Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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REGIONAL MALLS December 2017 • SHOPPING CENTER BUSINESS • 135 I f those of us who own and operate regional and super-regional shopping centers have learned anything recent- ly, it's that we can no longer follow the tried-and-no-longer-true methods of leas- ing and management in an ever-changing world. The consumer has spoken, shown by the dramatic shift in sales trends. Consumer preferences are clearly changing. Millennials and empty-nesters want to live in cities for convenience and socialization. Meanwhile, cities have been expanding to meet the suburbs, a phe- nomenon we've known for more than a decade, as it was discussed in the Urban Land Institute's 2006 Ten Principles for Rethinking the Mall. "What were once locations at the edge of the metropolitan area — with low land prices, low-density residential develop- ment, and single-purpose malls — are now more urban locations, with higher land prices, higher densities, aging neighbor- hoods, congestion and demand for more urban amenities and a wider mix of uses," the report says. "This situation presents a range of new development options that were not avail- able when the original malls were built. In many communities, malls often occupy the largest remaining land parcels under single ownership." It's up to us to provide that experi- ence, as we reinvent our facilities. In an odd way, the current retail environment gives us the perfect opportunity to do so. At Starwood Retail Partners (SRP), we've bought malls and lifestyle centers that we can add value to by thinking outside the box as we reimagine them. We are working on non-traditional solutions to today's challenges, including non-retail anchors and adding amenities that will help to create an emotional con- nection between our shoppers and the properties they visit. Starwood Retail has implemented new programs that create this connection and engage our audience. As department stores have consolidat- ed, the number of chains has decreased even as store closings have risen — Macy's plans 68 closings this year, with JC Penney shuttering 138 stores and Sears some 250 units. While we've been fortunate enough to be unaffected by this latest round of consolidation, we also see that this gives Malls: Opportunities For Reinvention Anchors, amenities and action must recreate the mall experience. Michael Powers CLASSIFIED MALL COMPACTORS ARCHITECTURE/DESIGN NO COST TO MALL DEVELOPERS FAIR SHARE DIRECT TENANT BILLING For Rubbish Removal A 20 year history of serving • • • • • • • • MALLS• • • • • • • • OLYMPIC MALL SERVICES A division of Olympic Compactor Rentals, Inc. Chip Panciocco 1-800-722-5371 SIGNAGE P o s t C K V i t P Shipped 24 Hrs 1-800-843-7446 www. 1800TheSign .com with flat caps PVC Post Kit - $84.88 89 98 $ 89 98 $ Full Color 4'x4' EZ Install from x 4 8 x 4 4 $20 option in Printed & #1 Site Sign in the U.S. PROFESSIONAL SERVICES ACCOUNTING, AUDITS Retail Tenant Sales • Compliance • Restaurant • Specialty Examinations United States • Canada • Caribbean Phone 985.626.9979 • 800.999.LAMY • Fax 985.626.9943 E-mail: kslamy@thelamygroup.com For classified advertising information, please contact Barbara Sherer (404) 832-8262 bsherer@francemediainc.com