Cullinan Properties: Mixed-Use Properties Use Retail to Drive Value

 

Real estate is densifying across the country, and retail has become an important amenity as people seek to live, work and play all together in mixed-use locations. The pandemic sped up a trend already well underway before the start of 2020 — movement away from urban city centers to a more suburban, work-from-home environment. Those migrating from downtown working environments are bringing their interest in convenience and their tastes/lifestyles to their new suburban environments, explains Matt Beverly, CEO, Cullinan Properties, Ltd.

The work-from-home cohort means additional daytime population for areas once considered bedroom communities. These consumers want “to get out, get lunch, get dinner,” as way to break up their day, explains Beverly. In the lifestyle centers he sees thriving, Beverly sees “more of a focus on outdoor seating from our tenants on the restaurant side, more to-go spaces, and more timed parking,” to encourage convenience and fast service.

Customers have come to value open-air environments more than ever before, and while luxury is still an attractant, retail that provides convenience and engagement is critical for shoppers demanding a new way of interacting with retail.

Watch the interview for many more insights from Beverly about how retail is shifting to meet the needs of a new collection of shoppers.

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 conference and including post-conference video interviews. Watch all the 2022 Retail Insight videos here.

The videos in the publication are created in conjunction with our content partners, which sponsor the newsletter. Click here to subscribe.
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