Shopping Center Business

MAY 2015

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

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218 • SHOPPING CENTER BUSINESS • MAY 2015 Interview by Randall Shearin As a master developer, Irvine Company can market its retail projects to residents of its apartment complexes and tenants in its offce buildings, as well as visitors to its resorts. Marketing To Complementary Audiences T he Irvine Company's portfolio encompasses office, apartment, retail and resort holdings through- out coastal California's premier markets, including San Diego, Orange and Los Angeles Counties, and Northern Cali- fornia. With over 50 years of experience as a master builder, the Irvine Company has the unique ability to look to its of- fice, resort and apartment communities as audiences for its nearby retail centers. As developer and owner of these property types, the company is able to interact with its various "residents" to create spaces, places, shops, dining and entertainment that include these audiences as part of the broader community its retail centers serve. SCB recently spoke with Dave Moore, president of Irvine Company Retail Properties, about Irvine's unique position, and how its fundamentals can be applied to other developers. SCB: Many retail property owners might overlook nearby office workers or apart- ment dwellers as "communities" that should be treated apart from the rest of their market. What is the potential of these specialized audiences? Can they create traffic that other "residents" don't? Moore: The Irvine Company owns and operates approximately 88 apartment communities and over 40 office proper- ties in Orange County alone, all of which are in close proximity to one or more of the shopping centers in our retail portfo- lio. Of those, 36 are neighborhood and community and three are regional centers: Fashion Island, Irvine Spectrum Center and The Market Place. Our research shows that our apartment dwellers and of- fice population frequent our centers three to four times per week. Clearly that's a contributing factor to our overall shopper visits being almost double the industry av- erage. Our apartment dwellers view our retail centers as a part of their lifestyle for shopping, dining, fitness and entertain- ment and that center's location weighs in the decision as to which community they choose to live. Our office workers might visit our centers two to three times a day for morning coffee, a quick lunch, after work shopping or a workout. Clearly it's also a factor when a company seeks to lease space for its business and also needs to consider the dining and convenience options for its employees. SCB: What goods and services might these office and apartment audiences be looking for? Moore: From our neighborhood and community centers they're not only look- ing for everyday needs but a diverse group- ing of goods, services and quality dining. We have to reach beyond the obvious na- tional chains and concepts to bring more healthy eateries like Chipotle, Tender Greens, Urban Plates and build-your-own pizza concepts like MOD or Square One Pizza. Beyond everyday needs, the activa- tion of the common area with concerts by local schools, farmers markets and movie nights on the lawn are all ways we de- liver an experience to engage all of these audiences. At our regional centers, we offer more nationally-known brands and chef-driven food concepts but we work to add local and unique dining finds and one of a kind, first to market boutiques that enhance the mix and engage all of our consumers. SCB: How do you position uses for these audiences in convenient places within a center, or in places that will make them visit the center? Moore: When we design a center that neighbors our apartment or office proper- ties, we create pedestrian paths for easy access and of course, ample parking. Obviously the site plan for the property has a lot to do with where the destination tenants land as well as the everyday needs — dry cleaner and hair salon. Keeping the food together allows us to create al fresco dining and gathering spaces that are an at- traction during various day parts. And our grocery anchors provide take-away food that's a lunchtime or after-work attraction Irvine Spectrum Center is surrounded by 260,000 office employees and 15,000 apartment dwellers within a 10-minute drive.

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