{"id":1004074423,"date":"2013-05-20T12:44:00","date_gmt":"2013-05-20T20:44:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004074423"},"modified":"2022-12-07T05:34:33","modified_gmt":"2022-12-07T13:34:33","slug":"growth-mode","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/growth-mode\/","title":{"rendered":"Growth Mode"},"content":{"rendered":"

By Paul Rosta, Senior Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

The retail real estate landscape has evolved greatly in only a few years. Reduced building footprints, the rapid growth of online sales and the disappearance of major national retailers present new challenges for owners and managers. But all in all, when it comes to factors that influence tenant recruitment, capital upgrades and other management tasks, the outlook for 2013 is primarily positive.<\/p>\n

\u201cI think that from an investment\/development standpoint and from a tenant standpoint, more often than not, you\u2019re probably in a good position to take advantage of the improving economy and the improving mood of retailers,\u201d said Mark Hunter, Jones Lang LaSalle Inc.\u2019s retail market lead for the Midwest.<\/p>\n

A variety of indicators support Hunter\u2019s statement. A survey of some 1,000 retail properties by the International Council of Shopping Centers and the National Council of Real Estate Investment Fiduciaries concluded that net operating income rose 3.6 percent nationwide in 2012. Meanwhile, gross income rose 2.3 percent, and owners and managers trimmed expenses 0.1 percent. And 55 million square feet of new retail product is scheduled to come online this year in 44 major markets, up from 32 million square feet in 2012, according to Marcus & Millichap Real Estate Investment Services Inc.\u2019s annual retail outlook. (Which markets will have the least vacancy and the most new product in 2013? To find out, click on \u201cScare Space, Full Pipelines\u201d on page 36.)<\/p>\n

So far, at least, the recession appears to have had little long-term effect on owners\u2019 preferences for in-house versus third-party property management. Outside service providers continue to thrive. For instance, John Sebring, director of property management for The Shopping Center Group, a diversified Atlanta-based retail consulting and advisory firm, reports that the company added about 1 million square feet to its portfolio of assets under management, and he expects a similar uptick this year.<\/p>\n

On the other side of the coin, a sizeable group of investors argue persuasively in favor of self-managing retail properties. To begin with, \u201cit\u2019s one of the tougher types of properties to manage,\u201d contended Steven Grimes, president & CEO of Retail Properties of America Inc., which handles a portfolio of 252 lifestyle centers, power centers and strip malls encompassing 34 million square feet in 35 states. He prefers to keep a tight leash on what he calls a three-legged stool: property management, asset management and leasing. All functions are overseen at the regional level, Grimes added.<\/p>\n

While the retail sector of the economy may be slowly improving, its dynamics remain mixed. The National Retail Federation\u2019s projected retail sales growth for 2013 declined to 3.4 percent from 4.2 percent last year, not counting restaurants, gas stations and automobiles. One corporate move on the radar this year is the proposed $1.2 billion merger of Office Depot and Office Max. At a minimum, the merger is likely to create at least some vacancies in the 2,600 locations operated by the retailers.<\/p>\n

Developers Diversified Realty Corp., which owns 65 stores encompassing 1.6 million square feet occupied by Office Depot and Office Max, expresses confidence that it can find tenants for any spaces that become available after the merger\u2019s closing, expected by the end of the year. If the deal unfolds as planned, it \u201cwill enable us to realize positive rental increases by backfilling the newly available space with a variety of today\u2019s fastest-growing, high-credit-quality retailers,\u201d predicted Developers Diversified Realty senior executive vice president Paul Freddo in late February.<\/p>\n

Retailers are also mindful of the rapid rise of online shopping. During the third quarter of last year, Internet sales grew 17.3 percent compared to the previous year, far outpacing the 4.6 percent uptick registered by retail sales as a whole. But technology is also changing retail real estate management in other ways. Tools like smartphones and tablets give managers the freedom to spend less time behind their desks and more time talking shop with tenants.<\/p>\n

As a result, property managers can take on a new role. \u201cYou\u2019re really more of a small-business consultant,\u201d said Sebring. He encourages on-site managers for The Shopping Center Group\u2019s 10 million-square-foot retail portfolio to serve as an informal but consistent resource to tenants on cost-saving strategies, improving customer traffic and marketing fundamentals.\u00a0<\/span><\/p>\n

One constituency that can benefit from property managers\u2019 counsel includes smaller, less experienced retailers that were hit particularly hard by the recession. \u201cYou\u2019d be surprised at how few small retailers really understand their business,\u201d Sebring said. Getting to know a tenant and helping them improve their business not only helps that retailer\u2019s bottom line, it can also give them a better shot at survival, thus decreasing turnover.<\/p>\n

He cites as one example a butcher shop that had occupied about 3,500 square feet in an Atlanta neighborhood center for a decade. The butcher\u2019s business was shaky after several years of recession, and its ability to stay in place was in doubt. But some brainstorming sessions with the property manager recharged the tenant\u2019s batteries with some fresh marketing ideas that boosted foot traffic and kept the store open.<\/p>\n

On another front, curtailed financing took a heavy toll on local mom-and-pop stores that lacked the brand identity or deep pockets to ride out the downturn. Rather than attempting to buck the odds and invent store ideas from scratch, a larger number of new entrepreneurs appear to be taking the more secure route of opening a franchise, reported Rob Nadler, president of Kimco Realty Corp.\u2019s central U.S. region.<\/p>\n

Recognizing this surge of interest, Kimco offers retailers and prospective tenants a new twist on its leasing strategy. \u201cWe\u2019ve instituted a program where we pre-qualify spaces at our shopping centers,\u201d Nadler said. Kimco invites popular franchisors to tour properties and identify spaces that meet their requirements. The initiative is a logical extension of an owner\u2019s continuing assessment of its centers and search for the right tenant to fill the space, Nadler added.<\/p>\n

Although owners and managers remain as vigilant about expenses as ever, the partial thawing of the capital markets combined with renewed consumer confidence adds up to a new mindset. \u201cWe\u2019re not really the hero anymore for cutting. That\u2019s already been done,\u201dadded Sebring.<\/p>\n

Trimming common-area expenses by installing more efficient lighting fixtures and looking closely at certain maintenance expenses is standard practice. Challenging property tax assessments continues to reward both owners and tenants, reducing overhead and pass-throughs. As prospects for retail brighten, owners are also more confident about putting money into the property. A priority is warding off bigger maintenance-related problems. \u201cOur job is to put out small fires. We don\u2019t like big fires,\u201d quipped Robert Leahy, senior vice president of property management for Inland American Management L.L.C.<\/p>\n

The Art of Investment<\/strong>
\nIn a transitional economy, however, projecting return on capital investment remains an art as well as a science. \u201cSome ROIs are much easier to discern than others\u2014either they\u2019re accretive or dilutive,\u201d noted Kirk Williams, managing director for Cypress Equities, the development and management affiliate of SRS Real Estate Partners. \u201cOther ROIs, you\u2019re not going to know right off the bat. They\u2019re more subjective in their analysis.\u201d As Williams observed, intangibles can influence consumers\u2019 shopping decisions as much as economic indicators. In that vein, experience and intuition, no less than number-crunching, must guide decisions by owners and managers.
\nThe impact of another Great Recession legacy, empty big boxes, continues to ease as a steady stream of retailers lease vacant space. Grimes reported that anchor occupancy at Retail Properties of America\u2019s 252 retail properties has hit 96 percent. Backfilling big-box vacancies sometimes requires alternative solutions; a recent favorite is subdividing old anchor stores and leasing them at higher prices than they would command if a single tenant occupied them.<\/p>\n

As the retail sector improves, real estate managers are also taking a fresh look at strategies that make their properties competitive. For many executives, the recession underscored the long-term value of creating the right lineup for a center. The principle, as Grimes sums it up: \u201cLet\u2019s make sure you have the right tenants so you can mitigate the impact of any future recession.\u201d At many Retail Properties of America assets, that means courting solid national brands with a reputation for value and broad-based appeal, among them TJ Maxx, Target, Kohl\u2019s and Bed, Bath & Beyond.<\/p>\n

Taken as a whole, retail real estate continues to present managers with rapid, often unpredictable change. Consumer preferences, the capital markets, technology and other issues will reward owners and managers able to read the market and adapt quickly. For all the innovation ahead, however, some facts of retail real estate will remain.<\/p>\n

\u201cWe just have to understand the shopping center model and the effect it\u2019s going to have on shopping patterns,\u201d said Grimes. \u201cWe are the landlord; we are responsible for bringing the consumer to our retailer\u2019s front door.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Retail property owners, managers adapt to rapid change.<\/p>\n","protected":false},"author":445,"featured_media":1004074428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1004074423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nGrowth Mode - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/growth-mode\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Growth Mode\" \/>\n<meta property=\"og:description\" content=\"Retail property owners, managers adapt to rapid change.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/growth-mode\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-20T20:44:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T13:34:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/05\/Southlake-Town-Square-RPAI1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"532\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Rosta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/growth-mode\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/growth-mode\\\/\"},\"author\":{\"name\":\"Paul Rosta\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ed97e8245f278ce01a7b951f706152af\"},\"headline\":\"Growth Mode\",\"datePublished\":\"2013-05-20T20:44:00+00:00\",\"dateModified\":\"2022-12-07T13:34:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/growth-mode\\\/\"},\"wordCount\":1468,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/growth-mode\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/05\\\/Southlake-Town-Square-RPAI1.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/growth-mode\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/growth-mode\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/growth-mode\\\/\",\"name\":\"Growth Mode - 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