Shopping Center Business

MAY 2015

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

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174 • SHOPPING CENTER BUSINESS • MAY 2015 as time has gone on, to keep a close watch on its tenants and the local markets. As those markets have evolved over time, Reliable Properties has redeveloped and repositioned many of its centers. "As the demographics of each market changes, we take a close look at our cen- ters and renovate, upgrade, re-lease or re- tenant them as needed," says Nourafshan. "Owning some of the centers for long pe- riods of time, we have seen changes in the demographics of the area needing adjust- ments to tenants that will be successful. We want our retailers to have customers who shop at the center, and return again and again." Reliable studies and analyzes the mar- kets of each of its centers. For that reason, you will see high end centers owned by Reliable as well as more value-oriented properties. "Each community is different," says Nourafshan. "We have to figure out for each one what is needed the most. For some communities, we have to find ten- ants who are based on value, for others we have to find uses based on convenience. Other communities are more focused on quality products." Nourafshan describes Reliable's pro- cess in discovering what a neighborhood needs is going beyond only demograph- ics. The company also wants to know what factors play into a consumer's decision to shop a certain center, such as a collection of other products and services, ease of parking and access or whether they would support a certain use. "We have to supply what is needed to the demand in the marketplace," he says. "That means talking to neighborhood as- sociations, meeting with the community's leaders at city hall, studying the residents' make up and finding out what they want, as well as what they do not want. It is not just products, but services like security, lighting, visibility and accessibility. We need to know what makes them comfort- able when patronizing a shopping center. We've done it so many times and in so many communities that we have a sense of what will work." The company also does a lot of work in ethnic neighborhoods. It has done a number of developments in markets that are predominantly Hispanic, African- American, Asian and others. "We study the ways and patterns that the communities have, as well as their family and household structure," says Nourafshan. "We like to say that our properties are merchandised according to the needs of the nearby community." Reliable works with national, regional and a number of local tenants. It helps to start a number of businesses in its shop- ping centers, as long as they fulfill Reli- able's mission of serving the surrounding community. "Local tenants do not mean bad ten- ants. Good local tenants often have just a few stores and they run their businesses very well. We like that model. We treat our tenants with a high degree of respect; we want them to be successful. To be suc- cessful, the location has to fit their custom- ers. If they are successful, they will tend to their business and have employees who care. We give them advice and we do not bring competition to a center, but rather, we bring complementary uses for them. We want them to focus on selling their products to the community." Laurel Canyon & Rinaldi Center in Los Angeles is anchored by Vallarta Supermarkets, and has tenants Rite-Aid, dd's Discounts, Chase Bank, Popeye's, Subway and Little Caesars. Reliable's Sunset & Orange Center in Hollywood, California, is anchored by Off Broadway Shoe Warehouse.

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