DMM Retail Industry e-News Issue #205

Two Shopping Centers – Two Bold Dreams… Consumers Gravitate Toward Barrel Bottoms… Immersive Experiences at US Shopping Centers

gokartTwo Shopping Centers – Two Bold Dreams

Two shopping center redevelopment projects are in the works that would radically change what they are – apologies to Monty Python – to something completely different. In Richmond, CA, the former Hilltop Mall has been purchased and the new owners are looking to create a mixed-use development. According to KRON-TV Channel 4, while Prologis Incorporated says it is early in the planning, the city’s mayor is excited about the prospects, including “residential, retail, and modern logistics facilities, which will spur further reinvestment, job growth, and economic opportunity.” In Middletown, OH, between Dayton and Cincinnati, developers are looking to convert the Towne Mall Galleria into a mixed-use, open-air property that features housing, entertainment, hotels, shopping, recreation, and a bandshell. In a recent article in the Journal-News, the mall can be redeveloped and become “a true destination,” said Steve Morales, partner, RINKA. Plans include, “green space throughout the plaza with area for trees, splash pads, entertainment venues, and dining options.” Conceptual renderings feature an indoor go-kart track and hockey rink.

dollar storeConsumers Gravitate Toward Barrel Bottoms, Real Retail Reign Remains

Buzzwords and #hashtags are designed to stand out in any particular article. Sometimes a phrase catches your humble e-newsletter editor’s eye. Such is this case with a post on TheRobinReport.com recently: “resurgence in physical retailing.” Not only did it include the powerful word “surge,” but it went so far as to declare a RE-surge: super-powerful yet again! The retail categories that are doing particularly well: off-price, dollar, and deep discount grocery. “[V]alue retailing…is an extremely compelling element of the marketplace. Shoppers are perfectly willing to bypass legacy retailers they have gone to for generations in pursuit of a bargain. It may not be very pretty but it’s very real,” writes Warren Shoulberg, retail columnist. Shoulberg reminds readers that though e-commerce growth continues, at least two-thirds of all sales still comes from physical stores.

feedbackImmersive Experiences at U.S. Shopping Centers: Win-win?

In last week’s DMM newsletter issue, we explored two shopping centers that are bringing a more experiential experience to their customers. Since then, the folks at RetailWire have asked their readers two questions: “Do you think big entertainment experiences can adequately replace the revenue and draw malls counted on from anchor department stores? Do you see shopping centers with quickly rotating pop-ups and/or those with big entertainment experiences becoming the future of malls?” One of the commenters, Venky Ramesh of Capgemini, noted that “In that experience economy, there will be a combination of products and services that come together to engage the customer in an immersive experience to gain their loyalty.” What do you think? Hit us up with your thoughts on Twitter.

Spotlight Listing
Spotlight Listing
Details

University Place

575 East University Parkway
Orem, UT 84097
Website

Stats

Gross Leaseable Retail Area
1,125,000 sq. ft.

Year Opened
1973

Owner/Developer
Woodbury Corporation

Retailers

Retailers Include
Al's Sporting Goods, Costco, RC Willey, Trader Joe's, Forever Young Shoes, Christopher & Banks, Tie One On, Cotton On Kids, Eddie Bauer, PretzelMaker/TCBY, Silver Loft, Hallmark Gold Crown, Le Nails, Janela Bay

Summary

Summary
University Place is being redeveloped and upon completion, will have 1.5 million sq. ft. of retail. 700,000 sq. ft. of office space, 1,200 residential units, and a hotel. Formerly University Mall, the new University Place is becoming the place to live, work and play. University Place serves a primary market population of 335,969 with an average household income of $82,444.


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