News It's The End Of The Mall As We Know It
Don Obermeier, Business Development Director
Contrary to many recent articles you may have read, retail is NOT dead. Rather it is in a state of transition as the retail landscape is always evolving. In response to changing trends, many of our clients are not only updating their restaurant and retail locations to stay fresh but they are also right-sizing their spaces. This trend is also occurring in malls and shopping centers. Although many retailers such as Sears and Toys-R-Us have fallen on hard times and are closing stores, unique opportunities arise for the owners of these developments to update their properties and capitalize on current trends.
Within the traditional mall and strip plaza properties, we are seeing the emergence of more entertainment centers, residential spaces, and medical service providers. In short, these spaces are becoming the traditional mall's hipper cousin - the lifestyle center. Taking the idea of the lifestyle center one step further, these spaces could repurpose their vast infrastructures to become a one-stop destination - a place where in the course of one afternoon you can purchase a pair of shoes, shop for groceries, visit the dentist, and pick up dinner at your favorite restaurant's takeout station. The future of retail real estate will be defined by the industry's imagination.