So, You Want to Redevelop a Big Box Retailer. What’s Next?
A big trend in the retail world is the redevelopment of big box shopping centers. It’s no longer enough to be a collection of retailers. Shopping centers today are morphing into lifestyle centers that feature everything from green space and parks, electric car chargers, wellness centers, fitness options, hotels, residential housing, office space, dining, entertainment and more. Many of those uses weren’t necessarily designed for the spaces they are targeting. In a recent post, Tandy Patrick of the Dentons law firm noted that trying to make an existing REA (reciprocal easement agreement) work with a new project can be challenging. “[It’s] like fitting a square peg into a round hole. Many existing REA documents were drafted decades ago and did not contemplate the concept of mixed use or redevelopment of existing centers,” she wrote. So, in addition to being armed with intelligent data from the Custom Data Products found on ShoppingCenters.com, make sure you have an ace legal team getting your ducks in a row!
When Retail Reigns, It Pours Money
A Texas-based retail real estate firm has shared some very specific trends they’re looking at that they feel provide the right combination of services for consumers. In a recent opinion piece for D Magazine (Dallas, TX) Danny Lovell, president and CEO of The Rainier Companies, said that he’s spotted several trends while looking for value, among them: preferred equity investments, grocery-anchored shopping centers, and repurposed retail boxes. “Brick-and-mortar retail is successfully competing with online-only retail. Shoppers are out again, craving in-person brand experiences. Also, retailers have figured out the shipping game… for “last-mile” delivery,” he said. Integrating DMM’s major shopping center geofences and retail boundary polygons into your analysis will help you determine who the consumers are close to your properties. For more information, click here.
Keys to Retail’s Future: Keep Spaces Fresh, Be Proactive, Embrace New Concepts
Sometimes it takes a calamity to create change. Case in point, shopping center operators and developers are embracing the new challenges that the last several years have forced upon them and consumers, and the ways they go about their lives, and celebrate them – and shopping centers are adapting to those new realities and experimenting to keep things fresh. That’s important: keeping it fresh. In a recent article posted on Chain Store Age’s website, Josh Poag, the President & CEO of Memphis-based Poag Shopping Centers, a retail management and development company, noted that while retail has largely recovered from the worst of it all, innovation and trying new things must continue to be at the foundation of retail’s re-birth.
“Owners and operators are doubling down on immersive and engaging tenants and embracing inspired new brands that inject life into lifestyle center environments. Undaunted by a historic disruption, they exhibit renewed enthusiasm for experiential concepts and are using different uses and new tenants to remain relevant in a rapidly evolving retail landscape,” Poag wrote. He called this a great opportunity to for retail to be more, to introduce new brands, tell a new story, and create new memories. What’s the craziest thing you’ve done that you thought you’d never do at your center? Tell us on Twitter: @Dir_Major_Malls
Spotlight on a Top 10 Growth Market Center:
La Plaza Del Norte
Top 10 Growth Market Center: Mobile Traffic (12 Months Rolling) is 182,770, with Current Quarter Traffic at 45,388
Gross Leaseable Retail Area
319,946 sq. ft.
Best Buy, DSW Shoe Warehouse, Floor & Décor, Mega Furniture, Ross Dress For Less, Total Wine & More, Sole Boutique, Alfred Angelo Bridal, Al's Formal Wear, Freebirds World Burrito, Barnes & Noble, 4 Star Nails, Mattress Firm
Top 10 Growth Market Center. La Plaza Del Norte’s Mobile Traffic (12 Months Rolling) is 182,770, with Current Quarter Traffic at 45,388.
According to the trade area analysis available on ShoppingCenters.com:
- Primary Market Population: 1,102,642
- Average Household Income: $87,730
- Number of Households: 424,515
- Average Shopper Age: 37.7
- Projected Five-year Income Growth: 13.68%
Announcing a New DMM Feature: Chain Store Type Metrics
Imagine, for a moment, that you could easily see the tenant mix for individual properties by type of chain store and compare them to the overall DMM tenant mix. Introducing DMM’s new Retail Chain Store Type Metrics. With this new powerful analysis you can:
- Access Saturation & Distribution of National, Region, Local Chains & Independents
- Visualize & Understanding Chain Store Density by Center or by DMM Category
- Identify Co-tenancy Gaps
DMM’s new Chain Store Metrics are now available via access @ ShoppingCenters.com and Directory of Major Malls data licensing. Contact us today for more details and to request a trial!