News

Tips From the Pros
Sometimes the shortest pieces of advice are the best. Here are a few nuggets of wisdom pulled from Chain Store Age’s conversations with five leading real estate advisers and technology experts.
Next Steps For Retail Real Estate
Thanks to the recession — and online retail — brick-and-mortar retailers are re-thinking their real estate concepts
Now, as the recession finally begins to lift, brick-and-mortar retailers are studying their real estate concepts and pondering what comes next.
Some will pare store counts, partially in response to online competition. Some will cut store square footage. Others are expanding store numbers and square footage. Some are expanding fulfillment center square footage. Some are not changing. Careful about that.
What are you doing? Is it what you should be doing?

New Conference Series Pushes Networking

At Retail Live!, retailers exhibit, and developers, owners, brokers and others stop by to chat
In the retail real estate landscape, there aren't as many networking options as one might think. Even fewer if you narrow it down to those events that put landlords and tenants in the same room, along with entertainment, face-to-face meet and greets, and mutually beneficial educational sessions.
Chefs On Fire

Young chefs are opening restaurants in urban neighborhoods
In New York City, Philadelphia, Washington, D.C., Denver — and other major cities across the country — creative young chefs are opening their own restaurants.
"In New York, the trend isn't all that new. Think of Andre Soltner, Jean-Georges, David Chang and others," said Faith Hope Consolo, noted trend-watcher and chairman of Douglas Elliman's Retail Group in New York City.
Le Duff America Ignores the Slow Recovery

Development chief details chain growth
Chain Store Age asked Paul Carolan, chief development officer for Dallas-based Le Duff America, about the bakery-café company's aggressive growth plan in the United States.
The North American subsidiary of Paris-based Groupe Le Duff SA, Le Duff America now manages four brands in the United States: Bruegger's Bagels, la Madeleine Country French Café, Brioche Dorée and Mimi's Café, which was acquired in March.
It's Your Destiny

Destiny USA leads in size and environmental consciousness
Billed as the largest LEED Gold-certified retail commercial building in the world, Destiny USA is more than an environmental leader. It is a shopping and entertainment mecca.
The 2.4 million-sq.-ft. tourist destination in Syracuse, N.Y., is an unexpected blend of luxury outlet tenants with restaurants and big entertainment names in a high-impact setting that includes a sweeping, three-story atrium, a replica of an upside-down city destroyed, and a suspended-rope adventure for the kids.
Finding a New Normal

Bucksbaum Retail Properties opened for business in April 2012. The Chicago-based company has already opened one project and is working on four more.

The 53,000-sq.-ft. Kingsbury Center near North Chicago has opened with four tenants: Buy Buy Baby, PetSmart, Road Runner Sports and Jimmy Johns. It is a joint venture with Chicago-based Structured Development.
Glimcher Gets Some Fresh Air

The Glimcher Realty Trust pipeline is filled with open-air centers. "We're seeing a lot of opportunity in the market and even our own portfolio with open-air right now," said Michael P. Glimcher, chairman and CEO, Columbus, Ohio-based Glimcher.

Over the last three years, Glimcher has acquired five properties. Four were open-air. Today, open-air centers account for about 20% of the company's 29 properties.

Recently, Glimcher shared his insights about open-air and enclosed centers with Chain Store Age contributing writer Michael Fickes.
Retail Magnet

A guest approaches the concierge desk and asks for help finding a gift. The concierge knows the retail selection and can help. If the product is unavailable here, the concierge will, if necessary, send her to another store across town.

That sounds like Nordstrom service.

But this isn't Nordstrom. It is the concierge desk at The Americana at Brand in Glendale, Calif., a mixed-use development from Los Angeles-based Caruso Affiliated. It's what happens at every center in the Caruso Affiliated portfolio of 2.1 million sq. ft. of retail and residential properties.
Just What Madison Ordered

Madison, Ala., city officials didn't want just any development for its last available commercial tract, a 28-acre property along a major thoroughfare. They wanted to bring in retailers currently unavailable in the area.

They approached Target and Brentwood, Tenn.-based GBT Realty Corp., a developer known for its Target-anchored developments.

"Madison told us they wanted Target," explained George B. Tomlin, president and CEO of GBT Realty. "If you help us, they said, we'll participate financially in the development of the property."
That's Entertainment

Entertainment retail isn't what it used to be. Today, it really is entertaining.

Take Delray Marketplace in Delray Beach, Fla., a 258,000-sq.-ft. Main Street development filled with entertainment offerings, restaurants and retailers that give you something fun to do and something fun to buy.

"Our goal was to create an entertainment, dining and shopping experience," said Jason Samreny, VP leasing with Indianapolis-based Kite Realty Group Trust, the project's developer.
Return on Experience

Invest in the right experience for a shopping center's customers, and you will earn a return on experience. That is the business model driving Fort Worth, Texas-based Trademark Property Co., which celebrates its 20th anniversary this year.

"Do customers love being at the center? Do they come back and drive sales? That is return on experience," said Terry Montesi, Trademark chairman, CEO and founder. Experience is indispensable today when most goods and services are available online, often at a lower price.