Store closures have been making headlines — from drugstores to restaurants and big box retailers. While some worry this is a sign of a slowing retail market, disposing of excess space quickly at the right price saves companies valuable time and money. Closures are not limited to retailers that are struggling — healthy retailers and restaurants shutter locations where their prototype may have evolved or the demographic makeup of the neighborhood has shifted. Mark Reeder, executive vice president at SRS Real Estate Partners, has provided disposition solutions for national retailers …
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NewMark Merrill: AI, Automation Will Benefit In-Person Retail
Automation is not only here to stay — it’s here to make the tasks of owning, operating, marketing and leasing a shopping center easier. That is the view of Sandy Sigal, chairman, CEO and president of Calabasas, Calif.-based NewMark Merrill Companies. “I see automation as a net positive,” he explains. “The efficiency level inside shopping centers is going to go way up. Customer satisfaction levels are going to go way up too.” Sigal envisions a future where personalization, driven by artificial intelligence (AI), transforms the shopping experience, offering tailored recommendations and …
No matter the economic climate, the formula for creating value in properties will always be a retail property owner’s best friend. That’s why Broad Reach Retail Partners uses a multi-faceted approach that includes data-driven key performance indicators (KPIs) to drive their plans of action, strategic redevelopment and ongoing budget updates that optimize net operating income (NOI). “Through focused management, leasing and discipline, we create value, and we are able to return those dividends to our partners, properties and people,” says COO Mike Castellitto. “We have seen time and time again …
Thriving enterprises seeking to broaden their reach recognize a prime destination in Southern California that consistently outperforms others: Moreno Valley. Companies such as Sprouts Farmers Market, Texas Roadhouse, 85°C Bakery, Raising Cane’s, Hilton, Capriotti’s Sandwich Shop and WoodSpring Suites are extending their presence in the city for good reason. They benefit from Moreno Valley’s unparalleled business-friendly atmosphere, a driven workforce, strategic positioning and competitive leasing rates. Fortune 500 and global corporations are flourishing in Moreno Valley, and below are some of the reasons why. Strategic Positioning Situated at the junction …
Faris Lee: Sales Success Strategies in a Challenging Market
Don MacLellan, managing principal at Faris Lee Investments in Irvine, Calif., knows it’s a challenging market. “Deal volume is off 40-60 percent from two years ago,” he says. “Back then, there was so much deal momentum because demand was so much higher than supply. Now, it’s the opposite, and due to lower transaction volume, 1031 demand is off significantly. So, the question becomes, how do you create strong demand with fewer 1031 exchange requirements?” It’s a question MacLellan and his fellow Faris Lee managing principals Jeff Conover and Shaun Riley …
The Feb. 27 Shopping Center Business webinar “Inside the Restructuring of a Retailer” detailed early warning signs for retailers in distress, as well as decision-making processes and strategies to restructure inside or outside of Chapter 11. What is needed for a successful restructuring? What kind of roles do firms retained in bankruptcy cases play in arranging prep work, navigating competing stakeholder agendas and arranging critical payment dates and short-term liquidity management? Learn more from this brief one-hour discussion that covers both the headlines and the behind-the-scenes process of restructuring for retailers. Click …
The three managing principals at Irvine, Calif.-based Faris Lee Investments — Shaun Riley, Jeff Conover and Don MacLellan — see retail as the best investment class today. The reason? Strong fundamentals across the board, including low vacancy rates, minimal new construction and strong tenant sales. The trio live in the same world as the rest of us, where interest rates and economic uncertainty have deterred many, but to them, the fact remains that retail has never been stronger as an asset class. “People say it’s a bad market. It’s not …
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 …
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. …