Shopping Center Business

MAY 2016

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

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LEASING 184 • SHOPPING CENTER BUSINESS • May 2016 borhood centers are being redeveloped and repositioned in the market to become something new and different entirely. BEWARE THE BUBBLE The addition of multifamily compo- nents to retail centers is something you didn't hear much about a year or two ago. Today, however, it seems like that's all you hear. The ubiquity of the multifamily solution does give rise to concerns about a potential bubble effect — especially due to the plethora of multifamily coming on- line that is not associated with retail. In three to five years, that is something that could become a bigger issue, particularly in places like Atlanta, Chicago, and some California markets where there has been a glut of residential construction. Devel- opers should proceed with caution, and be sure to carefully evaluate the market feasibility of any new multifamily compo- nent in the context of both the specific project site and the broader marketplace. It is also important to understand the re- lationship between a multifamily residen- tial product — or a hotel brand and type — and the underlying consumer segmen- tation (psychographics) of the retail trade area. Is the market suitable for new luxury condos in a grocery-anchored neighbor- hood center? Do you place smaller scale urban apartments above retail boutiques and quick service restaurants? These types of questions should be addressed in a re- tail and mixed-use market and feasibility analysis. Such analysis provides guidance to the developer/owner, and their leasing teams, faced with the need to redevelop their retail properties into new centers that may be enjoyed for the next gener- ation. SCB Jerry Hoffman is president and CEO of Hoffman Strategy Group, with 30 years of economic and market analyses that provide insights for mixed-use projects. Jeff Green is president and CEO of Jeff Green Partners. He combines more than 30 years of retail industry experience to provide comprehensive consulting services to national retailers, developers, shopping centers and health care facilities. welcome to the future... of Retail Imagine it. A retail environment featuring fresh, attractive shopping centers where tech-savvy consumers take advantage of both brick-and-mortar and mobile shopping opportunities. A place where national brands complement one another in a retail mix that drives customer sales. And a location that boasts preferred demographics within a sustainable marketplace. Add to that a historic, walkable downtown where specialty retailers offer unique products and services. A destination where locals and visitors come to "experience" shopping and dining at its best. This is the future of retail and you can be a part of it... in Redlands, California. It's time. find your future in Redlands For more information on retail opportunities, contact the City of Redlands Economic Development Division at (909) 335-4755 or RedTeam@CityofRedlands.org

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