Shopping Center Business

MAY 2017

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

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Page 158 of 334

MIXED-USE DESIGN 154 • SHOPPING CENTER BUSINESS • May 2017 box concepts (commodity and service re- tail) directly with specialty retail through an anchor that services both spaces allows each to "cross-pollinate" the other and capture business from consumers that would otherwise typically make separate shopping trips. SELLING POINTS Unique retail tenants have always been a key ingredient to mixed-use success. While familiar national and regionally popular names are still highly desirable, developers are recognizing the value of integrating different/atypical retail op- tions (often on the periphery of the town center or in unusual, unexpected or un- derutilized spaces) to broaden a project's appeal. Bike shops along bike paths, incu- bator restaurants or satellite locations of larger on-site or nearby restaurants, and food carts on the town square or adjacent to a park space are all ways to add interest and retail diversity. Along with new retailers come new and unique spaces, users and uses, many of them not driven by the profit motive. Community rooms and/or non-denomi- national religious spaces provide a central gathering space in heart of a mixed-use project that can be reserved or rented out for weddings/yoga/community meet- ings or other special events. These types of community spaces may even be an ex- tension of a hotel, and can double as a banquet space. We are also seeing more "living rooms" and other comfortable public spaces (both interior and exterior) for people to simply hang-out, relax, or en- joy a cup of coffee with friends or family. These spaces may include elements like a fireplace, large television and comfort- able furniture to prompt visitors to rest and ultimately stay for longer visits. Some projects may even offer local television or radio stations office space in a prominent central location, allowing them to broad- cast live from a streetside studio. GOING PUBLIC In recent years, a number of forward thinking retailers and development and design professionals have begun to take better advantage of the open community spaces and green spaces found in so many mixed-use projects by extending the retail brand itself into the public realm. Outdoor brands like REI and Bass Pro Shops have held equipment seminars and exhibitions, sporting goods stores have taken advan- tage of adjacent outdoor public space to intermittently display products and hold public events (beach volleyball, cornhole tournaments, etc.), and yoga stores and athletic women's fashion brands like Lu- lulemon have held outdoor yoga lessons and fitness classes. ENTERTAINING NEW IDEAS Entertainment — and the correspond- ing social currency that keep people enjoy- ing themselves and ultimately spending more time and more money — has long been a key component of many mixed-use projects. Recently however, an explosion of new entertainment concepts has not only made entertainment a bigger slice of the mixed-use pie, it has made enter- RESULTS 629 TRANSACTIONS In 28 States $2.1 BILLION CLOSED In Recent Transactions RANKED #1 Industry Leading Team & HORVATH TREMBLAY C O L L A B O R AT I V E C U L T U R E + R E L AT I O N S H I P F OC U S E D + D E F I N E D E X P E R T I S E SALE-LEASEBACK INVESTMENT SALES 1031 EXCHANGE Main: 781.776.4000 | Fax: 781.823.0245 | Visit Us at ICSC RECon | North Hall Booth #N2170 | Las Vegas Convention Center

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