Malls are not dead, but the formula has certainly changed, notes Carmen Spinoso, CEO of Spinoso Real Estate Group.
That’s because there is no formula any longer when it comes to these assets. The one-size-fits-all approach no longer works, but that doesn’t mean winning strategies can’t be found. These strategies, Spinoso asserts, vary based on demographics, consumer profiles, existing retailers and competition within the market. He believes today’s strategy is part art and part science, but reinvigorating these spaces can be done.
Spinoso is in the middle of two such renovations, including Santa Fe Place in Santa Fe, New Mexico, and Gadsden Mall in Gadsden, Alabama. New food and beverage options are taking up space in Santa Fe Place, while Gadsden Mall will welcome The Alley, an entertainment concept that includes bowling, virtual reality, arcade games and a restaurant, to the old Sears space.
where Spinoso explains more about his art-and-science approach to leasing.
This video was created as part of the Retail Insight newsletter by Shopping Center Business, a brief newsletter series leading up to the 2019 ICSC RECon 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.