Every month, we reach out to retail industry leaders in order to gain their perspective on the market. This month, we asked: what trends in the retail centers themselves do you see happening?
Ashlee Boyd, Managing Partner, Thompson Thrift Commercial
Grocery-anchored shopping centers are still going to be the big, sought-after trend from both a new developer standpoint and from an investor standpoint. These types of centers drive daily needs within the neighborhoods. Plus, they’re recession proof and COVID proof because the tenants are deemed essential. We’ve made grocery-anchored centers a priority in our pipeline. Mixed-use projects are also here to stay because they are what the municipalities want, as well as the retailers and the restaurants, which find these types of properties attractive.
Richard Rizika, Partner/Co-Founder, Beta Agency
There continues to be further and further stratification with the shopping centers that are truly community-serving by allowing their merchants to execute an omnichannel platform through the use of digital and physical real estate for ease of BOPIS [Buying Online, Pickup In Store], in addition to allowing other third-party delivery companies to have facilities for procurement. Another trend is to have common areas for gathering that are thoughtfully curated. It’s not always about maximizing parking; it’s also about maximizing the experience for the brands as well as the consumer.
Sanford “Sandy” Sigal, President/CEO, NewMark Merrill Companies
We are reusing former sub anchors by turning the spaces into apartment buildings, hotels or even industrial components. We are also making our retail centers more “community” type centers by offering medical tenants and schools. Plus, we are providing more outdoor experiences, such as concerts, to have public gathering opportunities. Our goal is to create a true town center so that one place will offer many different options.
Grant Gary, President, The Woodmont Company
I think the traditional mall, for the most part, is no more, but the space is great for redevelopment. This can include adding all different types of categories beyond retail, such as housing; restaurants and retail will still be added, although at a lower square footage. Another great opportunity in redevelopment is to include a child care company, such as Kiddie Academy, which didn’t use to be a viable tenant but is now considered an amenity because it is a part of the fabric of the people working and living in the center who need child care.
