{"id":1004606676,"date":"2022-10-13T02:02:02","date_gmt":"2022-10-13T10:02:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004606676"},"modified":"2022-12-08T19:58:10","modified_gmt":"2022-12-09T03:58:10","slug":"naree-report-retail-real-estates-post-covid-reinvention","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/naree-report-retail-real-estates-post-covid-reinvention\/","title":{"rendered":"NAREE Report: Retail Real Estate\u2019s Post-COVID Reinvention"},"content":{"rendered":"
\"Brad<\/a>

Brad Sanders, Senior Managing Director & Global Project Management Leader, CBRE. Image courtesy of Suzann D. Silverman<\/p><\/div>\n

Retail sector success has long required a combination of creativity and careful tracking of demographics and consumer behavior. Recovery from COVID-induced challenges has necessitated more extensive consumer analysis and further reinvention. Speakers during the panel \u201cTransforming Retail Properties for Tomorrow\u201d during the National Association of Real Estate Editors 2022 Real Estate Journalism Conference in Atlanta offered some key advice.<\/p>\n

Retailers are extensively reevaluating and retooling, according to Brad Sanders, senior managing director & global project management leader at CBRE<\/strong>. They are examining everything from store configuration to programming, space to lighting and merchandizing. \u201cNo pause in expansion is episodic. They\u2019re retooling, validating, reconfiguring for online shopping,\u201d he said. They also continue to refine their approach to omnichannel retailing, incorporating the store \u201cas a point in the supply chain.\u201d<\/p>\n

\n

READ ALSO<\/strong>: Retail Fundamentals Stay Positive<\/a><\/p>\n

\n

And while demographic and psychographic analysis have historically advised retailer decisions, they are now employing predictive analytics, as well, to more precisely pinpoint shopper behavior. They are also looking to their brokers for a broader suite of services, including site analytics, tenant representation, project management, lease administration<\/a> and facilities management.<\/p>\n

Back to basics<\/strong><\/h2>\n

For real estate providers, changes boil down to a few points, according to Lilly Golden, president & founder of Evergreen Commercial Realty<\/strong>: Only build what the market demands, focus on foot traffic, and remember the basics in order to realize shopping centers\u2019 full potential.<\/p>\n

\"Lilly<\/a>

Lilly Golden, President & Founder, Evergreen Commercial Realty. Image courtesy of Suzann D. Silverman<\/p><\/div>\n

Beyond that, she recommended a more \u201cholistic approach\u201d to shopping centers in order to achieve the necessary volume of foot traffic. She pointed to Evergreen\u2019s experience re-leasing LaCenterra at Cinco Ranch in Katy, Texas. A mid-50s average demographic target among anchors presented a real limitation for a center located in an area with a mid-30s average age. The solution: a broader change in retailer mix, along with the addition of such innovations as shopping with the family dog, as well as the opportunity to sip beer or wine while shopping.<\/p>\n

Another shift in approach resulted from the realization of consumers increased appreciation for time in COVID\u2019s aftermath. Whereas previously they might drive 10 minutes to save $10, now they\u2019re more likely to spend the money rather than the time. As a result, \u201cwe\u2019re changing the way we lease space,\u201d she said.<\/p>\n

\n

READ ALSO<\/strong>: How the Pandemic Changed Malls<\/a><\/p>\n

\n
\"Terry<\/a>

Terry Montesi, CEO, Trademark Property Co. Image courtesy of Suzann D. Silverman<\/p><\/div>\n

For Terry Montesi, CEO of Trademark Property Co<\/strong>., the focus is on mixed-use and incorporation of outdoor space. Trademark, which is redeveloping Dallas\u2019 Galleria, is also acquiring Lincoln Square in Arlington, Texas, he announced. In both cases, he said, it makes sense to reduce retail space and introduce multifamily, which is \u201cwhere the growth is.\u201d At the North Point Mall in Alpharetta, Ga., the company is adding multifamily, hotel and office, as well as outdoor space. Furthermore, all of Trademark\u2019s redevelopments are \u201cfood forward\u201d and \u201centertainment based.\u201d<\/p>\n

Other retail shifts include grocery stores remerchandising and reducing square footage, as well as increased \u201cmedtail,\u201d or incorporation of medical uses as part of the retail mix, Montesi noted. And while department stores won\u2019t go away, he affirmed, they will have to reinvent themselves. \u201cThere will be fewer, and they won\u2019t cannibalize each other,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

For retail property owners, success requires a return to basics, a more extensive analysis of consumer behavior and a willingness to rethink the mix. <\/p>\n","protected":false},"author":755,"featured_media":1004606697,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,23891,21742,21785,21749],"tags":[32789,40671,40737],"class_list":["post-1004606676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-national","category-latest","category-property-management","category-retail","tag-cbre","tag-national-association-of-real-estate-editors","tag-trademark-property-company"],"acf":[],"yoast_head":"\nNAREE Report: Retail Real Estate\u2019s Post-COVID Reinvention - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Speakers during the National Association of Real Estate Editors 2022 Real Estate Journalism Conference offer retailers key advice.\" \/>\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\/naree-report-retail-real-estates-post-covid-reinvention\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAREE Report: Retail Real Estate\u2019s Post-COVID Reinvention\" \/>\n<meta property=\"og:description\" content=\"Speakers during the National Association of Real Estate Editors 2022 Real Estate Journalism Conference offer retailers key advice.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/naree-report-retail-real-estates-post-covid-reinvention\/\" \/>\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=\"2022-10-13T10:02:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:58:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/NAREE-panel.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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