Shopping Center Business

MAY 2018

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

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Page 82 of 270

RETAIL EVOLUTION 78 • SHOPPING CENTER BUSINESS • May 2018 R einvention is the key word in retail today. From retail owners rethinking the way their centers interact with consum- ers to new retail center concepts evolving around the way residents spend their time, built environ- ments and now aim to become the third space between home and work. Incorporating dining, enter- tainment, parks, gyms and athletic concepts, and every use from mul- tifamily to creative office to hotel, spaces that would have been ded- icated entirely to retail in the past are becoming places to live fully. Shopping Center Business takes a look at a few approaches that are changing the face of retail. Retail Evolution Retail — and retail real estate — are changing thanks to influences from technology, new shopping habits and the way consumers spend time. Compiled by Randall Shearin and Lynn Peisner Robert B. Aikens & Associates plans to develop Five & Main in Rochester Hills, Michigan. The project is centered around the daily lifestyle of the community. It includes community parks and activity trails, along with retail, restaurants and entertainment. FIVE & MAIN ROCHESTER HILLS, MICHIGAN V eteran retail developer Rob- ert B. Aikens & Associates — now headed by co-presidents and brothers Bruce and Scott Aik- ens — has ambitious plans to build a 341,137-square-foot urban center called Five & Main for downtown Rochester Hills, Michigan. The proj- ect is designed to appeal to the daily life of residents in the community, which is located in affluent Oakland County, the 13th wealthiest county in the United States. In addition to high-end retail and restaurants, Five & Main will include community parks, public spaces fea- turing dog parks, outdoor athletics, a children's play area and an outdoor trail system complete with cross-coun- try skiing in wintertime and hiking in summer. The project will also have entertainment and residential compo- nents to ensure that it becomes a part of daily life for residents. The township of Rochester Hills recently approved the $100 million project. Robert B. Aikens & Associ- ates previously developed The Village of Rochester Hills in the community, which includes retailers like Whole Foods Market, Lululemon, Wil- liams-Sonoma, Talbot's, Pottery Barn, Gap and Banana Republic. — Randall Shearin Credit: JPRA

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