Centennial and the new retail experience

The retail landscape has undergone a remarkable transformation in the last few years. Once deemed a sector in decline, the post-pandemic world has shown us that, at our core, humans are social beings. We want to get out of the house, we want to feel fabrics, taste food, and be part of the action. It’s no longer enough to just buy something—we want an experience. Retail has increasingly become a space for connections. 

But with this renewed interest in physical spaces, the game has gotten more competitive and the execution more complex. Competing with a global product range and the speed of online delivery means consumers are no longer simply looking for items off the shelf. They want something more when they walk through the door, a better selection of brands and a richer, more authentic use of their time. 

The days of the generic shopping trip are long gone. Today, the new competitive advantage in retail is about creating immersive encounters that make shopping an experience, not just a transaction. 

Exciting new concepts abound. This shift has led to a new wave of brands, particularly digitally native ones, opening physical stores. These new-to-market brands have reinvigorated the merchandise mix of retail centers across the nation. On top of that, exciting entertainment concepts like Netflix House and Cosm are helping to absorb the vacancies left behind by traditional department store closures. 

Yet, despite this evolution, there’s still a significant amount of vacant and underperforming real estate out there. While this can be a headache for many developers, it’s a space where Centennial has always led the industry--unlocking value and creating opportunities through innovation, densification, and diversification. 

This ability to reimagine and transform underperforming properties is at the heart of what we do. We don’t just sit back and hope for the market to shift, we actively seek out opportunities to repurpose spaces in ways that deliver value and meet the needs of today’s consumers. Whether it’s rethinking a vacant department store box or creating a dynamic mixed-use destination, Centennial has consistently demonstrated the ability to unlock potential where others see challenges. 

One of the most exciting developments in this area has been Centennial’s strategic partnership with Lincoln Property Company. This alliance gives us the capital, expertise, and resources needed to accelerate growth and take projects to the next level. The power of this partnership lies in our shared vision to reimagine retail-anchored real estate, creating destinations that are not only relevant to today’s consumers but also adaptable to future trends. 

At Centennial, we’ve developed what I like to call our “special sauce.” It’s our ability to create a bold vision, tell a compelling new story, and execute it with precision. The partnership with Lincoln gives us a unique competitive edge to tap into alternative asset class densification opportunities, while also providing access to capital markets that help bring our ambitious plans to life. 

Together, we’re creating spaces that are more than just retail; they’re community hubs, places where people come together to share experiences and connect in ways that go beyond the transactional. 

In short, we’re a rocket ship ready for lift-off. The future of retail is unfolding before us and, at Centennial, we’re prepared to lead the way. The opportunities are boundless, and with our team, our partners, and our strategy, we’re ready to continue innovating and growing in ways that transform the retail landscape. 

T-minus 1. 

Paul J. Kurzawa is the president of Dallas-based Centennial