The retail growth of the City of Moreno Valley, in Southern California’s Inland Empire submarket, has been fueled by jobs and residential development in the area. One of the fastest growing cities in Southern California, Moreno Valley’s population has increased by 3.3 percent over last year, in part because of companies moving into the area, which is already home to two electric vehicle manufacturers alongside ALDI, SKECHERS, Amazon and more. Nearby State Route 60 and Interstate 215 consistently advertise Moreno Valley to the 56.2 million people who pass through the area by car each year. Moreno Valley …
Thinking ahead, WHLR proactively managed its exposure to volatile capital markets and an inflationary environment. In 2021, the company refinanced all its loans that were set to mature within seven years, garnering the REIT low cost, fixed-rate debt set for the next 10 years. In addition, WHLR’s focus on the service, convenience and necessity retail tenant categories in secondary and tertiary markets has helped shield the company from the impacts of inflation risk, explains Andy Franklin, CEO of WHLR. The company’s 2022 merger with Cedar Realty Trust also helped …
The City of New Orleans is famous for its events — from parades at Mardi Gras to its world-renowned Jazz Fest and food-themed festivals. The New Orleans Downtown Development District (DDD) is intent on using those celebratory events to drive the city’s visitors to experience and enjoy all the retail that the Canal Street commercial district has to offer. New Orleans’ focus on history, experiences and food makes stopping and enjoying Downtown New Orleans a natural activity for visitors. Famous restaurants, upscale retailers, music and cultural attractions, plus exciting events repeatedly draw tourists …
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City of Glendale: Support for New Business Bolstered by Streamlining
Glendale, California is home to some of Southern California’s most popular destinations and its draw for merchants, residents and visitors is undeniable. Brookfield’s Glendale Galleria and Caruso’s The Americana at Brand are two of the top shopping centers in California, iconic locations for major retailers. What can Glendale offer to make itself even more attractive for a wider range of businesses? The city is focused on streamlining permitting systems and offering a concierge service to ensure promptness, according to Bradley Calvert, director of community development for the City of Glendale. “Typically we assign a …
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Frisco’s New Attractions Draw Tourists, Retailers
Just 25 miles north of Dallas sits Frisco, Texas, a city that’s famous for The Star — the 91-acre Dallas Cowboys’ world headquarters and practice facility. Like many Texans, Jeff Cheney, mayor of Frisco, loves The Star, but he loves even more the opportunities it provides to residents, visitors, nearby businesses and anyone who wants to be a part of the action. “With seven million visitors a year, we’re known as ‘Sports City USA,’” Mayor Cheney says. “One of the biggest things you can do as a city is help local …
North Florida has been a hotbed of retail activity that hasn’t shown signs of slowing, according to Carrie Smith, senior vice president of retail at Franklin Street in Jacksonville, Fla. “Retail is nothing short of being red hot,” she says. “It’s probably in the most aggressive dealmaking mode since I’ve been in business. The deal flow is very high, and it’s hard to keep up.” Jacksonville boasts low vacancy rates, in part due to its rapid population growth throughout 2022. According to Franklin Street’s latest data, Jacksonville saw deliveries of …
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Glendale California Retail Hub Pulls in Merchants, Customers
Less than 10 miles north of Downtown Los Angeles is Glendale, Calif., a city with nearly 200,000 residents and an enviable location if you’re a retailer. “Within a 10-mile radius, we have access to more than 2.5 million people,” says Soua Vang, deputy director of economic development for the City of Glendale. “We are strategically located within the LA marketplace, just minutes away from some of Southern California’s most popular destinations.” If you’re a visitor, those popular destinations may include the Griffith Observatory, the Hollywood Walk of Fame or Universal Studios. …
Margaret Caldwell, managing director and senior vice president at Northmarq in Atlanta, thinks this is a great time to be a retail owner. The only problem? Sellers do too. “The biggest challenge is the small supply of retail in this market,” she says. “Sellers are very hesitant to sell, even though the ones who are selling are experiencing great results and achieving their pricing.” Caldwell notes that in the Southeast there has been a slight change in pricing of around 50 basis points over the past year or so. However, …
Owners are incorporating new uses and tenants that help foster an environment where consumers want to linger. The future of retail has been questioned many times in the last few years, but the sector continues to evolve and overcome the obstacles that arise. Today’s consumers want a gathering place to dine, drink and be entertained, especially after the isolation and stay-at-home mandates they endured throughout the pandemic. With that in mind, owners are redeveloping many underutilized retail properties into new concepts that invigorate the towns in which they reside. Take …
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Communication Is Key to Success in Today’s Retail Environment, Complementing Data Analysis, Localized Approaches
Sandy Sigal, president and CEO of NewMark Merrill in Calabasas, Calif., thinks it’s about time we update the real estate adage, “If you build it, they will come.” In a market grappling with online shopping, inflation, high interest rates and more, Sigal believes the real advice today is, “If you communicate, they will come.” This sort of high-level communication shouldn’t just apply to the public but also to a retail landlord’s merchants and company employees. An elevated approach to sharing information means a wealth of accessible data to help NewMark …