DMM Retail Industry e-News Issue #214

Retail Openings Outpace Closings in 2021… Are You Redeveloping Your Regional Mall Now? …Does it Feature a Pedestrian Mall? It’s Making a Comeback

dollar treeRetail Openings Outpace Closings in 2021

It may be a sign of a turnaround, as retail openings have outpaced closings so far in 2021. Coresight Research, a retail analysis firm, says in a new report that retailers have announced 4,969 store openings so far in 2021, just over a 58% increase over last year. That’s just a little more than announced closures for the year, a total so far of 4,889. Coresight says Dollar General leads the way with more than 20% of all announced openings so far this year. RetailDive Senior Reporter Ben Unglesbee notes “Other discounters are among those retailers opening the most stores as well, including Dollar Tree, Family Dollar — which together under Dollar Tree Inc. are rolling out a combined format store targeting rural markets — and Five Below. But it’s not all discount and off-price. Foot Locker is opening stores (109), as is Signet Jewelers (87), Tractor Supply (80), Aerie (76), Bath & Body Works (49) and plenty of others.”

ConstructionAre You Redeveloping Your Regional Mall Now? Good!

Cliff Clavin, the bar know-it-all on Cheers, had a saying: “It’s a little-known fact that…” and then he’d launch into some probably useless and perhaps made-up tidbit that no one was really interested in, but they at least pretended to be. Well, here’s a fact that we all should be interested in: 86% of consumer sales take place in a real store, NOT online. That’s according to the U.S. Department of Commerce’s second-quarter e-commerce retail sales report (much more credibility than Clavin). In a recent post on REbusinessonline.com, Glenn Brill, FTI Consulting Inc’s Real Estate practice, argued that the death of the shopping mall is “greatly exaggerated” and now is the time for mall owners to survey their community and consider redevelopment. “A vision and master plan for future development, created in concert with the local community and municipality, provide a framework for the opportunity to maximize a site’s market and economic potential for investors and the community, as well as fiscal benefits for taxing authorities,” Brill notes.

pedestrian mall…And If You Are, Does it Feature a Pedestrian Mall? It’s Making a Comeback

If you didn’t already know it, your humble e-newsletter editor is a bit of a Star Wars nerd (reveres the original trilogy – pre-tinkering; despises the prequels, yet watches them whenever they’re on the TV because he hopes it’s his fault that he doesn’t like them, and yet, he’s still always disappointed; and sees the potential with the newer trilogy but admits it’s just a hot mess). At the very least the latter awoke the spirit that the original held, the recycling of old themes and ideas was at least appreciated for nostalgia’s sake – there is a benefit to that, for sure. Thanks to COVID, some municipalities are yearning for some nostalgia of their own, by bringing back the days of the outdoor shopping and dining experience. They, retailers and mall owners are trying to figure out how to make it palatable, on a more permanent basis, and not just a response to a pandemic. Despite Bloomberg’s slightly gloomy headline, there is hope. “To do that successfully, city officials have several opportunities. Even if they can’t do much about factors like demographics, foot traffic and density in the short term, they can utilize design interventions to create more desirable pedestrian environments.” Mall planners, take note. And may the force be with you.

Spotlight Listing
Spotlight Listing
Details

Anaheim Hills Festival

8020 E. Santa Ana Canyon Road
Anaheim, CA 92808
Website

Stats

Gross Leaseable Retail Area
572,804 sq. ft.

Year Opened
1992

Owner/Developer
Strategic Retail Advisors

Retailers

Retailers Include
24 Hour Fitness, Edwards 14 Cinemas, Hobby Lobby, Petco, T.J.Maxx, Target, Vons Pavilion, Nekter Juice Bar, The Habit Burger Grill, Blow Out Parlor, Skin Nirvana Medspa, Ritz Cleaners, Tutor Time, StretchLab

Summary

Summary
Anaheim Hills Festival delivers the ultimate shopping experience, with a unique blend of specialty retailers and restaurants. Conveniently located at the intersections of East Santa Ana Canyon Road and South Weir Canyon Road, Anaheim Hills Festival serves a primary market population of 142,760 with an average household income of $175,061.


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