Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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THE GREENE 134 • SHOPPING CENTER BUSINESS • December 2016 townhomes joined the property in Janu- ary 2010. And since 2015, Olshan Proper- ties has developed several new buildings that include Nordstrom Rack and Ulta. Many of The Greene's other tenants are the first in this market, including Apple, Sephora, The Cheesecake Factory, J Crew Mercantile, Lululemon, Banana Republic and Bar Louie. The Greene sits on 72 acres and also includes 124,000 square feet of office space. What does it take from Olshan Prop- erties internally to sustain, integrate and personalize such a complex mixed-use as- set like The Greene? Attention to details about process, focus on keeping asset management and investment under one roof, and the ability to walk in step with the nuances of the market. "As owners and operators of four asset classes, Olshan Properties understands how to create multifaceted destinations that draw customers and keep them onsite driving tenant sales," Marshall says. "We utilize an in-house asset management team that provides detailed analysis of market factors and tenant productivity for each of our centers. We look for opportunities to enhance the tenant mix and respond to observed trends with incremental devel- opment. We focus on the fundamentals and support tenanting efforts with events and marketing that promotes a meaning- ful relationship with our customers. It all leads to traffic increases, longer stays by our customers and successful retailers and restaurants." Centered among three Dayton suburbs with more than 250,000 households with an average annual income of approximate- ly $65,000, The Greene differentiates itself from competition with a large col- lection of first-to-market retailers, upscale tenants, a market exclusive department store, and lifestyle brand junior anchors. Amid the shifting definition of retail and the pressure of online shopping, Ol- shan analyzes trends and implements pro- gressive tenanting and design strategies. In the food industry, Marshall says fundamental shifts in consumer dining behavior are driving restaurant growth. New concepts that combine creative cui- sine, high-quality ingredients and custom- er-centric ordering and service models are resonating with customers. On the retail side, Marshall looks for merchants that have a strong brand that enriches each center's tenant mix and those that offer great value. Tenant rosters also need to be very diverse these days, providing ser- vices you simply can't get online, such as medical treatment centers. Olshan advocates creating an authen- tic connection to community through a cohesive brand and strong social media presence as well as a yearlong calendar of events. In 2014, as the firm was rebrand- ing and refocusing, it launched Olshan Outreach, a program including a paid day of service designed to assist leading not-for-profit causes in the communities in which Olshan Properties operates. "We've become more than just another place to shop." says Lynn Meredith, exec- utive director of marketing. "We connect to our customers' lives by creating expe- riences in a truly engaging place to be." SCB