Walmart Dips Toes into the Open-Air Shopping Center Pool
Walmarts of the near future could look very different than the big-box stores to which we’ve become accustomed. RestaurantBusiness.com recently reported the company is looking to reinvent the shopping center as an open-air complex that features restaurants, food halls and food trucks. The new town square-style setup would be anchored by a Walmart and feature recreational activities such as bowling or golf driving ranges. “[D]evelopment of the new centers, in a variety of formats, is underway at eight sites in seven states. Other draws could include gas stations, pet shops, skateboard parks, gyms, bicycle-sharing locations and jogging trails.” You can peek into Walmart’s future by clicking here.
Macerich Elects to Fill Vacant Anchors with BrandBox Concept in D.C.
Macerich thinks it may have a solution to the millions of retail square footage available as some traditional anchor stores close shop: fill them up with newer, smaller retailers. A recent report on CNBC.com said to replace stores such as Sears and Toys R Us, “BrandBox” at Tysons Corner Center near the nation’s capital, will feature six brands, including apparel retailer Naadam and makeup company Winky Lux, for up to as year. “Each brand will have its own mini store inside an 11,000-square-foot space, with new retailers funneling in and out each year. The mall owner says it will provide fixtures like shelving, data on foot traffic, radio-frequency identification tagging for inventory, marketing and even help finding staffing — the retailers simply need to show up and pay rent.” CNBC says similar concepts can be found at Westfield Garden State Plaza in Paramus, NJ and at Triple Five Group’s Mall of America in Minnesota and West Edmonton Mall in Alberta, Canada.
Retail Size Matters: Getting Smaller for Success in Urban areas
Target is opening two more of its small-format stores in California, following successes in other areas of the country. A recent report in the San Francisco Chronicle said the new Oakland Target be a 33,000 square foot store and employ up to 65 people. The San Francisco store will be 40,000 square feet and put about 100 people to work. While typical small-format stores are about 1/3 the size of standard Target stores, Target says the smaller shops‘ “flexible designs” let them enter urban neighborhoods, near colleges and other areas where a full-size Target wouldn’t fit” for “easy and inspiring shopping experiences” across the country. “Target’s new stores in Oakland and the South of Market neighborhood will reach additional Bay Area residents with a convenient and inspiring shopping experience,” said Mark Schindele, Target’s senior vice president of properties. The shops are slated to open next year in Oakland and San Francisco next year.
Visit DMM at the 2018 ICSC Deal Making Show – Booth #363
Make sure to stop by the DMM booth (#363) during ICSC’s New York Deal Making, December 4 – 6, 2018, at the Jacob K. Javits Convention Center in New York City. At the show, you can learn about our new Retail Boundary Data, “Cross-Shopping” report services, online access and custom databases. Hear how we’ve become the industry’s most comprehensive and reliable source for major shopping center and retail data. Our reference tools can help you identify opportunities and make decisions for your business. We’re also offering a show discount for online access to ShoppingCenters.com, so make sure you stop by! This event is a great opportunity for owners, developers, retailers, brokers, lenders, municipalities, property asset managers and product and service providers to gather under one roof to exhibit, make deals and form successful business partnerships. See you there!
DMM e-News - Issue #146
