Shopping Center Business

MAY 2015

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

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154 • SHOPPING CENTER BUSINESS • MAY 2015 square-foot restaurant that seats 200 to 220 people; and eight auditoriums totaling 550 to 750 seats. While the theater and its restaurant offering can be a big draw for a development, iPic really focuses on co-tenancy when selecting theater locations. The company wants to complement its surroundings, not compete with current or potential retailers or restaurants. It looks for projects with upscale casual or white tablecloth restaurants and a strong nighttime draw that appeals to the young and mobile demographics, although a big part of its clientele are empty nesters as well. For expansion efforts, iPic is targeting markets up and down the coasts, as well as Chicago, Texas, Atlanta and Denver. Poten- tial locations must have separate restaurant and theater entrances on the ground floor, as the chef-driven restaurant component of iPic's Entertainment is truly its own entity with about 80 percent of independent sales. Over the years, iPic has perfected the experience of in-theater dining, although advances in technologies keep the experience evolving for the theater and moviegoers. The company has utilized technology to create a user-friendly experience for all guests. From purchasing ticket online and through its proprietary mobile app to design of auditoriums and kitchen that minimize audience disruption to use of the iPads as visual ordering tolls iPic has created a stress-free and enjoyable experience. "The greatest thing we hear from our guests is that when they first walk they can't believe it's a movie theater, and on the way out they say they're never going back to another theater," says Hashemi. The company's most recent opening is at Pike & Rose, Federal Realty Investment Trust's mixed-use development in Bethesda, Maryland. For that project, which is a well-executed mix of office, residential and retail components, iPic opened an eight-screen theater and its City Perch Kitchen + Bar restaurant. Along with its other openings slated for this year, iPic is opening an eight- screen theater at Hudson Lights, Tucker Development Corp.'s 2 million-square-foot mixed-use development in Fort Lee, New Jersey. Slated to come online in 2016 the theater will feature the company's new restaurant concept Tuck Room. Ultimately, iPic Entertainment strives to be a place for social- izing and a nighttime destination with seamless and high-quality guest experience whether guests are visiting to enjoy restaurant and bar while catching up with friends or enjoying an in-theater dining experience. "What's unique about what we do is we emphasize on provid- ing the ultimate nighttime experience," notes Hashemi. "We've been able to get people to come to our theaters and not even watch a movie, and that's the most significant difference between what we do and our competitors." n Representing: Relationships Built On Results Since 1986 WE WILL BE ATTENDING THE RECON CONVENTION CONTACT US TO SCHEDULE A MEETING: 908.604.6900 or info@silbertrealestate.com www.silbertrealestate.com Real Estate Brokerage • Property Management • Asset Repositioning • Retailer Advisory Services MAY 17-20, 2015 LAS VEGAS CONVENTION CENTER

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