Los Angeles — Lowe has launched Retail reVision, its platform to reposition retail real estate.
Under the initiative, the Los Angeles-based developer will target underperforming retail properties and partner with new and existing owners to manage or advise redevelopments.
Lowe seeks properties that are regional draws, such as malls, community, lifestyle and power centers that are located in urban and suburban infill markets where Lowe currently operates. Target markets are California, the Pacific Northwest and Mid-Atlantic regions, the greater Denver and Phoenix metropolitan areas and the Carolinas.
Lowe has named Joel Mayer as the executive vice president to oversee the program.
“The ongoing retail contraction, accelerated by the COVID-19 crisis, will increase the need to reposition retail assets,” says Mayer. “Whether it’s a closed department store or big box retailer, or under-occupied shopping center or regional mall, Lowe will evaluate and devise a new plan to introduce new alternative uses that will create value, bring life back to the property and enrich the community.”