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.
This year's State of the Region report, to be released today, says new projections based on recent population shifts and building trends show the overall population in the region perhaps nearing 3 million in 34 years.
“Retail developers are increasingly tweaking well-established formats for lifestyle centers and malls in an effort to capture tech-savvy millennial shoppers who have now become the nation’s largest and fastest-growing retail consumer segment.” Download "More Retail Developers Adding ‘Live/Work’ Elements to Lifestyle Center Plans” CoStar.
“The proverbial corner of Main and Main, long a hub for high-visibility retail, is now in unprecedented demand for urban housing. Instead of duking it out for site control, however, developers from these once-warring factions are joining forces to share space, nudged by changing market demands and pressure from lenders, cities and environmentally conscious consumers. Worldwide, nearly all site plans for new retail development and [...]