{"id":1004235018,"date":"2018-06-14T16:15:36","date_gmt":"2018-06-15T00:15:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004235018"},"modified":"2022-12-07T01:21:35","modified_gmt":"2022-12-07T09:21:35","slug":"cbl-puts-the-experiential-in-retail","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbl-puts-the-experiential-in-retail\/","title":{"rendered":"CBL Puts the Experiential in Retail"},"content":{"rendered":"

By Suzann D. Silverman<\/p>\n

\"Stephen<\/a>

Stephen Lebovitz<\/p><\/div>\n

\u201cExperiential\u201d is the buzzword in retail as consumers shift their focus and overextended retailers in waning categories downsize or shut down. The shift\u2014perhaps not entirely unusual in the ever-changing retail sector but seemingly more extreme in its redirection\u2014is forcing owners of malls and shopping centers to rethink their tenant mix.<\/p>\n

Just how significant is the shift in tenancy? In a Q&A session during the National Association of Real Estate Editors annual real estate journalism conference<\/a> in Las Vegas dubbed \u201cThe Retail Armageddon\u2014Is It Real?\u201d CBL Properties CEO Stephen Lebovitz noted that 70 percent of his company\u2019s first-quarter leasing was not to apparel firms. \u201cIt\u2019s a very creative process,\u201d he said. New additions have included American Girl, Ulta Beauty and a number of sporting-goods stores that feature interactive elements.<\/p>\n

READ MORE FROM NAREE<\/a> <\/p>\n

Among changes at CBL properties has been the buyback of five Sears sale-leasebacks for conversion to a variety of entertainment and restaurant uses, and it is in the process of replacing other department stores, as well. At its Brookfield Square in Milwaukee, the Sears will become a mix of a new entertainment concept called WhirlyBall and a Marcus Theatres BistroPlex. A redevelopment underway at the Jefferson Mall in Louisville, Ky., includes replacement of a Macy\u2019s store with Round1 Bowling & Amusement, marking the nearly 40-year-old multi-entertainment activity provider\u2019s entr\u00e9e into the state. The mall\u2019s Sears store will be replaced with a to-be-announced combination of dining, entertainment and retail.<\/p>\n

Mixing Uses<\/h2>\n

CBL is also introducing hotel and office elements in some cases, and is examining underutilized parking lots. \u201cWe\u2019re looking hard at every type of mixed-use,\u201d Lebovitz noted. That entails a whole new skill set, and while CBL employees are expanding their capabilities, CBL is also partnering with firms in other sectors to ensure mixed uses are addressed appropriately.<\/p>\n

While appealing to consumers is the ultimate goal, remaining competitive also means \u201cAmazon-proofing\u201d a property\u2019s composition\u2014or at least devising complementary offerings. Success also means coming up with uses that will be relevant for the next 20 years.<\/p>\n

\u201cMalls were pretty cookie-cutter \u2026 and now we\u2019re deconstructing them. \u2026 It\u2019s a process that\u2019s going to take a lot of years,\u201d Lebovitz said.<\/p>\n

READ MORE FROM NAREE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fresh takes on mall anchors, entertainment and more are driving strategy at the REIT’s properties, CEO Stephen Lebovitz reports.<\/p>\n","protected":false},"author":755,"featured_media":1004235015,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21742,21749],"tags":[40671],"class_list":["post-1004235018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-latest","category-retail","tag-national-association-of-real-estate-editors"],"acf":[],"yoast_head":"\nCBL Puts the Experiential in Retail - 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\/cbl-puts-the-experiential-in-retail\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBL Puts the Experiential in Retail\" \/>\n<meta property=\"og:description\" content=\"Fresh takes on mall anchors, entertainment and more are driving strategy at the REIT's properties, CEO Stephen Lebovitz reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbl-puts-the-experiential-in-retail\/\" \/>\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=\"2018-06-15T00:15:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T09:21:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Stephen-Lebovitz.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Suzann D. 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