GlobeSt.com caught up with retail expert Anne Mastin, EVP of retail real estate at Steiner + Associates at the 2017 RECon, to talk about how retail is no longer about just filling a box and what she thinks the future will look like.
The days of the traditional shopping mall are behind us, making way for lifestyle and entertainment options where traditional big-box anchor tenants once stood.
For anyone in the industry, it’s impossible to avoid the topic of online sales and the “dramatic” impact of the internet on traditional brick-and-mortar retail. Many retailers are clearly worried, and others are uncertain about how they should respond to the growth of online retail.
When owners start taking equity stakes in their food tenants, the traditional roles can blur in some interesting ways, notes Spencer Bomar, an Atlanta-based principal of the national retail group at Avison Young. “In some cases [landlords] are partnering with chefs, and it is going as far as them sharing in the percentage rent,” he said. “They are becoming true business partners.”
Developers have stopped building malls and started making places. Consumers who can buy anything they desire using the little computers in their pockets no longer have to drive to the mall for a new dress, sofa or TV. At the same time, Americans are becoming more urban and they will walk to stores if they are in their neighborhoods.
When suburban malls began to stagnate in the early 1990s, the parent company of the retail stalwarts Bath & Body Works and Victoria’s Secret took a chance on a different kind of shopping experience.
A developer of the Four Bridges community, the visionary behind Liberty Center and a leader of Premier Health are all being honored for their efforts to improve their communities.
Restaurants have long served as critical components in the experiential equation of Steiner + Associates town centers. “Eating out is in,” said Yaromir Steiner. “Whether it is a chef-driven concept or a fast-casual restaurant, dining is an inherently social activity that elevates the destination status of a community, drives traffic and captures coveted discretionary dollars.
Just seven months after opening the largest retail project in the country, Liberty Center in the Cincinnati/Dayton Metroplex, Steiner + Associates debuted a model of its newest project—Lake Nona Town Center in Orlando, Florida, at RECon 2016.