Shopping Center Business

MAY 2016

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

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IRVINE SPECTRUM 156 • SHOPPING CENTER BUSINESS • May 2016 tomers a new window into the center," says Easther Liu, chief marketing officer for Irvine Company Retail Properties. "A lot of our shoppers don't know that cer- tain retailers are in Irvine Spectrum Cen- ter because they come for visits to specific retailers and restaurants. The signage will promote our offerings and the new paseo will help make the center easier for shop- pers to navigate." Restaurants have become increasingly important business over the years at Irvine Spectrum Center. Today, the center gen- erates about $140 million in food sales per year with more than 50 food choices on the property. More than 500,000 cars pass the center every day. Irvine Company is also using the op- portunity to improve some operations at Irvine Spectrum Center, including some that have already launched. The center currently has three valet drop-off areas. The most popular valet area was at the center's main entrance, and often had trouble keeping up with demand — the center's valet parked 250,000 cars in 2015. When the new parking deck opened last year, a primary valet entrance was located on the ground level of the parking struc- ture that created a new level of service for those opting to valet park at the center. For self-parking customers, sensors were added to every open-air parking spot, with signs at every decision point listing the number of open spaces. In existing parking garages, counters were placed at every entrance. "With our existing parking and our valet, we are never out of capacity," says Gillett. With each office building that Ir- vine Company adds in the area, he adds, more parking is able to be accessed by the shoppers at the center since the company owns those structures as well. Irvine Company will also spend about $1 million on new lighting for parts of the center as part of its reinvestment. Because lighting technology has changed so rapid- ly over the past few years, the company is investing in lighting that is brighter, and that fits the entertainment theme of the center. The Giant Wheel, for instance, was updated to replace old bulbs with 52,000 LED lights that can display more than 16 million different color schemes. The parking garages at the center will also have programmable lighting so that the color palette can change based on the season. Part of the continued success at Irvine Spectrum Center is due to the growth around the area. With new office and apartment communities planned, Irvine Spectrum Center has evolved as the cen- ter of the community. "There was no downtown or communi- ty square here," says Moore. "The center links this community together in a big way. We have incredible access to our of- fice tenants and our apartment residents in this company, so we are able to cross market to all those audiences." When someone moves into an Irvine Company apartment, they receive a wel- come booklet that has a dining and shop- ping guide with offers to Irvine Compa- ny Retail Properties' centers. Events are also a huge draw to the center. Whereas at a typical shopping center an event may draw 1,000 people, events at Irvine Spec- trum can draw thousands, depending on the subject. A recent event with two teenage fashion bloggers — who each have a few million Twitter followers — drew thousands of teenage girls and their parents. The Irvine Company has an ex- clusive partnership with Disney for sev- eral events, including the Christmas tree lighting at the center. The center averages about 54,000 visitors a day for the Disney tree lightings. For Irvine Company Retail Properties, continually investing in the center — and its programs — is part of the company's long term commitment to its communi- ties. In all, says Moore, it is part of master planning. With more amenities for resi- dents and tenants, the Irvine Company can continue to attract companies — and their employees — who want to make the Irvine Ranch home. SCB The new paseo at Irvine Spectrum Center will allow a pedestrian loop to be created, making it easier for customers to explore the center.

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