Twin Cities’ Temps? COLD! Twin Cities’ Outdoor Shopping Centers? HOT!
Snow for the first time this season in New York. Snow for the first time in years in California. The weather seems as unpredictable as consumer activity sometimes. Data can only help us solve and prepare better for issues in those areas. Just like they’re doing in Minnesota, and it’s heating up where it’s almost always cold. According to a recent article by the Star-Tribune, strip malls and outdoor shopping plazas are hot in the Twin Cities. “After the last three years of devastation, things took a while to creep back up, but I think that [rents] are coming back to normal…I think the suburbs are healthy,” said Kris Schisel, vice president of retail services for the commercial real estate company Transwestern, who attended a recent meeting of the Minnesota Shopping Center Association. The writer of the article, Nicole Norfleet, reported that demand from retailers has driven the national shopping center occupancy rate to its highest level in more than 15 years.
Urban-Retail Village Comes to Simon-owned Los Angeles Mall
Simon Property Group has plans to convert one of the company’s California malls into a 21st century development that combines retail, apartments, lifestyle amenities and more. A recent article on GlobeSt.com (free registration required) said the experiential mall, known as an Urban-Retail Village, will feature hundreds of apartment units, outdoor shops and restaurants that are slated to occupy a former Sears at the Brea Mall in the Los Angeles metro area. “Urban-Retail Village is a rapidly emerging post-pandemic model for the redevelopment of malls into experiential communities, where people can stroll out of their apartments into a neighborhood filled with outdoor shops, restaurants and, of course, a fitness center so the local foot traffic is brisk,” noted article writer, Jack Rogers. Brea Mall, which opened in 1977, sits on 77 acres of property and has nearly 1.32 million square feet of retail GLA. It serves a primary market population of 1,653,345 with an average household income of $124,786. For data like this on thousands of other properties and how it can work for you and your projects, don’t forget to visit ShoppingCenters.com.
Real Estate Webinar in Canada Touts Data for Improved E-Commerce, In-Store Shopping Experiences
The tools that online retailers use to sell goods and services are the same ones that real-world retail are, or should be, using to do the same. That’s according to a recent article on The Real Estate News Exchange. A webinar this past January by the Urban Land Institute Toronto featured several hi-tech companies whose platforms and services can help retailers drive business. “Much has been made about the retail apocalypse over the past decade and we have seen massive global investment and energy put into e-commerce…but we are now starting to see things swing in the other direction,” said webinar moderator Laura Manes, Cadillac Fairview senior VP of innovation. Among the five companies featured were Spacewise, a digital platform that manages, markets and rents out spaces to simplify the process for tenants and landlords to find each other, and FastSensor, which measures foot traffic interactions in physical spaces, learning how people behave and engage with their spaces, and helping clients create better experiences. Though not on their list, DMM’s 300k stores, joined with consumer psychographics in and around shopping centers accessed directly on ShoppingCenters.com or via custom licensing, provides insight into consumer behavior trends and patterns. Contact us today for a demo and sample data to see for yourself.
Spotlight on a Top 10 Growth Market Center:
High Point Town Center
Gross Leaseable Retail Area
481,351 sq. ft.
Bass Pro Shops, Belk, Publix, Buffalo Wild Wings, The Honey Baked Ham Co., Wharf Express, Craft Closet, Advanced Weight Loss, Health Star Clinic, Republic Finance, Trinity Custom Homes, Orangetheory Fitness
According to the trade area analysis available on ShoppingCenters.com:
- Primary Market Population: 142,630
- Average Household Income: $91,394
- Number of Households: 53,156
- Average Shopper Age: 39.9
- Projected Five-year Income Growth: 15.87%
Let DMM Give Your Shopping Center a Boost Before You Load up on EV Charging Stations
People love their electric vehicles, and the numbers prove it. According to InsideEVs.com, in 2022, the number of EVs sold rose 65 percent, with EVs making up 5.8 percent of all new cars sold in the US (that’s up from 3.1 percent in 2021). So how can you shopping center take advantage of all those consumers and the down time they’ll have to spend at your shopping center while they’re getting charged up? And how do you know if your market is ripe for EV sales? We’re positive our data can help you analyze whether your market is ready of EV charging station projects. There are more than 4,000 vacant anchor stores at major properties, and the acres of parking lot space devoted to them may now be available for new EV charging stations. Read more about this brave, new, electric world here. You can contact us today for more details on acquiring our EV shopping center location list and accessing the DMM major shopping center and mall dataset to identify the opportunities for your Electric Vehicle related service. Don’t delay!