DMM Retail Industry e-News Issue #248

Pundits Posit Predictions Post-Pandemic

While it looks like we’re safely on the other side of the pandemic and retail got its footing again in 2023, the retail pundits and industry insiders are figuring out what the new year holds. In a recent article from the folks at Building Design+Construction, some speculated 2024 could see the mixed-use trend expand even further than it did in 2023. Jonathan Fiato is a Senior Director with Shawmut Design and Construction, and he said he’s seeing retail-related construction demand going up. Retailers are also taking more into consideration how their space might need to be utilized in the future. “We continue to push innovation and develop creative design solutions for clients seeking flexible spaces which can contract and expand based on tenant needs,” said Rob Budetti, Managing Partner of AO, an architectural services company based on Orange, CA.

Triumphant Tech Trends Tops in 2024

Sick of those QR codes? Or video screens that blast audio as you walk by? Didn’t think so, and retail customers aren’t either, and they’re going to get more of that in 2024. B2B IT market publication DevPro Journal recently published its list of retail trends to watch in the coming year. Among them: new ways to use QR codes, increased omnichannel consumer and personalization experiences, and more experience retail and “conversational commerce.” Christina Augustine, COO, Bloomreach, noted that, “In 2023 we began to see the rise of experience retail. The widespread excitement around events like the Barbie movie or the Taylor Swift Eras Tour immersed consumers wholly in the experience — driving related purchases for themed outfits, accessories, costumes, and so on. In 2024 we’ll see that trend continue.”

Two 80s-era Malls in FL Weather Changes, Look to Future

Two Florida malls that have their roots in the era of big hair, MTV and Reaganomics, are making some changes so the times don’t pass them by. Just south of the hustle and bustle of Miami, there’s The Falls, an open-air regional center with a GLA of 839,967 square feet owned by Simon Properties, and the Palms at Town & Country, an open-air Lifestyle/Specialty/Mixed-Use center with a GLA of 660,138 square feet owned by Kimco Realty Corporation. The Miami Herald recently documented their beginnings, their impact on south Florida over the last 40 or-so years, and their futures, which includes the addition of residential apartment buildings, and more. “We are currently in the earliest planning stages, and over the course of 2024 will be engaging with key stakeholders while also monitoring the residential market and overall economic conditions to determine timing and next steps,” said Christa Kremer, a Director of Marketing for Kimco.

Holiday Treats! ShoppingCenters.com Launches New Cross-Shopping, Area Visitation and Anchor Store Closing (and Opening) Identifiers

A host of new features and data were recently added to ShoppingCenters.com and the DMM dataset this quarter. If you haven’t treated yourself to them yet, it’s the perfect gift for you to give to you this holiday season! With the integration of mobile visitor traffic and trade area analysis, it’s now easier than ever to identify the Top 5 Cross-Shopped Centers, competing centers, analyze visitor traffic metrics, evaluate Trade Area demographics, and discover just how far the average shopper will travel to visit a center.

Need to find vacant or shuttered anchor stores? Maybe you have one at your property? Check out the NEW Anchor Store status and vacancy metrics and review the PRIZM segmentation and Claritas trade area demographics to help you answer the question; “What might be the most appropriate uses for them. Apartments? Mixed-use? Logistics centers? Another mall?” The possibilities are endless!

Here’s the best part: it’s easy to use and budget-friendly! Request a FREE trial to check it out yourself.

So, when that special someone gets you a tie or slippers that just don’t do it for you, treat yourself to the gift that keeps on giving and helps you stay ahead of the trends.

Happy Holidays from the DMM Family to Yours!

Spotlight on a Top 10 Growth Market Center:
The Crossings of Spring Hill

According to the trade area analysis available on ShoppingCenters.com:

Primary Market Population: 405,702
Average Household Income: $134,960
Number of Households: 150,968
Average Shopper Age: 38.3
Projected Five-year Income Growth: 9.70%

Two of the Top 5 PRIZM® consumer segments at The Crossings of Spring Hill include the Country Strong demographic: they represent a rural, Middle-Age Family Mix (age <55), they like to hunt and watch “Truck Night in America;” and Fast-Track Families: they represent a rural, Upscale Middle Age Family Mix (35-54), own a RAM, and eat at Jimmy John’s.

Click here for details on improved site selection, center tenancy planning, and target marketing via quick access to segmentation and lifestyle behaviors & preferences.