CSA: Retail Makes Mall of America #1 Experience
You’ve heard the old saying, “Size Doesn’t Matter.” But in commercial real estate, and in this case, shopping malls, maybe it does. Chain Store Age recently declared Mall of America, the largest mall in America, to offer the best retail experience. The publication cites the mall’s 5.6 million-sq.-ft., its proximity to Minneapolis-St. Paul International Airport, its 550+ stores and restaurants, and its many attractions as proof the title is well-deserved. “The property constantly tweaks its tenant list, having added 70 new brands over the past five years. Many are experiential–such as ClimbZone and the Museum of Illusions—but most are national retail names with stores that can’t be found anywhere else,” writes Al Urbanski, Real Estate Editor and Manager. You, of course, can find all the data and analysis you need on this property and thousands of others exclusively with your DMM/ShoppingCenter.com membership. If you’re not already a member, contact us today to get started!
MOA is Great, But Open-Air Retail’s the Way to Go
While large-scale indoor shopping has its appeal, a recent white paper from a retail real estate owner and operator is bullish on open-air shopping centers. CommercialObserver.com recently did a Q&A with DLC Management CEO Adam Ifshin. In the piece, Ifshin said value retail is doing very well in the recent inflationary period. “Value-oriented chains like Ross Dress for Less, T.J. Maxx, and dollar stores are doing very well. Then there are the smaller box discount grocers like Grocery Outlet, Aldi, popshelf, Five Below – the value players who provide a little edge to the value experience. Ultimately, it’s about value, convenience, and the suburbs,” he said.
Don’t forget, integrating DMM’s Geofences & DMM Retail Boundary Polygons into your process for analyzing locations can help you pinpoint geographic locations and trends, the types of shoppers that are in the target zone and their traffic patterns, and what their preferences are, helping you find the next best location for your new retail concepts. For more information, click here. A free link to the DLC white paper, “A Breath of Open Air,” is available at the Commercial Observer article linked above, or here.
Orlando Master-Planned Community to Get Major Shopping Center Development
A 405,000-square-foot shopping center is coming to a large, master-planned community in Florida. WESH-TV in Orlando recently reported the Lake Nona community will soon see Lake Nona West by Tavistock Group, designed to be the first lifestyle shopping center located in Lake Nona. 20,000 people live in the community near Orlando International Airport, with another 30,000 or so nearby. Tavistock spokeswoman Jessi Blakley said the new project will feature marquee retailers on 54 acres, including, REBusinessOnline reports, open-air shops, ground-level parking, outdoor entertainment spaces and public art. “Lake Nona is really a city within a city. You’ve got to have everything for everybody, and you can’t just do it in a few spots,” she said. Construction should begin next year, with an expected opening in 2025.
Spotlight on a Top 10 Growth Market Center:
Universal CityWalk
Universal CityWalk
1000 Universal City Plaza
Universal City, CA 91608
Website
Owner/Developer
Universal Studios, Inc.
Gross Leaseable Retail Area
400,000 sq. ft.
Year Opened
1993
Retailers Include
AMC IMAX Theatres, iFLY Hollywood, Super Nintendo World Store, Universal Studios Store, Bubba Gump Shrimp Co., Jimmy Buffett's Margaritaville, NBC Sports Grill & Brew
According to the trade area analysis available on ShoppingCenters.com:
- Primary Market Population: 6,536,035
- Tourism (50 Miles) by Visits: 65.96%
- Tourism (50 Miles) by Devices: 42.78%
- Average Household Income: $112,691
- Number of Households: 2,210,988
- Average Shopper Age: 39.2
- Projected Five-year Income Growth: 13.33%
Two of the Top 5 PRIZM® consumer segments at The Gateway include: Multi-Culti Mosaic: (age <55, they represent a Midscale Middle-Aged Family Mix, own a Nissan, and travel to Los Angeles) and Young Digerati: (age 25-44, they represent a Wealthy Younger Family Mostly w/ Kids, they eat at organic/health food restaurants and have a high interest traveling to Los Angeles).
More details on segmentation and lifestyle behaviors & preferences can be found here
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ICYMI: “Stimulate” your Brain with DMM Data
Sure, you may have your iPad loaded up with the latest thrillers or political tell-alls, or maybe you’re old-school and got a 750-pager from your friend or the local little free library in the park.
But maybe, just maybe, instead of those latest works of fiction or non-fiction for absent-minded distraction-reading while you’re soaking in the sun at the beach, you might want to dig into some educational materials – something that’ll stimulate your brain and help you in your business.
Thankfully, it’s DMM/ShoppingCenters.com to the rescue! We’ve got just the thing for you! At this link right here, you can find links to Research Studies, Articles and Whitepapers where DMM data has been a key source.
Recent pieces include:
- Reinventing the Future of Shopping Centers Webinar (June 2023)
- Big Stores, Big Opportunities for Re-leasing by Debra Hazel (June 2023)
- EV Charging and Retail Shopping Centers. A link to electricity and opportunity (Feb 2023)
- The Future of Malls: Anchors Away? – The expanding universe of vacant and dark anchor stores (10/20/2020)
- Los Angeles Business Journal: Largest Retail Centers Ranked by Gross Leasable Area (July 2020)
Click here to access these and many other exclusive reports and articles. Then contact us for details about getting YOUR access to the DMM major shopping center and mall dataset today!
