At the ICSC LAS VEGAS 2024 conference, Nellie Day from Retail Insight spoke with Nate Tower, president and founder of Broad Reach Retail Partners, to explore the evolving landscape of retail and upcoming trends in the space. Broad Reach Retail Partners focuses on revitalizing underperforming shopping centers via a holistic, full-cycle approach that considers leasing, management, construction and acquisition.
Tower emphasizes the importance of assessing a matrix of key performance indicators (KPIs) — including capital requirements, tenant mix and market demographics — to develop and execute effective business plans for each property.
In discussing overarching trends, Tower notes a significant shift towards discount and necessity-based retail in many of the centers where Broad Reach is involved.
The conversation also touches on the current state of the retail real estate market, marked by financial challenges and limited opportunities. With high debt expenses and fewer lucrative deals, Tower advises potential buyers to remain disciplined and methodical. He highlights the importance of finding non-traditional lenders willing to finance deals in this tough environment.
Tower’s key advice for buyers navigating this landscape is to stay adaptable and patient. While the current market may not present immediate opportunities, the cyclical nature of the industry promises future prospects. Buyers should be prepared to scale back their acquisition targets and maintain a strategic, long-term perspective.
to learn more about the strategies and approaches Broad Reach is using to revitalize shopping centers and stay on top of emerging trends.
This video was created as part of the Retail Insight newsletter by Shopping Center Business, a brief newsletter series leading up to the ICSC LAS VEGAS 2024 conference and including post-conference video interviews. The videos in the publication are created in conjunction with our content partners, which sponsor the newsletter. Click here to subscribe.