping center “Music City Mall at Vista Ridge” and putting some money into it to help attract people to “come in and linger” as they listen to local musicians and school groups performing at the shopping center. According to the Dallas Morning News, the company had a similar strategy with The Music City Mall in Odessa, the largest mall between El Paso and Ft. Worth. That mall “was 60 percent leased before ICA bought it, and it is now around 90 percent leased,” said James Kunke, Lewisville’s community relations and tourism director.
Lowe’s Expands Smart Home “Store-within-a Store” to 70 Locations
While retail tends to break up into segments, each segment tends to overlap with all the others in many ways. For example, consumer electronics stores also sell white goods. So, it’s not uncommon to see a washer-dryer combo in Best Buy, you may also find a similar system at Home Depot, ostensibly a hardware store. Lowe’s is taking that another step further. The company is working with b8ta, a “software-powered retailer,” to bring its successful three-store Smart Home pilot program to another 67 stores. The store-within-a-store format envelops customers in a “lab-like” setting, allowing customers to interact with products and apps as they would at home. “The b8ta stores definitely help Lowe’s create a different sort of customer experience in their stores,” noted Dan O’Shea, Contributing Editor, RetailDive.com. The new displays are located in major U.S. markets, including New York City, San Francisco, Los Angeles, Tampa and Charlotte.
DMM at ICSC’s Deal Making Show 2017 – Booth #363
Make sure to stop by the DMM booth (#363) during ICSC’s New York Deal Making, December 6 – 7, 2017, at the Jacob K. Javits Convention Center in New York City. At the show, you can learn about our new “Cross-Shopping” report services, online access and custom databases. Hear how DMM and ShoppingCenters.com have grown to become the industry’s most comprehensive and accurate source for major shopping center and retail data. Our reliable reference tools can assist you in identifying opportunities and making decisions for your business. We’re also offering a show discount for online access to ShoppingCenters.com, so make sure you stop by! This event is a great opportunity for owners, developers, retailers, brokers, lenders, municipalities, property asset managers and product and service providers to gather under one roof to exhibit, make deals and form successful business partnerships. See you there!