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Changing Perceptions
Discount retailing has undergone a major transformation in recent years
Toward the end of 2008, it became painstakingly obvious to retailers that impulse spending was out and frugal saving was in. Faced with an imminent recession, staggering job loss and quickly depleting discretionary and savings accounts, consumers began to shift their focus to value. The impact of such a large-scale economic event and an abrupt consumer focus shift would appear to alter the fundamental realities of retail.
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The New Normal?
New retail space in 2013 was once again heavy on redevelopment, expansion and outlet centers
Year five and, once again, too few square feet in ground-up shopping center construction to rank the “Fastest-Growing Developers” as has been the Chain Store Age tradition for the 20 years prior.
Today, developers seem fated to redevelop and expand existing centers, develop 300,000-sq.-ft. to 600,000-sq.-ft. outlet centers and perhaps add an occasional grocery-anchored infill center.
