Shopping Center Business

SEP 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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WILMINGTON September 2018 • SHOPPING CENTER BUSINESS • 75 now, there's not a lot of retail in the urban core. Amenity- and service-style retail — it's not sexy, but you need a dry cleaner sometimes. Women like to get their nails done. I think that, in terms of retail, there's a long runway, which is why Robin [Zeigler] and some of the executives saw the opportunity and got onboard. TIMKO : One of the things that this city has not going for it is that it is surround- ed by retail. I was kind of surprised coming here; basic goods and services are just simply not here. When we first read the numbers and we did an index analysis and we realized it was perform- ing well below the national average, then I started doing the inventory and realized it's just not here. You go out Route 202 where you've got all of the big box, it's strip center after strip center, and all of the major brands are there, but there are none in the city. There is a real opportu- nity to capture that market. SNOWBERGER : The demographics of the people that are moving to our apart- ments downtown are a lot of millennials and empty nesters and people that are tired of living in a suburban place and want to be somewhere. There's 500,000 people in the MSA here. People move to the city because they expect to be able to walk out their front door and go do something. BPG was courting Star- bucks Coffee for seven years before they opened, and they've done three stores now in the past two or three years. SCB : As a tenant, what would you like to see surrounding you in the coming years? SIKORA : I just think that Market Street really needs some retail rather than just continuing to put restaurants in. Give people a reason to walk up and down the street and go into a couple of places, not just a one and done where you pick your restaurant, you eat and you go home. KERSTAN : To your point, it's almost like what we really need is a cluster of small, independent shops. GANNETT : From an economic stand- point, to get a record store, a small, bou- tique, organic grocery store, we would bend over backwards. We've offered things to tenants that don't make finan- cial sense to us in terms of returns. Small, boutique retailers would be perfect; it's getting a critical mass of two or three or four to come in at one time rather than just putting a 1,000-square-foot boutique and watching it fail. We've seen that hap- pen before. In terms of the organic or smaller-type grocery, I think that's our number one thing that our residents say in our bi-monthly survey. They need somewhere they can walk and get a loaf of bread or milk or eggs on a Sunday and it be open and not have to go all the way down to ShopRite. Those are two criti- cal things that we're missing downtown. SNOWBERGER : Landlords are able to of- fer incentives to retailers because these programs that I mentioned, all three of them that my brewery received, are open to both retailers and to landlord. SCB Real Estate Brokerage Property Management Asset Repositioning Retailer Advisory Services Representing these fine companies: Please visit our website for our property availabilities: www.silbertrealestate.com We will be exhibiting at the ICSC Convention at the Pennsylvania Convention Center Visit our booth #737 or contact us to schedule a meeting 908.604.6900 or info@silbertrealestate.com

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