Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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FROM THE PUBLISHERS EDITORIAL ADVERTISING SALES INTERFACE CONFERENCE GROUP CIRCULATION & ADMINISTRATION www.shoppingcenterbusiness.com 2 • SHOPPING CENTER BUSINESS • August 2016 T here are a number of new projects planned, under construction or opening that represent a change in the retail center format as we have known it. Instead of having department store or retail anchors, these new centers rely largely on restaurants and entertainment tenants. They also have retail in the form of junior boxes and retailers that appeal to the same demographics as the center, but these are a big change from the regional centers of yesterday. They are also a far cry from the entertainment centers we saw in the late 1990s and early 2000s. As our interests and lifestyles change as a culture, so too must retail. Many peo- ple now buy their commodities online, be that from traditional or online retail- ers. Many now know the exact goods they want before they walk into the store thanks to the power of the internet. We also want to be entertained in a way that we can't be in our homes. In order to get us to centers, there has to be something that compels us to go. That something can be local merchandise we can't get online, dinner by the newest local celebrity chef, an art showing, a farmer's market held at the center or even the latest blockbuster movie. You need only follow your favorite centers on Twitter to see what is driving traffic to shopping centers these days. Food is among those drivers. There's a food revolution going on in the U.S. that is causing our retail venues to change. Amer- icans — especially the generations now in their 20s, 30s and 40s — care where their food is grown, who grew it, what it was grown in, who prepared it, what is in it and how it was grown and prepared. Start- ing in the 1970s with the "gourmet" food stores and markets, food has become an increasingly important part of the shop- ping center business. Supermarkets that are commodity-based are losing favor to markets with organic, healthy, conve- nience and wholesome offerings. Many traditional players have done a great job in keeping up with that trend. Leasing executives today are more focused on restaurants that are local in nature; they know that consumers want to go places that are one-of-a-kind. Exploring the theme of the continually changing environment for retail spaces, we again are excited to present the third annual Entertainment Experience Evo- lution conference February 7-8, 2017. The conference will be held in Santa Monica, California, and we've already got some incredible speakers lined up. For more information on attendance or sponsor- ship, see the ad on page 73 or visit www. interfaceconferencegroup.com/eee2017. In this issue, we feature articles on two of the country's most populous markets: Southern California and Florida. Both are popular with retail investors and de- velopers, as well as retailers because of the strong sales they generate from residents and tourists. In addition, infill and urban markets in both states continue to see new large projects that contain retail. In Miami, several billion-dollar projects are underway, including Brickell City Centre and Miami Worldcenter. In Southern Cal- ifornia, The Bloc in downtown Los Ange- les recently opened, Westfield has a major redevelopment of Century City underway and Runway at Playa Vista has opened — and these are just a few of the projects. For our report on California, please see page 42; for the activity report on Florida, please see page 62. SCB Volume 21, Issue 4 August 2016 FRANCE MEDIA, INC. Jerrold France Chairman and CEO Publisher Scott France President Michael Jacobs Chief Financial Officer Randall Shearin Senior Vice President/ Editorial & Operations Tammy Orr Vice President/ Circulation Director EDITORIAL Randall Shearin Editor-in-Chief Katie Sloan Associate Editor ADVERTISING SALES Scott France Co-Publisher Craig McIntosh Media Advisor Ryan Nixon Media Advisor Jeff Wright Media Advisor Robin Reimold Media Advisor Barbara Sherer Media Advisor/ Classified Ad Sales INTERFACE CONFERENCE GROUP Richard Kelley Senior Vice President Alicia Lewis Conference Manager Jordan Hopkins Conference Coordinator CIRCULATION & ADMINISTRATION Tammy Orr Circulation Director Teresa Hennington Office Administrator Jim Clark Advertising Traffic Vally Smith Receptionist For subscriber services, including change of address, please call or write to: SHOPPING CENTER BUSINESS Customer Service Department P.O. Box 47065 Plymouth, MN 55447-0065 Telephone 1-800-869-6882 E-mail: scb@kmpsgroup.com or visit our subscriber services portal at: www.shoppingcenterbusiness.com SHOPPING CENTER BUSINESS (ISSN 1088-3339) is published monthly by France Publications, Inc., d/b/a France Media, Inc. © 2016 France Publications, Inc. Editorial and advertising offices are located at Two Securities Centre, 3500 Piedmont Road, Suite 415, Atlanta, GA 30305. Telephone (404) 832-8262. Facsimile (404) 832-8260. E-mail: scb @ francemediainc.com. Periodicals Postage paid at Atlanta, GA, and at additional mailing offices. POSTMASTER: Send address changes to SHOPPING CENTER BUSINESS, P.O. Box 47065, Plymouth, MN 55447-0065. Shopping Center Business is a registered trademark of France Publications, Inc. Subscription rates: USA 1 year, $79; 2 years $126; outside USA, 1 year $99 ($129 air mail delivery); 2 years $166 ($226 air mail delivery). Single copies are $10. The opinions and statements made by authors, contributors and advertisers to Shopping Center Business are not necessarily those of the editors and publishers. © 2016 France Publications, Inc. To obtain reprints, permissions and copies, please contact Barbara Sherer, manager of special advertising, at (404) 832-8262. ® Changing The Model Scott France Jerrold France