Retail Case Studies: Philadelphia and the Carolina Triangle
Despite adversity, the strong — and oftentimes, the patient — learn, survive, grow and thrive. Such could be said for the Philadelphia retail market in the wake of COVID, according to a recent piece on REBusinessOnline.com. The article suggests recent data shows the market’s lowest vacancy rate of the post-pandemic era. Many agree favorable interest rates have been key to the area’s success. “The Federal Reserve has been raising interest rates in an effort to tamp down inflation, which was largely a result of the trillions in stimulus…following COVID-19. That stimulus money not only helped carry retail through, but also made retail stronger than it was pre-pandemic,” said Jeff Fischer, VP at Federal Realty, a retail landlord with a large presence in the Philadelphia area. Similar stories are coming out of the North Carolina Triangle area. According to a recent piece on WRAL TechWire, retail construction activity has resumed in the post-COVID era. “For the Triangle economy, we’re seeing all boats rise. Coming out of COVID, downtowns were really hurting, but more recently, we’re seeing a resurgence in downtowns,” said Tiffany Barrier, senior VP at CBRE|Raleigh.
DMM’s data can get you quick access to the property, landlord and tenant details including chain, regional and independent tenants in these locales and the expanding suburban growth markets across North America, including consumer profiles/segmentation, visitor activity for thriving properties, and more. Click here to get started!
Malls and Shopping Centers in DMM’s Backyard Getting Major Makeovers
Three former, current or re-imaginings of shopping centers and malls, right in The Directory of Major Malls’ own backyard, are tackling new trends for modern retail. A recent article on DailyVoice.com noted the recently-closed Galleria Mall in White Plains, NY, has a developer pushing a “multi-billion plan” known as “District Galleria” to convert it into a retail-residential mixed-use property. “The District Galleria will go a long way in making our local community more enjoyable, desirable, sustainable, and resilient,” said Cappelli Organization founder and CEO, Louis Cappelli. In Central Valley, NY, Simon Property Group-owned Woodbury Common Premium Outlets, is looking at a major expansion project. RCBizJournal noted, “Millions of visitors go to Woodbury Common’s 150-acre mall yearly, with its 250 retail stores and restaurants. It’s a significant tourism magnet – [the] project would be the mall’s fourth expansion since it opened its doors in 1985.” RCBizJournal.com also recently reported that in nearby New City, NY, developers from Bridon Realty Co., LLC and NewCo Development LLC are looking to reimagine the Clarkstown Plaza, a mid-size shopping center anchored by a supermarket and a now-closed movie theater, with a 6-story resident tower and a mix of retail.
You can find detailed data on Woodbury Common Premium Outlets, and thousands of other properties from open-air to power to outlet and super regional malls, on ShoppingCenters.com. Click here to find your way!
TotalRetail Tackles AI in Retail
AI is everywhere, so we can either fear it and fall behind or learn about it and use it to our advantage. The folks at TotalRetail recently examined the AI issues in retail at its Total Retail Tech conference last month in Denver, CO. At a panel session titled “How Generative AI is Shaping the Future of Retail,” various tech and marketing leaders weighed in on the controversial sci-fi technology. “This isn’t just a niche thing. I think it is worth the hype,” said Jim Forester, chief information officer at jewelry brand Kendra Scott. In a separate opinion piece, “The Evolution of AI in Retail and Why it’s Only the Beginning,” Sergio Iacobucci, senior director of commerce marketing at AI platform Coveo, said the North American market for AI solutions in retail was estimated at $2.2 billion in 2022, and that was expected to increase almost nine times by 2027. “Brands can leverage AI in multiple ways to better the customer experience, provide more self-service support options and, ultimately, boost profits,” Iacobucci said. What do you think? Is AI all that or destined to end up in the big bin of failed tech (we’re looking at you, Zune and DIVX)? Tell us via Twitter (or “X” or whatever it is by the time you read this).
Spotlight on a Top 10 Growth Market Center:
Gross Leaseable Retail Area
347,000 sq. ft.
H&M, Regal Cinemas, Journeys, Sole St. Shoes, Francesca's Collections, Hot Topic, Cinnabon, Maggiano's Little Italy, Pepper Palace
According to the trade area analysis available on ShoppingCenters.com:
- Primary Market Population: 1,505,181
- Average Household Income: $118,531
- Number of Households: 609,496
- Average Shopper Age: 38.2
- Projected Five-year Income Growth: 16.07%
Two of the Top 5 PRIZM® consumer segments at Belgate Shopping Center include: Connected Bohemians: (age <55, they represent a Midscale Younger Mostly w/o Kids, they own an Infiniti, and eat at organic/health food restaurants) and Low-Rise Living: (Midscale Middle Age Mostly w/o Kids, age <55, they own a Saturn, and eat at Popeye’s).
Click here for details on improved site selection, center tenancy planning, and target marketing via quick access to segmentation and lifestyle behaviors & preferences.
DTC Brands: Consult DMM Before Opening Brick & Mortar Locations
You’ve probably seen the growing trend lately of Direct to Consumer (DTC) retailers opening Brick & Mortar locations. Warby Parker and Allbirds come to mind, as do Casper, Bonobos, and the granddaddy of them all, Apple. They don’t just pick locations out of a hat. Extensive research goes into selecting a location that’s right for their product mix and strategies.
If you’re a DTC brand looking to open real-world shops in a major mall or shopping center, DMM’s data will help you find your “Best Fit” locations based upon the segments that match your target consumer.
DMM has done the work for you by integrating high level mobile activity, creating trade areas, adding segmentation analysis, property details and co-tenancy metrics to create a “one-stop-shop” for identifying those “Hot” markets where your biggest online customers are located.
Contact us today to set up a demo call with our experts to see for yourself the power of integrating the ShoppingCenters.com platform into your process for quickly and affordably analyzing prime-time locations. See how to pinpoint geographic locations, access visitor traffic metrics, the types of shoppers that are in your target zone and their behaviors, buying habits, and preferences, helping you find the next best location for your new retail concepts. For more information, click here.