Population Shifts Drive Development of Mixed-Use Projects
Back in the day, people fled the cities to the suburbs. They bought homes and spent leisure time shopping and hanging out at the mall. Though shopping habits have changed somewhat over the last twenty years, what hasn’t changed is that people still want to live in places, buy things, and participate in fun and engaging activities. Mixed-use developments have become more prevalent in recent years as people have decided in many cases, they’d like to live, work and play in the same place, but they don’t necessarily want to be back in a large metropolis – but they want the conveniences a city would offer.
The ICSC held their convention at the Orange County Convention Center in Orlando last month, and according to a recent article posted on the Business Observer of Florida’s website, a major topic was new real estate and retail market strategies, especially as populations grow in particular areas and how their needs can most effectively be met. Commercial real estate editor Louis Llovio noted that, “fewer traditional shopping centers being built and less square footage coming online by no means spells the end of traditional brick-and-mortar retail in Florida. As conversations about the future of retail developments were going on, dozens and dozens and dozens of retailers and restaurant operators were having serious discussions with dozens and dozens and dozens of commercial real estate brokers and brokerages about Florida expansion plans.” DMM’s Shopping Center Geofences and Retail Boundary Polygons tools can help you be prepared when you need to know Consumer Lifestyle and Behavior Trends of the trade areas around DMM’s major shopping centers and malls in North America.
New Mixed-Use Development to Replace Older Shopping Mall in Augusta, Georgia
The former Regency Mall property in Augusta, Georgia, which has been closed since 2002, is getting new life as a mixed-use property. That’s the plan so far. WRDW TV recently reported the $200 million project would include a new shopping mall, hundreds of new homes, and a school. Owner Cardinal Management Group is helming the project, but it’s unclear when it’ll be done. “This developer’s desire is to make sure that we can do that in this part of town, is great for Augusta,” said Tax Commissioner Steven Kendrick. The development is slated to have 196,000 square feet of commercial space, 220,000 square feet for a performing center or charter school, and 1,000 multi-family units at market rate. If you check the database here at ShoppingCenters.com, you’ll find that Augusta, GA, has 18 other shopping centers for people to enjoy, but this project promises to be something the folks there have never seen before.
In-Store Retail: Don’t Forget the Basics
For all the fancy-shmancy digital tools we have and data crunching we do these days it would also behoove today’s retailers to remember that shoppers usually just want the basics when it comes to in-store shopping. That’s according to The State of Consumer Behavior 2022 report from Raydiant, a digital signage provider based in San Francisco, California, and detailed in a recent article by CEO Bobby Marhamat for MyTotalRetail.com. Marhamat suggests shoppers generally want three things: value, quality products, and convenience. “Self-checkout kiosks, highly visible signage, and varied fulfillment and checkout options are layups for brands that want to ensure maximum convenience. When your associates aren’t available — an unfortunately common reality amidst nationwide labor shortages — such self-service options will be,” Marhamat said. If you’re a digital signage company or provide other services to retailers and their properties, make sure you’re using DMM’s data in your prospecting efforts to reach landlords, property managers and marketing directors.
Spotlight Listing: Plaza del Sol
Top 10 Growth Market Center: Mobile Traffic (12 Months Rolling) is 145,726, with Current Quarter Traffic at 32,083.
Gross Leaseable Retail Area
229,707 sq. ft.
Costco, dd's Discounts, Phoenix Ranch Market, Krispy Kreme, Little Caesars, McDonald's, Wingstop, T-Mobile, Chase Bank, IORA Health, Western Dental, Costco Gas Station
Top 10 Growth Market Center. Plaza del Sol’s Mobile Traffic (12 Months Rolling) is 145,726, with Current Quarter Traffic at 32,083.
According to trade area analysis available on ShoppingCenters.com:
- Primary Market Population: 680,754
- Average Household Income: $71,471
- Number of Households: 226,879
- Average Plaza del Sol Shopper Age: 35
- Projected Five-year Income Growth: 15.21%
Combating the Returns Crisis – Charting a Path Forward
Earlier this year, Chris Jarvis, the Founder of uReturn, penned a piece for us on the issue of returns for real-world retailers. Chris says we’re at a tipping point. Savvy retailers, he says, are paying close attention to the impact that is now being realized following a record holiday selling season and to the pandemic-fueled e-commerce growth (which he called “significant”).
In the article, he emphasizes that returns have long been accepted as a cost of doing business, in the e-commerce era this has to change. “Returns have a direct financial impact but more importantly, they can have devastating repercussions on customer loyalty. I like to say, ‘every return tells a story around brand commitment.’ It’s a high bar. Today customers can buy anything from anyone, and 80% will stop buying after a single bad returns experience. Returns are make or break for the customer,” he notes.