Insurance is rarely considered a topic of enjoyable conversation, even in the business world. Although a very important and necessary part of successful operations, insurance products are often complicated in application, ambiguous in interpretation, and can be structured and priced inconsistently. Add to this the current challenges brought by COVID-19, combined with significant price increases and reductions in available coverage, it’s no wonder people find the subject matter exasperating. Through this series of articles, the goal is to demystify the complexities of insurance and ultimately provide you with the knowledge …
Shopping center owners thought the solution to combat online shopping was so crystal clear. Give them experiences. Provide social spaces. Make interaction the focal point. And this worked…for a while. Entertainment and food and beverage operators soon absorbed the spaces left behind by traditional retailers. Old Sears locations became luxury movie theaters. Vacant in-line spaces could be taken over by Instagrammable pop-up experiences. Mall kiosks that once sold tchotchkes could now be occupied by virtual reality pods. Even mall food courts were redesigned as food halls, a cooler, sleeker older …
The net lease sector has seen a year like no other commercial real estate sector. Despite a once-in-a-millennium pandemic, the sector is riding a two-year high on fundamentals that have only strengthened over the past year. While many sectors in commercial real estate have shown weak rents and lower occupancy levels leading to lower values, many subsectors of single tenant net lease (STNL) retail have seen compressed cap rates post-COVID. Essential retail has been the buzzword of the year, and excepting perhaps healthcare real estate, no other sector has more …
Retail and restaurant re-openings this fall gave a modest boost to the New York City retail market in the third quarter. But even with the easing of some operational restrictions, business activity remains diminished in a city known for its hustle and bustle. Both retail tenants and landlords have had to regroup and quickly adapt to the curveballs thrown at them by COVID-19 over the past nine months. While retail and restaurant users in some areas are finding more success than others, the market as a whole has been characterized …
The COVID-19 pandemic has put a dent in dining and entertainment activity. There is, however, light at the end of the tunnel with vaccinations beginning in the near future. To that end, retailers and restaurants that have survived the public health crisis can, with some reservations, start to look toward the rebound phase. There’s no question that American consumers are itching to make up for lost eating, drinking and socializing time, provided they can do so in what they feel is a safe environment. “Our biggest point of optimism for …
When the pandemic hit, Edible was ready. It already had a dedicated delivery model, made possible by a robust fleet of refrigerated trucks; it had multiple omnichannel platforms customers could use to interact with the brand; its fruit arrangements and chocolate treats offered a way to say “we’re thinking of you” to friends or relatives you could not visit in person. Also working in Edible’s favor? A talented support team and resilient franchisees. To learn more about Edible, which has over 1,000 retail locations, Shopping Center Business recently interviewed its …
Over the past five years, the many major MSAs have seen tremendous growth and diversification within the food and beverage space. But the onset of COVID-19 has cut into consumers’ disposable incomes, essentially shrinking the customer base and creating another mechanism by which restaurant sales are reduced. Restaurants that have been able to pivot to more takeout and delivery services, convert parking or other spaces into outdoor seating, and minimize their supply-chain disruptions by tweaking inventory are carving out competitive advantages in the current environment. “The extent to which operators …
Shopping and dining in Atlanta looks vastly different than this time last year due to the COVID-19 outbreak, but owners, developers, investors and retailers alike remain optimistic about the metro area’s prospects. Many local retail professionals say barring another outbreak or a second black swan event, the worst of the recession is in the rearview mirror and the Atlanta market is currently on a positive trajectory, though the market is experiencing negative absorption from over-leveraged national retailers shuttering stores, as well as local and regional operators that are struggling to …
Daniel Taub is a well-known name in the retail real estate world. He spent most of his career with DLC Management, one of the nation’s largest open-air center owners, heading up leasing and eventually becoming president and chief operating officer of the company. In October, Taub joined Marcus & Millichap as senior vice president and national director of the firm’s retail division. In his new role, Taub will be helping the firm’s retail brokers with deals, as well as advising clients. He recently spoke to Shopping Center Business Editor Randall …
What a difference a year makes. Around this time in 2019, the Philadelphia retail market was experiencing something of a Renaissance. Driven by forward-thinking projects in chic neighborhoods, such as Fashion District Philadelphia, as well as the delivery of new phases of retail at destinations like Schuylkill Yards and the Philadelphia Navy Yard, the market was embracing new users, customers and spaces alike. The evolution of Philly’s retail market at this time inevitably bred winners and losers. Six months later, the onset of a global pandemic would give rise to …