DMM Retail Industry e-News Issue #152
Shop-ortunities Abound for Retail Investors in Houston
Houston-area retail property owners are retooling for the next generation shopping center consumer. On the rebound from the e-commerce boom and Hurricane Harvey, changes in the way shopping centers secure customers are coming to the front and center of strategic plans. “People need to go to these centers to get services. Things that you’ve got to do personally, physically that you can’t do online,” Wendy Vandeventer, senior VP, JLL retail investment sales group, told the Houston Chronicle. The Brixmor Property Group, for example, wants to renovate older shopping centers and update the tenant mix by services that may be lacking in certain geographical areas, stressing a mix of national properties and local retailers. “We want our centers to be the most relevant centers in the communities that they serve,” said Matthew Berger, Brixmor’s executive VP.
New Retail Reality Tackled by Northern California Shopping Centers
The business of shopping centers doesn’t follow exact patterns. While there are similarities from center to center, the geographies, demographics, shopping habits, local economies, history and many other factors need to be considered. In northern California, for example, Merced Mall is the lone regional center in a 50-mile radius, while Coddingtown in Santa Rosa competes with several others in a 5-mile radius. “Leasing to national tenants at Coddingtown is a completely different challenge than Merced Mall, where we are still the main shopping destination for Merced,” Lois Codding, Codding Enterprises, told the North Bay Business Journal. Other malls in the area also recognized the transformations for retail that are necessary to move ahead. “As the landscape changes we’re taking the opportunity to create a more experiential environment for our guests, bringing in new entertainment, dining and other non-traditional uses to the center and market,” Christa Williams, director of marketing and business development, Santa Rosa Plaza.
Simon Says, “Barney’s, it’s Time to Think About 420”
If you’re not up on the marijuana lingo, click here for an explanation of what 420 represents (it has nothing to do with Bob Marley). Simon Property Group is about to move forward with a full head of steam to bring more than 100 shops selling products infused with cannabidiol (CBD), the second-most prevalent of the active ingredients of cannabis (marijuana), according to Harvard Health, to its U.S. locations. This comes thanks to a partnership with Ohio-based marijuana company Green Growth Brands. “We are constantly on the lookout for cutting-edge new concepts. We are committed to adding new uses to our shopping destinations, and [this] is exactly the type of innovation our customers want,” John Rulli, president of Simon Malls, said in a press release. CNBC reported the first location will open in March at Castleton Square Mall in Indianapolis, with others scheduled to open later this year. Luxury chain Barneys is also getting into the “cannabis lifestyle shop” in its Beverly Hills store next month, with more locations to come. “The High End” will sell CBD-related items.
Metachat: Geocoding the DMM File
“Location, Location, Location” is the basic mantra of any professional involved in the commercial and retail real estate industries. As providers of comprehensive contact and retail trend information, DMM knows how critical it is to have a visual roadmap of the physical mall location and its surrounding area. We’ve developed a method of capturing geographic and demographic details in order to produce high quality datapoint location and trend demographic dataset products. For more, click here.
DMM e-News - Issue #152
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