Shopping Center Business

MAY 2016

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

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Page 246 of 358

KERASOTES 242 • SHOPPING CENTER BUSINESS • May 2016 Kerasotes notes that another positive attribute for landlords is the lack of com- petition a Kerasotes theater brings to other restaurants in the tenant mix. "We don't create issues with other restaurant operators who really don't like to see a cinema eatery within close proximity," says Kerasotes. "We aim to be compli- mentary and not competitive with the restaurants at any given shopping center. We have upscale bar food." Moving forward, Kerasotes believes it's difficult to pinpoint what technology will be featured in their theaters as technology advances all the time. "As far as technol- ogy, it is changing so rapidly that I would hate to say exactly what we're going to do," says Kerasotes. "Our theaters mov- ing forward will be recliner only, with VIP seating areas generally off of the lounge, which is 21-year-old and over only. The main difference between what we have done in the past and what we plan to do in the future, aside from the technologi- cal advancements, is that every seat will be recliner from the get-go." Kerasotes believes the design of the bar in locations to be extremely important to the success of the theater. "We're going to design very cool bars for all of our upcom- ing theaters. They will be custom designed and with a custom menu for the particular area," says Kerasotes. "Elkus Manfredi is working on designs for the Boston loca- tion, and they're a tremendous firm." Kerasotes luxury theaters typically vary in size by location. "It all depends on the space that was available," says Kerasotes. "Ideally, we would like to have 12 to 14 or 16 screens in each location but some of these areas are so difficult to build in, that kind of space is not always available. We do not have a prototype — our prototype is by way of design, amenities, projection and sound." The company also targets high income, high-density markets with difficulty of entry. "The first thing we look at is the income, density and education level," says Kerasotes. "We also examine how well the area is serviced by the existing screens. That is something we take a very hard look at because we really aim to bring something new to the equation." For Dean and Tony Kerasotes, the de- velopment of new theaters is more a cre- ative outlet than a means to an end. "I'm at the stage of my life now where unless I want to go to that particular place, I'm not going to do a theater there," says Tony Kerasotes. "In my prior life, we had theaters in all kinds of smaller markets, and though it's possible to still do that sort of stuff, I want to limit our efforts to ones that are more high end and exclusive. We just enjoy doing this. I find it fun to do and it's the only area of exhibition that's of any interest to me." SCB Rendering of the ShowPlace ICON theatre at Seaport Square in Boston. ShowPlace ICON will open at The Boro in Tysons Corner, Virginia, in 2019.

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